The Ministry of Planning and Investment has suggested measures to promote the country’s GDP growth over the remaining months of the year in the context of economic slowdown in the first quarter.
Speaking at the recent regular government press briefing, Deputy Minister of Planning and Investment Tran Quoc Phuong said first-quarter growth was estimated at 3.32 per cent; lower than the target set by the National Assembly.
The global economy continued to face difficulties such as inflation, tightened monetary policies in many countries, lower consumption demand, and the Russia - Ukraine conflict, which have had major impacts on Vietnam’s open economy, according to Mr. Phuong.
Meeting annual growth targets will require concerted efforts to make up for the poor result in the first quarter, he said.
“It is necessary to ensure the macro-economy and control inflation,” he explained. “This would be a foundation for the implementation of solutions to recover and promote economic growth in the remaining months of the year.”
Regarding macro solutions, it is essential to carry out monetary and fiscal policies flexibly, effectively, and cautiously, he said.
He pointed to the need to review all remaining policies and growth drivers of the economy and use growth in developed sectors to cover poor performance elsewhere.
The Deputy Minister also suggested taking measures to boost the development of the domestic market. When exports are difficult, he said, the role of the domestic market becomes more important.
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