Cabinet meeting reviews socio-economic targets and efforts in COVID-19 fight

Prime Minister Nguyen Xuan Phuc on December 2 chaired a regular Government meeting for November, with there now being less than 30 days until the end of the year, which has represented a period full of fluctuations, challenges, and difficulties.
Prime Minister Nguyen Xuan Phuc chairs a regular Government meeting for November (Photo: VGP)
Prime Minister Nguyen Xuan Phuc chairs a regular Government meeting for November (Photo: VGP)

November witnessed a host of important events, such as the 10th session of the 14th National Assembly (NA), the 37th ASEAN Summit, and other related meetings.

During the 10th session, the NA passed several laws, issued resolutions, considered, and decided a range of important issues relating to socio-economic development, finance, State budget, and national target schemes.

Last month also saw the nation in its role as ASEAN Chairman, successfully host the 37th ASEAN Summit and other related Summits, with over 20 high-level meetings organised, along with over 80 documents published and approved, representing a record number for such events.

Most notably, the signing of the Regional Comprehensive Economic Partnership (RCEP) with the participation of 10 ASEAN member states and five partner countries, has served to create a vast market of 2.2 billion people. Indeed, the trade deal accounts for approximately 30% of the world's population, with GDP being approximately US$26.5 trillion, thereby making up about 30% of global GDP. Through this agreement, ASEAN is poised to become the largest free trade area in the world.

With regard to the domestic socio-economic situation, in the context of the complicated developments relating to the novel coronavirus (COVID-19) pandemic, the nation is viewed as a bright spot that has been able to maintain positive growth momentum, with many socio-economic indicators yielding positive results.

November witnessed the macro economy remaining stable, with inflation being controlled at a low level whilst the consumer price index (CPI) fell by 0.01% from the previous month. On average, CPI during the past 11 months saw an increase of 3.51% from the same period last year.

Furthermore, the nation’s trade surplus hit a record high of US$20.1 billion, while export value reached US$254 billion. Indeed, there were 31 items with an export turnover of over US$1 billion, making up 92% of total export turnover, in which there were six items with over US$10 billion in export turnover, constituting 64.3%.

Disbursement of public investment also accelerated, thereby fulfilling 79.3% of the plan, a rise of 34% from last year and marking the highest increase throughout the 2011 to 2020 period.

Industrial production has shown a number of positive signs throughout the reviewed period, with the manufacturing sector surging by 11.9%, whilst the index of industrial production (IIP) of the whole industry saw a boost of 9.2%.

Trading activities and consumer services during November continued to see a trend of recovery, with total retail sales of consumer goods and services rising by 8.5%. In addition, newly established enterprises increased by 6.7%.

In particular, this year has seen the economy still able to achieve growth of between 2.5% and 3%. According to the Ministry of Finance, it is estimated that this year will see VND380 trillion collected, equal to 91.3% of the overall estimate and higher than the 86% rate reported to the NA.

November also saw the Government submit 74 documents to the NA with the NA also issuing many important resolutions, including those relating to the socio-economic development plan for 2021. During the 10th session, the NA also issued a resolution approving three cabinet members, including the Minister of Science and Technology, the Minister of Health, and the Governor of the State Bank of Vietnam (SBV).

Amid the complicated developments relating to the pandemic, PM Phuc underlined the need to take tougher measures in an effort to halt the spread of the novel coronavirus (COVID-19) among the wider community following the resurgence of locally transmitted cases in Ho Chi Minh City.

During an earlier meeting held on December 1, the Government leader consented to suspend commercial international routes whilst only running flights carrying home Vietnamese citizens that are able to meet specific requirements. He therefore directed the Ministry of Defence and Ministry of Public Security to closely manage the border along with entry-exit activities.

Various ministries, agencies, and localities have suspended activities involving the gathering of large numbers of people, imposed social distancing measures in high-risk areas, while the media must continue to remind the public about the imminent danger of the pandemic and guide them to follow prevention measures.

At the meeting, cabinet members also discussed a number of urgent issues that need to be addressed in the final month of the year in a bid to help the national economy achieve the best results possible, as well as debating other important issues.

At the end of December, the Government is scheduled to hold a National Socio-Economic Conference in an effort to review the implementation of tasks for the year. Various ministries and sectors must raise their sense of responsibility and contribute their opinions to the Government’s draft resolution.

Source: VOV
vov.vn

Related News

COVID-19 drug-related trafficking prosecuted

COVID-19 drug-related trafficking prosecuted

VCN - According to the Customs News, the Anti-smuggling and Investigation Department leader under the General Department of Customs has signed Decision 01/QD-DTCBL on the criminal prosecution of smuggling crime for N.Q Co., Ltd (Nam Dinh city, Nam Dinh province).
China recovers border clearance as before the outbreak of Covid-19

China recovers border clearance as before the outbreak of Covid-19

VCN - According to the Management Board of Dong Dang-Lang Son border gate economic zone, the unit received a letter from the People's Government of Bang Tuong town, from February 20, China officially resumes the border-gate clearance method as before the outbreak of Covid-19.
Seize the opportunity from the latest unwinding of the zero-Covid Policy of China

Seize the opportunity from the latest unwinding of the zero-Covid Policy of China

VCN - Due to the recent unwinding of zero-Covid of China, domestic businesses eagerly await new business opportunities.
Government vows strongest resolve to achieve 2023 socio-economic targets

Government vows strongest resolve to achieve 2023 socio-economic targets

The Government will instruct ministries, agencies and localities to implement the 2023 socio-economic development plan with the greatest efforts and strongest determination, Minister-Chairman of the Government Office Tran Van Son said at the Cabinet regular press conference in Hanoi on January 3, citing Prime Minister Pham Minh Chinh.

