Government agencies are tasked with addressing any overlapping laws and regulations that prove to be a hurdle in mobilizing resources for sustainable economic development.
The Government needs to be prepared to avoid possible shocks to the economy, along with measures to contain inflation.
Deputy Prime Minister Le Minh Khai at the conference on July 7. Source: VGP |
“The priority is to keep the economy running to ensure the people’s livelihood,” Deputy Prime Minister Le Minh Khai stressed the view during a conference discussing Vietnam’s finance-budget performance in the first six months on July 7.
In the past months, the inflationary pressure has gathered pace in Vietnam and posed risks to the economy.
Data from the General Statistics Office (GSO) revealed the consumer price index (CPI) in the first half of 2022 expanded by 2.44% year-on-year, and core inflation by 1.25%.
At the conference, Minister of Finance (MoF) Ho Duc Phoc acknowledged rising prices of key commodities would eventually lead to a high inflation rate, putting a huge burden on businesses’ operations and people’s lives.
“The ministry is committed to ensuring the inflation is kept under control,” Phoc said.
The latest forecast from the World Bank and International Monetary Fund (IMF) coincided with the view that Vietnam remains on track to keep inflation below the 4% target in 2022.
This year, the Vietnamese Government sets the goal for GDP growth at over 6.5%, and inflation below 4%, seen as a key measure to stabilize macroeconomic conditions and key balances of the economy.
Deputy Prime Minister Khai also called for the MoF to continue to explore options to lower taxes and fees to mitigate the inflation impacts on economic activities.
The ministry is expected to continue cutting the environmental protection tax on petrol and diesel products right in the upcoming price review next week, following the approval from the Standing Committee of the National Assembly on the issue on July 6.
Khai urged the MoF to ensure sufficient funds to carry out the socio-economic recovery program worth VND350 trillion (US$15.4 billion) during the 2022-2023 period.
“Improvements of the business environment should continue to be a priority, especially in clearing any legal hurdles to better mobilize resources for sustainable economic development,” Khai said.
Other News
- Tech giants pay nearly US$580 million in taxes in Vietnam
- French market awaits Vietnamese green, sustainable businesses
- Hanoi ranks second in the E-Business Index
- Vietnam among Asia-Pacific's fastest growing economies: FedEx
- Vietnam’s stock market remains attractive investment channel: Expert
- Cuba appreciates Vietnam’s support in food and fisheries production
- Vietnam, China to step up cooperation strategy for mutual development
- PM orders urgent measures to address volatile gold prices
- Vietnam earns US$1.4 billion from rice exports in Q1
- Russia’s Zarubezhneft Group explores opportunity for offshore wind projects in Vietnam
Trending
-
Vietnam's tourism sees 58.2% increase in int’l visitors
-
Vietnamese people flock to Dien Bien Phu to commemorate resounding victory
-
Art exhibition combining tradition and modernity
-
Hanoi strives to ensure smooth high school exams
-
Carnaval Ha Long 2024 woos tourists with fireworks and drone light shows
-
Affordable, quality tours offered at Hanoi Tourism Festival 2024
-
Introduction of community tourism area in Hanoi herb kingdom
-
Capital Law revision helps Hanoi promote role as nation’s socio-economic hub
-
IT training urged to focus on semiconductors