Vietnam Today

On July 8, under the Chairmanship of Party General Secretary Nguyen Phu Trong, the Politburo held a meeting to determine the key tasks for the time to come, including flexibly administering fiscal and monetary policies, ensuring a balance between commodity supply and demand and controlling inflation, supporting businesses and people under pressure from increasing commodity prices and production costs, and amending and supplementing legal regulations for the sustainable development of the securities, corporate bond, and real estate markets.

Real estate prices in Ho Chi Minh City have continually increased since 2018 while supply has fallen, making it difficult to buy a home in the city. To quench their thirst for real estate, investors have been looking at new products in nearby Binh Duong province, especially in Thuan An city, which is a bright spot in investment and may develop into a civilized urban center.

The International Monetary Fund (IMF) has forecast that Vietnam’s GDP growth in 2022 will reach 6 per cent and 7.2 per cent in 2023. While assessing that Vietnam’s economy is recovering strongly, the IMF also recommended that it gradually and cautiously adjust fiscal policy and monetary policy to ease inflation risks.

With proposals in place to reduce excise taxes and value added taxes on gasoline, total tax reductions stand at an unprecedented VND126 trillion ($5.3 billion). The Minister of Finance has said that such reductions and other difficulties make tax collections and balancing the budget extremely difficult.

Southern Dong Nai province’s gross regional domestic product (GRDP) reached VND112.8 trillion ($4.85 million) in the first half of 2022, up 7 per cent over the same period of 2021 and making it the leading locality in the southern region in terms of economic growth.

On July 6, at a meeting with Russian Foreign Minister Sergey Lavrov, Prime Minister Pham Minh Chinh affirmed that Vietnam wishes to deepen bilateral cooperation in all fields. He also suggested that ministries and branches in the two countries soon remove difficulties in trade, investment, and transportation, to create the conditions needed for businesses to expand cooperation.