Vietnam Today

Prime Minister Pham Minh Chinh signed a decision on March 3 promulgating a Regulation on the principles and tasks for the National Committee on Digital Transformation. Committee members must proactively promote the process of national digital transformation, linked closely with administrative reform and building and developing e-government and digital government.

According to Deputy Minister of Planning and Investment Tran Quoc Phuong, by April and May it will be possible to begin implementing the public investment package in the Socio-economic recovery and development program of VND350 trillion ($15.32 billion). Preparations are being urgently carried out by ministries, branches, and localities.

At the regular government meeting on March 3, the Prime Minister directed tasks and solutions for dealing with the situation in Ukraine, such as establishing a special working group. Other tasks such as normalization amid the pandemic, policies on taxes and fees to reduce input costs, and improving domestic petroleum production capacity were also on the agenda.

The government issued a Resolution on economic development in land border areas on March 2, with local socio-economic infrastructure to be gradually completed in a synchronous, interconnected, comprehensive, and modern manner. Vietnam has established 26 border gate economic zones on its borders with Laos, Cambodia, and China, as well as 267 industrial clusters in border areas.

At a video meeting on March 1 between the Government Standing Committee and localities on pre-feasibility studies for five key national transport projects, Prime Minister Pham Minh Chinh affirmed that infrastructure development is one of three strategic breakthroughs. To achieve the goal of building 2,000 km of expressways in the 2021-2026 period, with more than 700 km now being built, it is necessary to complete over 500 km and associated ring roads and then continue to implement other projects.

Under a worst-case scenario, Dragon Capital forecasts that the oil price will exceed 150 USD a barrel this year and that inflation in Vietnam will hit 4.18 per cent; higher than the government target of less than 4 per cent. Trade will be in surplus, by $13.2 billion, if the oil price is $85 a barrel, but may fall to $12 billion if it reaches $100 a barrel.