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The 9th meeting session of the 14th national assembly: Vietnam with “its double targets”

At the 9th meeting session of the 14th National Assemly, Chairwoman Nguyen Thi Kim Ngan clearly said the disease of COVID-19 broke up and quickly became the pandemic. It has caused remarkable negative impacts to all economic-socio activities globally. It shut down all activities of production and business; it interrupted trade and investments; it badly affected tourism, culture and daily life.

BAD IMPACTS FROM THE PANDEMIC

Government’s reports at the 9th meeting session of the 14th National Assembly stated the pandemic had negative impacts on most of the fields and sectors of the economy: agriculture growth increased only 0.08% due to remarkable difficulties in export; industrial production increased 1.8%- much lower year-over-year and

Income of the Government’s Budget of the first 4 months of 2020 reached 32.5% of the forecast. Frequently save of expenses; maintaining the Budget’s expenses for fighting against the pandemic; having socio- economic developments; ensuring security, defence, and other urgent expense tasks. The export sector in the first 4 four months has maintained its growth with 15 products that reached export turnover of over USD 1bn, export surplus reached around USD 3bn. Business investment environment has been kept improving and administration procedure innovation has had may achievements.

faced shortage of incoming materials and difficulties in outcoming markets. Key export products as garment& textile, footwear; wood processing and aqua-products decrease badly. The service sector suffered from great damage, especially the fields of tourism, F&B service and transport. The total demand of the economy decreased greatly; the total retail sales and consuming service turnover of the first 4 months decreased 4.3%.

Besides, the number of newly-founded enterprises decreased 13.3% and enterprises temporarily shut- down their business increased 33.6%. The demand for labor decreased greatly: over 5 million laborers suffered from the impacts (98% of laborers belonging to fields of tourism, services and airline were off; 78% of the fields of transport, footwear and textile had to suffer from job cuts). “in the situation we should focus to implement the “double targets”: fighting against the pandemic; maintaining and developing economic-socio activities, ensuring people’s life”, affirmed Prime Minister Nguyen Xuan Phuc.

THERE WERE BRIGHT SPOTS STILL

In the time of difficulties, the Government and Prime Minister timely issued mechanisms and policies to assist people and enterprises facing difficulties: pushing up disbursement of public investment, ensuring social security. As the result, we had some bright spots in economic developments, especially maintainin stable macroeconomy and balance of the economy, facilitating recovery and socio-economic developments after the pandemic. Prime Minister Nguyen Xuan Phuc said Consumer Price Index (CPI) of April decreases 1.21% compared to December 2019. Money policy has been flexibly operated; exchange rate and foreign currency market were stable. Operation interests reduce 1.5%, ensuring liquidity of the system of credit organization and the economy. Focusing credit on business production and fields of priority. Timely develop restructuring policies of debt-paying time, cutting or decreasing interests, assisting customers suffering from the pandemic.

All levels and sectors drastically pushed up disbursement of public investment capital: implementation investment capital increased 12.9% year-over-year. Total social investment of the first quarter increased 2.2%, non-governmental investment capital increased 4.2%. Also according to PM, we set priority on resources,

According to the International Money Fund (IMF), the world economy in 2020 is forcast to increase -3%. The U.S has an increase of -5.9%; China, 1.2% (-6.8% in the first quarter); Euro area, -7.5%; Japan, -5.2%; in the ASEAN area: Singapore, -3.5%; Thailand, -6.7%; Malaysia. -1.7%; Indonesia, 0.5%; Vietnam, 2.7%- the highest in the region. The World Trade Organization (WTO) had a forecast global trade would decrease from 13%-32%; global FDI would decrease 30%- 40%. The world’s oil price decreased much, there was a decrease to negative level for the first time in history and it has kept changing recently.

pushing up progress of many important infrastructure; assisting locales in the Mekong Delta with the Central Budget to overcome difficulties and to push up socio economic development and regional connections. Good harvest makes farmers’ life better and ensures food security and rice export.

IMPLEMENTING THE DOUBLE TARGETS

It is difficult to fight against the pandemic; and it is more difficult to maintain and develop the economy in the time of pandemic. The requirement is not only to solve difficulties and challenges but also to change risks to opportunities to develop the country. “Compared to the time at the end of 2019, there has been great changes. The growth target of 6.8% for 2020 is indeed a great challenge and it is impossible to achieve. At the 9th meeting session, the Government asked the Assembly to adjust a number of targets for 2020, including GDP growth and other macro targets as the National Budget, overspending of the National Budget and public debts.

To achieve the “double targets”, in the rest of 2020, together with good implementation of fighting against the disease, the Government will simultaneously carry out tasks, solutions of recovery and socio-economic developments, forming a number of particular mechanisms and policies in the new situation and submitting to authorities for quick implementation in the time of difficulties and challenges.

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