Government requests to promote trade promotion diversify and expand international markets

VCN - From now until the end of 2022 and the first few months of 2023, the Government will consistently prioritize maintaining macroeconomic stability, controlling inflation, promoting growth, and ensuring major balances of the economy.
Improve institutions and laws to remove difficulties for production and business. Photo: H.Diu
Improve institutions and laws to remove difficulties for production and business. Photo: H.Diu

In Resolution 126/NQ-CP, the Government unanimously assessed that the world situation is forecast to continue to develop rapidly and unpredictably. Inflation in many countries and regions increased sharply at a high level; the increase in interest rates and contraction of monetary and fiscal policies leads to a decline in growth, an increased risk of recession, and potential risks of finance, currency and public debt.

Domestically, with the economy's modest size, large openness, competitiveness and resilience the economy is still limited; small fluctuations in the world economy can greatly affect the domestic situation, especially inflation pressure, exchange rate, increased production costs, and narrowing of demand in traditional export markets.

In that context, the Government has consistently prioritized maintaining macroeconomic stability, controlling inflation, promoting growth, and ensuring major balances of the economy; this requested ministries, agencies and localities to focus on thoroughly grasping and organizing the effective implementation of the Resolutions of the Party, the National Assembly and the Government, and the direction of the Prime Minister, especially Directive No. 15/CT- TTg dated September 16, 2022 on key tasks and solutions to maintain macroeconomic stability, control inflation, promote growth and ensure major balances of the economy in the new situation.

Accelerating the implementation of the 2% interest rate support policy

The Government requested the State Bank of Vietnam to assume the prime responsibility for, and coordinate with ministries, agencies and localities in implementing prudent monetary policies, ensuring the initiative, flexibility, efficiency, the close and effective coordination of the monetary policy with fiscal and other policies to control inflation, stabilize the macro-economy and contribute to growth; synchronously coordinate tools and solutions on exchange rates, interest rates and credit growth.

Managing interest rates in line with inflation and domestic and foreign markets; synchronized coordination with flexible exchange rate management, suitable to the market situation and monetary policy objectives, ready to sell interventions when necessary to stabilize the foreign currency market, contributing to stabilizing the macro-economy, control inflation; promote the implementation of the policy of supporting 2% interest rate under the Government's Decree No. 31/2022/ND-CP; strengthening information and communication work, contributing to creating social consensus, and improving the effectiveness of policy implementation.

At the same time, the State Bank of Vietnam directs and guides credit institutions to continue to innovate technology, improve operational efficiency, and administration; reduce costs, research and have solutions to strive for stability or reduce loan costs and interest rates.

Review reduction of taxes, fees and charges

The Ministry of Finance will assume the prime responsibility for and coordinate with other ministries, agencies and localities in implementing reasonable, focused and effective fiscal expansion policies; to step up revenue growth, expand the revenue base, and strengthen the fight against revenue loss; thoroughly save recurrent expenses, especially non-business expenses of investment nature, expenditures that are not really necessary; continue to direct and review the reduction of taxes, fees and charges and adopt appropriate policies to support people and businesses to continue expanding production, business and job creation activities.

Together with ministries, branches and localities, according to their functions and tasks strengthen management and control of prices and markets, especially essential commodities for production and life; strengthen the prevention and combat of smuggling and commercial fraud.

The Ministry of Planning and Investment shall assume the prime responsibility for, and coordinate with other ministries, agencies and localities in closely monitoring and grasping the situation of international and domestic developments, strengthening analysis and forecasting, and proactively taking appropriate solutions and timely policy response to changes in the international and domestic situation.

To urge and promote the disbursement of public investment capital, implement the socio-economic recovery and development program, and three national target programs; at the same time, increase the mobilization of non-state resources for development investment.

The planning work needs doing well; continue to review and perfect institutions, mechanisms, policies and laws to remove difficulties in production and business; together with ministries, agencies and localities to effectively solve arising problems and outstanding issues.

Accelerating restructuring of fields

The Government requested the Ministry of Industry and Trade assume the prime responsibility for, and coordinate with other ministries, agencies and localities in closely monitoring supply and demand movements, the market situation of essential commodities, especially gasoline and oil; solutions need to be issued to not disrupt supply, meet domestic production and consumption needs; accelerate the restructuring of the industrial and commercial sectors, striving for a sustainable trade surplus; strongly promote the development of the domestic market, promote trade promotion, diversify and expand the international market. Firmly ensure energy security, promote green energy conversion and reduce emissions.

The Ministry of Agriculture and Rural Development shall assume the prime responsibility for, and coordinate with ministries, agencies and localities in, absolutely ensuring food security in all situations; accelerate the restructuring and development of agricultural production in the direction of efficiency and sustainability, promote the export of agricultural products, affirm, consolidate and develop the global value chains of fruits, food and aquatic products.

