Government chief: Experts should offer advice on investment attraction

Prime Minister Nguyen Xuan Phuc has called on experts to offer advice on investment attraction

During his opening speech, PM Phuc, who is also the Chairman of the Council, stated that investment and international trade has been adversely affected by the effects of the novel coronavirus (COVID-19) as the pandemic remains prevalent in many countries which are major Vietnamese partners.

Moreover, the global economy has undergone a slowdown with the International Monetary Fund anticipating economic growth of ASEAN and the whole world will be negative 2% and 4.9%, respectively, over the course of the year. This decline has forced most countries to loosen their fiscal and monetary policies, with the value of stimulus packages to their economies amounting to approximately US$11,000 billion, in addition to many countries increasing their budget deficit.

In this context, the nation has been able to bring the epidemic under control in a swift manner, with no single case of community infections recorded for a period of three months due to proper measures being implemented and timely decisions made.

Indeed, half-year economic growth stood at 1.81%, a 10-year record low for the country, but at a high level for the region. This indicates the effective implementation of the dual target of both containing the COVID-19 epidemic and continuing to maintain social security for citizens.

Emphasising macroeconomic stability being an important goal of the nation, the Government leader outlined that the national economy still faces potential risks, especially with regard to price fluctuations of some important commodities such as crude oil and pork from the beginning of the year.

Furthermore, the Consumer Price Index must be controlled at below 4% for the entire year while putting fiscal and monetary policies in place as a means of promoting socio-economic development and disbursement of public investment, PM Phuc.

The Government chief added that there is a need to stimulate exports and domestic demand amid narrowing international markets and declining domestic demand.

The cabinet leader therefore asked members of the Council to propose solutions aimed at further promoting institutional improvements and facilitating development. This should be done alongside proposing mechanisms and policies in a bid to promote business production, the digital economy, and new business models such as night trade activities and e-payment methods.