Latest News

15th National Assembly concludes ninth extraordinary session

15th National Assembly concludes ninth extraordinary session

NA Chairman Trần Thanh Mẫn highlighted this session as a significant milestone in legislative development, playing a crucial role in streamlining the political system.
Party chief requests priority for sci-tech development, digital transformation

Party chief requests priority for sci-tech development, digital transformation

The Party chief asked for prompt amendments to the Law on Science and Technology, followed by revisions to other laws to ensure consistency and alignment with practical requirements.
Monetary policy is a key factor for economic stability and growth

Monetary policy is a key factor for economic stability and growth

VCN – Vietnam’s economy is forecast to grow by 6.7% in 2025, Standard Chartered Bank reported.
Việt Nam commits to being safe, attractive destination for investors

Việt Nam commits to being safe, attractive destination for investors

The Deputy Prime Minister said from an underdeveloped economy, devastated by war, Việt Nam has risen to become the 33rd largest economy in the world with the size of the economy increasing about 60 times compared to the period before renewal.

More News

Minister of Planning and Investment outlines six strategies to boost Việt Nam’s private sector

Minister of Planning and Investment outlines six strategies to boost Việt Nam’s private sector

Dũng’s message to Việt Nam’s business community was clear: the private sector must continue to evolve and innovate to maintain its role as a key driver of economic development in the face of new global challenges.
Positive economy growth forecast in 2025, but caution remains

Positive economy growth forecast in 2025, but caution remains

Growth is expected to moderate from 7.5 per cent year-on-year in H1 to 6.1 per cent in H2, driven by increased business activity and sustained foreign investment.
Labour market to see changes in key industries

Labour market to see changes in key industries

It is anticipated that the technology, renewable energy and logistics sectors would continue to expand rapidly in 2025.
Prime Minister warns of possible global trade war, pushes for preparation

Prime Minister warns of possible global trade war, pushes for preparation

The Government leader warns of a possibility of a trade war that may disrupt the global supply chain.
Positive economic indicators recorded in early 2025: Gov

Positive economic indicators recorded in early 2025: Gov't spokesperson

Trade remained smooth, with total import-export turnover estimated at $63.15 billion, down 10.5 per cent from the previous month and 3.5 per cent year-on-year.
General Secretary urges immediate return to work after Tết

General Secretary urges immediate return to work after Tết

Party General Secretary Tô Lâm praised efforts to ensure a well-organised holiday, but stressed the need for authorities and businesses to return to work promptly. He warned against extended celebrations and called for full focus on meeting February and first-quarter deadlines.
Government holds gathering to celebrate Party’s 95th anniversary, Lunar New Year

Government holds gathering to celebrate Party’s 95th anniversary, Lunar New Year

PM Phạm Minh Chính expressed his hope for continued support from the Party Central Committee, its Politburo and Secretariat, current and former leaders, the National Asembly, and the Việt Nam Fatherland Front for the Government to fulfil its tasks, creating momentum for the whole country to make development breakthrough and enter the era of the nation’s rise.
Việt Nam’s manufacturing PMI slips into contraction in January

Việt Nam’s manufacturing PMI slips into contraction in January

Business conditions in the Vietnamese manufacturing sector weakened in the first month of 2025 with drops in both output and new orders.
Party’s 95-year journey: Capitalising on great solidarity in era of nation’s rise

Party’s 95-year journey: Capitalising on great solidarity in era of nation’s rise

The past 95 years have formed a glorious and pride-worthy period for the Vietnamese people as they have gradually eliminated poverty and backwardness, steadily moving towards a wealthier and happier future.
Read More

Your care

Latest Most read
15th National Assembly concludes ninth extraordinary session

15th National Assembly concludes ninth extraordinary session

NA Chairman Trần Thanh Mẫn highlighted this session as a significant milestone in legislative development, playing a crucial role in streamlining the political system.
Party chief requests priority for sci-tech development, digital transformation

Party chief requests priority for sci-tech development, digital transformation

The Party chief asked for prompt amendments to the Law on Science and Technology, followed by revisions to other laws to ensure consistency and alignment with practical requirements.
Monetary policy is a key factor for economic stability and growth

Monetary policy is a key factor for economic stability and growth

VCN - Standard Chartered's report also forecasts Vietnam's economic growth at 7.5% in the first half of the year and at 6.1% in the second half of the year compared to the same period last year.
Việt Nam commits to being safe, attractive destination for investors

Việt Nam commits to being safe, attractive destination for investors

The Deputy Prime Minister said from an underdeveloped economy, devastated by war, Việt Nam has risen to become the 33rd largest economy in the world with the size of the economy increasing about 60 times compared to the period before renewal.
Minister of Planning and Investment outlines six strategies to boost Việt Nam’s private sector

Minister of Planning and Investment outlines six strategies to boost Việt Nam’s private sector

Dũng’s message to Việt Nam’s business community was clear: the private sector must continue to evolve and innovate to maintain its role as a key driver of economic development in the face of new global challenges.
Mobile Version