The Ministry of Labor, War Invalids and Social Affairs shall assume the prime responsibility for, and coordinate with ministries, agencies and localities in, promoting sustainable and effective labor market development; strongly promote the training of highly skilled workers, meet development requirements in all fields and prepare for the trend of investment transformation; performing social security work, ensuring people's lives, paying special attention to the disadvantaged, people in remote and border areas, islands, ethnic minority areas, and difficult-to-reach areas.

The Ministry of Construction shall assume the prime responsibility for, and coordinate with ministries, agencies and localities in, promoting the development of social housing and housing for workers; review and perfect mechanisms, policies and legal regulations to develop a safe, healthy, efficient and sustainable real estate market.

Improve institutions and laws to remove difficulties for production and business

The Government requires ministries, branches and localities, based on their assigned functions, tasks and powers, to thoroughly grasp the viewpoint of directing and operating the macro-economy in a proactive, flexible, timely, creative and effective manner, being suitable for the situation and practical requirements in the direction of ensuring stability in uncertain conditions; keep the initiative in the face of complicated and unpredictable developments; steadfast, consistent, appropriate, effective in the face of fluctuations and multi-dimensional impacts from the world and the country; control risks, promptly respond to the risk of recession and crisis; building a line of international economic cooperation and competition in the context of extensive integration. At the same time, ensure the security and safety of money, credit, finance, public debt, food, energy and information.

The planning work must be done well; review and perfect institutions and laws to remove difficulties for production and business, and solve arising problems. Continue to promote the development of agriculture, industry, construction and services, creating a solid foundation for macro stability and sustainable development. Focus on effectively handling outstanding issues according to the decisions of competent authorities.

At the same time, continue to focus on cultural and social development, environmental protection, social security assurance, and improvement of the people's material and spiritual life; promote administrative reform, build and perfect institutions, mechanisms, policies and laws; strengthen the prevention and fight against corruption, negativity and wastefulness; maintaining socio-political stability, strengthening national defense and security, ensuring social order and safety; promote digital transformation, green transformation, prevention and control of natural disasters, epidemics and response to climate change.

The situations are closely monitored and grasped, strengthening the ability to analyze, forecast and react quickly and promptly to policy, not to be passive or surprised in all situations. Proactive, flexible and effective in formulating and implementing mechanisms and policies.

By Hương Dịu/Bui Diep

Related News

Businesses need support from vietnamese representative offices abroad

Businesses need support from vietnamese representative offices abroad

VCN - Several heads of Vietnamese representative offices abroad believe that Vietnamese businesses need to prepare solutions to respond to the changing global economy and meet the increasing demands of the international market.
Preliminary assessment of Vietnam international merchandise trade performance in the first 9 months of 2024

Preliminary assessment of Vietnam international merchandise trade performance in the first 9 months of 2024

Highlights 1. According to trade statistics of Vietnam Customs, in September of 2024, a 8.0% downwards in total external merchandise turnover of Vietnam was recorded as compared to the result of August 2024. Exports went down 9.8 %, to USD 34.08 billion and imports decreased 5.9%, to USD 31.76 billion in terms of month-on-month basis. As a result, there was a USD 2.32 billion surplus in Vietnam’s trade balance in this month.
Preliminary assessment of Vietnam international merchandise trade performance in the second half of September, 2024

Preliminary assessment of Vietnam international merchandise trade performance in the second half of September, 2024

The Vietnam Customs Statistics announced that in the second half of September, 2024 the total Vietnam’s exports of US dollars 19.71 billion and imports of nearly US dollars 16.74 billion resulted in a trade surplus of US dollars 2.97 billion.

Latest News

Vietnam

Vietnam's internet economy projected to hit 36 billion USD in 2024

Vietnam's e-commerce and digital economy remain highlights of the country’s socioeconomic development, with the internet economy to reach 36 billion USD this year, marking a 16% increase compared to 2023, heard a forum on digital transformation of industry and trade in 2024 in Hanoi on November 21.
Adapting to multicultural environments in global business

Adapting to multicultural environments in global business

VCN - In multicultural environments, businesses believe that a strong spirit of cooperation is essential, combined with internal strengths based on knowledge and a high-quality workforce.
Vietnam resolved to boost digital economy with national action plan

Vietnam resolved to boost digital economy with national action plan

Vietnam has adopted a national action plan on digital economy development, which outlines key tasks and solutions for the 2024-2025 period.
NA Chairman departs for official visit to Cambodia

NA Chairman departs for official visit to Cambodia

National Assembly Chairman Tran Thanh Man and a high-ranking delegation of Vietnam’s Party and State left Hanoi on November 21 for an official visit to Cambodia, where the top legislator will attend the 12th General Assembly of the International Conference of Asian Political Parties (ICAPP) and the 11th Plenary Session of International Parliament for Tolerance and Peace (IPTP).

