Vietnamese Gov’t disburses $3.7 billion for socio-economic recovery

The Vietnamese Government has disbursed VND86.8 trillion (US$3.7 billion), or nearly 25% of the VND350 trillion (US$15.4 billion) socio-economic recovery program.

Prime Minister Pham Minh Chinh at the meeting. Photos: Nhat Bac

This was informed today [May 5] by Prime Minister Pham Minh Chinh at the monthly government meeting.

The Prime Minister noted that Vietnam's macroeconomic situation has remained stable, with key balances secured, inflation controlled, and growth sustained. "In particular, inflation has been gradually declining in recent months, while the country's trade surplus stood at $6.35 billion in the first four months of the year".

Vietnam has exported nearly three million tons of rice, ensuring energy security, labor market recovery, and social security.

"The country's defense, security, and national sovereignty have been maintained, and external and integration activities have been expanded," Chinh said.

However, Chinh said the economy continues to face challenges from external factors, including persistently high global inflation and lower-than-expected global growth. He also cited economic risks such as the pandemic, natural disasters, climate change, economic security, and cyber security.

Overview of the meeting.

"There are potential difficulties in the corporate bond and real estate markets," he said.

Despite these challenges, the Prime Minister believes it is crucial to remain objective and make greater efforts to respond more quickly and effectively with appropriate solutions.

He added that since April, the effects of the measures and solutions implemented since the beginning of the year to alleviate the difficulties are beginning to show.

"The month also marks a recovery in service activities, especially tourism, which has led to numerous positive changes in areas such as the corporate bond market, the real estate sector, public investment, and the removal of bottlenecks in the economy's cash flow," Mr. Chinh said.

"Reputable international organizations such as the IMF, ADB, and OECD continue to forecast a positive outlook for Vietnam's economic growth in 2023," he added.

For instance, international visitors to Vietnam reached an estimated 984,000 arrivals, up 9.9% from the previous month and 9.7 times higher than the same period last year. Business registration in April was more positive, with nearly 16,000 newly registered enterprises, up 12.3% from the previous month in terms of the number of enterprises and 6.2% in capital.

Production and business activities remained steady, and some sectors experienced significant growth.

“The focus for the coming time would be to improve social security and people's living standards,” Chinh said.