Inflation, growth and stability key priorities for 2023: PM

03 Feb 2023

Vietnam’s prime minister Pham Minh Chinh announced that controlling inflation, driving growth and maintaining macro-economic stability remain the country’s priorities in the coming months.

Speaking at the government’s monthly teleconference with localities on Thursday, the PM requested close monitoring of inflation, as well as the domestic and foreign market situation. He also asked for risk warnings, whilst adopting an effective, flexible monetary policy.

Pham Minh Chinh also asked ministries to ensure credit organisations’ liquidity, steering credit into production and trade and growth pillars. Other priorities include boosting cashless payments and improving social investment attraction and public-private partnership, Vietnam Plus reports.

He added that localities are required to take charge of public investment capital distribution as well as national target initiatives.

In addition, ministries, agencies and localities were also encouraged to tap into domestic markets effectively, focusing on the “Vietnamese prioritise using Vietnamese goods” campaign. The prime minister also spotlighted the growth of export markets and optimisation of free trade agreements.

Pham Minh Chinh went on to say that ministries, agencies and localities are required to report to the Politburo, the Party Central Committee’s Secretariat and the National Assembly, and follow their guidelines within their assigned roles. 

Last month, economic sectors such as tourism, industry and agriculture flourished. Yet economic and other challenges are mounting, the Vietnam Plus report goes on to add. As per the global economic outlook report published in January, the World Bank forecast the country’s economic growth for this year will reach 6.3%, a 0.2% fall from the previous forecast, yet remaining the highest in the Asia-Pacific.

Furthermore, in regard to Vietnam’s social welfare, some 9.5 trillion Vietnamese Dong ($413 million) has been allocated to benefit around 25 million people.