More News

Innovating gold market management mindset

Innovating gold market management mindset

VCN - To better manage the gold market in the current context, Ass. Professor Dr. Nguyen Thuong Lang, Senior Lecturer at the Institute of International Trade and Economics, National Economics University, believed that a shift in gold market management was needed. Moving away from administrative control toward more economically driven mechanisms and policies is essential.
Vietnam-Cambodia relations expected to enter new development period: official

Vietnam-Cambodia relations expected to enter new development period: official

The upcoming trip to Cambodia by National Assembly (NA) Chairman Tran Thanh Man is expected to advance the relations between the two countries into a new development period on the basis of equality, mutual benefit, effective cooperation, and respect for each other's interests, a legislator has said.
Vietnam emerges as forerunner in global nearshoring trend

Vietnam emerges as forerunner in global nearshoring trend

Vietnam has emerged as a leading destination for companies relocating their production facilities, aiming to protect supply chains from potential disruptions, according to an article published by Brazil’s riotimesonline.com on November 17.
PM’s visit to Dominican Republic to cement ties

PM’s visit to Dominican Republic to cement ties

Following his trip to Rio de Janeiro Brazil for the G20 Summit and bilateral engagements, Prime Minister Pham Minh Chinh, accompanied by his spouse and a high-ranking Vietnamese delegation, is set to embark on an official visit to the Dominican Republic from November 19-21.
Top 500 Largest Enterprises in Vietnam in 2024: Affirming the ability to overcome "headwinds"

Top 500 Largest Enterprises in Vietnam in 2024: Affirming the ability to overcome "headwinds"

VCN - On November 8, 2024, Vietnam Report in collaboration with VietNamNet Newspaper announced the VNR500 Ranking - Top 500 Largest Enterprises in Vietnam in 2024. The indicators under the VNR500 Ranking show that the business performance has been positive although there are still "headwinds".
"Explosion" of aviation retail with new services

"Explosion" of aviation retail with new services

VCN - With many large investment projects, Vietnam is considered a potential destination for the aviation trade industry in the Asian region, in which aviation retail will "explode".
PM attends Vietnam-Brazil business forum ​in Rio de Janeiro

PM attends Vietnam-Brazil business forum ​in Rio de Janeiro

Prime Minister Pham Minh Chinh attended a Vietnam-Brazil business forum in Rio de Janeiro on 17 November afternoon (local time) as part of his trip to Brazil for attendance at the G20 Summit and bilateral activities in the Latin American country.
Party leader requests extra efforts to fulfill education, training reform goal

Party leader requests extra efforts to fulfill education, training reform goal

Party General Secretary To Lam attended a meeting with outstanding teachers and education managers in Hanoi on November 18, during which he asked for stronger efforts to complete the goal of education and training reform.
PM urges IMF to continue supporting Việt Nam

PM urges IMF to continue supporting Việt Nam's macroeconomic development

Prime Minister Phạm Minh Chính received a delegation of the International Monetary Fund (IMF)’s 2024 Article IV Mission to Việt Nam led by its head Paulo Medas in Hà Nội on November 15.
Read More

Your care

Latest Most read
Vietnam

Vietnam's internet economy projected to hit 36 billion USD in 2024

Vietnam's e-commerce and digital economy remain highlights of the country’s socioeconomic development, with the internet economy to reach 36 billion USD this year, marking a 16% increase compared to 2023, heard a forum on digital transformation of industry and trade in 2024 in Hanoi on November 21.
Adapting to multicultural environments in global business

Adapting to multicultural environments in global business

VCN - In multicultural environments, businesses believe that a strong spirit of cooperation is essential, combined with internal strengths based on knowledge and a high-quality workforce.
Vietnam resolved to boost digital economy with national action plan

Vietnam resolved to boost digital economy with national action plan

Vietnam has adopted a national action plan on digital economy development, which outlines key tasks and solutions for the 2024-2025 period.
NA Chairman departs for official visit to Cambodia

NA Chairman departs for official visit to Cambodia

National Assembly Chairman Tran Thanh Man and a high-ranking delegation of Vietnam’s Party and State left Hanoi on November 21 for an official visit to Cambodia, where the top legislator will attend the 12th General Assembly of the International Conference of Asian Political Parties (ICAPP) and the 11th Plenary Session of International Parliament for Tolerance and Peace (IPTP).
Innovating gold market management mindset

Innovating gold market management mindset

To better manage the gold market in the current context, Ass. Professor Dr. Nguyen Thuong Lang, believed that a shift in gold market management was needed.
Mobile Version