PM: Potential risks remain for economic recovery and growth

Prime Minister Pham Binh Minh presented a report on the implementation of the Socio-economic Development Plan in 2021 and in 2022 before the National Assembly on October 20.

The government will achieve or exceed eight out of 12 key targets set out in 2021 but will face a risk of slow economic recovery and growth, he said.

The macroeconomy has been maintained at a stable level this year, inflation is under control, the consumer price index (CPI) in the first nine months increased only 1.82 per cent, and major balances were secured. State budget revenue and the mobilization of investment capital for the whole of society are predicted to reach or exceed estimates. Pandemic prevention and supporting activities for those affected by Covid-19 also recorded positive results.

2022 will play an important part as a foundation year in achieving the five-year 2021-2025 plan. However, as the experience, capacity, and ability to cope with the pandemic continues to improve, the resilience and resources of the State, businesses, and people will decline. According to the Prime Minister, there will be a risk of slow economic recovery and declining growth if the pandemic cannot be sufficiently controlled for Vietnam to reopen its economy.

The country will pay attention to several matters next year, such as macroeconomic stability, autonomy, resilience and adaptability, law enforcement, infrastructure construction, human resources, technology and creative innovation, cultural and social welfare, and natural resources, among others.

“In the context of our country still facing many difficulties and challenges from the unpredictable development and impact of Covid-19, the task of implementing the socio-economic development plan in 2022 and the future is very heavy,” he said.

He also reviewed pandemic prevention work, which saw positive results but exhibited flaws that need to be addressed.