The May regular cabinet meeting agree that the economy bouncing back strongly

          Prime Minister Phạm Minh Chính on Saturday chaired the May cabinet meeting held in Hà Nội on the country's socio-economic situation and recovery progress.

          The Government delegates agreed that despite serious headwinds especially in the global affairs, Việt Nam in the first five months of 2022 witnessed positive improvements and the economy has been bouncing back robustly on all fronts – with most sectors recording growth compared to previous months and the same period last year, when the intense COVID-19 outbreak started to affect the country.

         

          The five-month average Consumer Price Index (CPI), a strong indication of inflation level, rose only 2.25 percentage points compared to last year (which is still higher than the average of 1.29 per cent witnessed in 2021, but lower than the average in the 2017-2020 period), as most macro-economic indices remain stable and food, energy security ensured.

          Industrial production jumped by 10.4 percentage points compared to last year’s first five months, as exports increased by an impressive 16.3 percentage points, with surplus reaching US$516 million.

          The implementation of stimulus policies has also achieved initial results, with preliminary statistics estimating that over VNĐ22 trillion ($948.6 million) out of the VNĐ301 trillion ($12.9 billion) package already disbursed, with the disbursement rate expected to speed up when the policies are thoroughly understood, popularised and implemented.

          Foreign direct investment (FDI) in five months reached $7.71 billion, up 7.8 per cent, with green FDI on the upwards trajectory.

          After the PM decided to set up Working Groups, the disbursement of public investment capital has largely increased – with realised capital from the State budget in the first five months of 2022 reaching VNĐ147.8 trillion, about 27.7 per cent of the plan and up 9.5 per cent over the same period last year.

          Việt Nam’s recovery has been noted by the international community. According to the Nikkei assessment, Việt Nam had risen 48 places to 14th position in the ranking of the COVID-19 Recovery Index, while ADB and BIDV forecast that Việt Nam’s economy could grow by 5.5-6 per cent this year and the expansion rate will be certainly higher next year.

          Regarding social security, in five months, the central Government and localities have expended nearly VNĐ81 trillion ($3.5 billion) to support 728,319 employers and over 49.52 million employees.

          Việt Nam also successfully and safely held the 31st Southeast Asian Games (SEA Games) in May, demonstrating not only the country’s leading sports performance but also its reopening and post-pandemic recovery efforts.

          PM Chính in the closing statement said the above-mentioned positive results are thanks to the timely and wise leadership and direction of the Party Central Committee, the Politburo and the Secretariat, headed by General Secretary Nguyễn Phú Trọng, as well as the supervision and assistance from the National Assembly, the resolute management of the Government, the participation of the whole political system and authorities at all levels, and the consensus and buy-in of the people and businesses, along with the help from international friends.

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