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Official Gazette

Saturday, October 24, 2020

PM requests people-centered economic recovery solutions

Updated: 09:20’ - 21/08/2020
Economic development must be ensured amid the COVID-19 pandemic to provide jobs and guarantee people’s livelihoods, Prime Minister Nguyen Xuan Phuc has said.

Prime Minister Nguyen Xuan Phuc chairs the meeting of the Government’s permanent members on August 19__Photo: VNA

The PM chaired a Government meeting on August 19 to discuss draft development plans for the coming years, asking for effective and feasible solutions to minimize COVID-19-related losses and recover the economy in both short and medium terms.

The event looked into the draft socio-economic development plan and State budget estimates for 2021, the draft financial-State budget plan for 2021-2023, along with the draft medium-term socio-economic development plan and public investment plan for 2021-2025.

During his speech, PM Phuc underlined the need for staying proactive in governance and plan-making, noting that facing the serious impacts of COVID-19, effective and feasible solutions are necessary to ease losses and spur economic development in both 2021 and 2021-2025.

He asked Government members to exert efforts to support socio-economic recovery this year, as well as beyond.

Noting countries around the world have taken measures like large-scale aid packages to minimize the impacts of the pandemic, especially on people and businesses, the PM requested ministries and sectors, especially the Ministry of Finance, the Ministry of Planning and Investment, the Ministry of Labor, Invalids and Social Affairs, and localities, to devise support solutions strong enough to help affected people and enterprises.

Those solutions must be proactive, flexible and match the “new normal” period. In particular, fiscal and monetary policies should be more flexible to stimulate demand, create jobs and promote growth while maintaining macro-economic stability, according to the Government leader.

Meanwhile, the State budget plan for 2021 should include funds for social security policies for workers facing job losses and those in the informal sector, and for vocational training to help laborers adapt to changes in supply chains.

PM Phuc also requested continued assistance for certain sectors heavily impacted by the pandemic like transportation, tourism, textile-garment, health care, and education; along with policies to encourage rational consumption.

He demanded priority be given to development investment, especially for socio-economic infrastructure, including transport facilities, by using every possible resource. 

The public investment plan for 2021-2025 needs to include projects and programs important to national development like those on the North-South Expressway, coastal roads, and digital economy, he added.
The Prime Minister emphasized reducing regular expenditures, strict and effective control over public investment capital, and proper State budget allocation.- (VNS/VLLF)
 

 

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