THE SOCIAL REBUBLIC OF VIETNAM
Independence – Freedom – Happiness
Hanoi, June 11, 2020
THE GOVERNMENT’S REGULAR MEETING – MAY 2020
Pursuant to the Law on Organization of the Government dated June 19, 2015;
Pursuant to the Government’s Decree No. 138/2016/ND-CP dated October 01, 2016 promulgating the working regulation of the Government;
Based on the discussion of the delegates and the conclusion of the Prime Minister at the Government’s regular meeting in May 2020, held on June 02, 2020,
1. Regarding the socio-economic situation in May and the first 5 months of 2020
The Government unanimously assessed that: With the high determination and efforts of the political system, the business community and the people of the country, there were many highlights in the implementation of the "dual goal" of preventing the pandemic whilst recovering and promoting socio-economy development under the new normal after Covid-19, which consolidated the people's trust in the leadership and direction of the Party and the State. We had prevented and controlled the pandemic, created favorable conditions for economic and social activities to recover quickly and strongly, contributing to enhance the image and reputation of Viet Nam in the international community in the prevention and fight against the Covid-19 pandemic and ensuring safety of the economy. More positive socio-economic results were achieved in May than April. Macroeconomic stability was maintained. Consumer price index fell against the previous month. Lending rates for priority sectors lowered. The monetary, credit and foreign exchange markets were relatively stable. Trade balance of goods in 5 months was nearly USD 2 billion. Disbursement of public investment witnessed positive changes, up 26.15% over the same period in 2019, accounting for nearly 26% of the annual plan. Despite many difficulties caused by the pandemic and natural disasters such as drought, saline intrusion, hail, etc., in principle, the agricultural sector developed stably. Winter-spring rice productivity increased over the same period last year, farmers' lives improved. Industrial production showed signs of recovery, industrial production index in May increased by 11.2% over the previous month. Service sector gradually restored, especially inland tourism and transportation. Total retail sales of consumer goods and services in the month increased by 26.9%. PMI in May rose 10 index points, the highest improvement in Southeast Asia. Enterprise development witnessed signs of improvement and recovery. In the whole country, there were 10.7 thousand newly registered enterprises, up 36.1%. Many significant cultural, artistic and communication activities on the occasion of the 45th anniversary of the liberation of the South, the reunification of the country and the 130th birthday of the late President Ho Chi Minh encouraged and arouse national pride. The people's health care and social security received due attention. Policies to support people in difficulties due to the Covid-19 pandemic were actively implemented, receiving the attention and support of the people. The labor market received positive signals, labor, and employment situation gradually stabilized. The fields of education, training, science and technology made positive changes. Foreign affairs received due attention. National defense, security, social order and safety were maintained. Traffic order and safety were guaranteed.
However, the country still faces many difficulties and challenges. The Covid-19 pandemic in the world shall remain complicated, trade tensions shall continue its upward trend. Inflationary pressure increased. Many key export commodity groups tended to decrease. State budget balance faced various difficulties. Budget deficit tended to increase. Disbursement of public investment improved but remained slow. Production and business activities in many fields remained difficult, affecting employment and life of workers.
Facing this situation, the Government requested ministries, branches and localities not back down from difficulties, continue to make efforts to realize the "double goal", avoid being subjective, take a good control the Covid-19 epidemic, prevent the disease spread in the community; carry out more drastically the tasks and solutions on socio-economic development, strive to reach the highest level of the targets of the 2020 plan; stick to goals on macroeconomic stabilization, inflation control, accelerating the disbursement of public investment capital; clearly identify this as an important political task. And at the same time, the Government requested to focus on properly implementing the following contents:
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