PM Chinh said that amid various challenges both inside the country and from the outside, along with the Government's efforts, all-level authorities, sectors, the whole political system, all people and businesses have joined hands for better performance in all fields.

As a result, the macro-economic situation has been kept stable, while inflation has been reined in, development has been promoted, and people's living conditions have been improved.

International organisations have given positive forecasts on the Vietnamese economic outlook even amid the difficult world situation, he said, noting that Vietnam also leaped four places in the 2023 Global Peace Index.

stated Prime Minister Pham Minh Chinh at a cabinet meeting in Hanoi on August 5. Photo: TTXVN

However, he also pointed to a number of problems and risks for the economy in the rest of the year.

After analysing reasons behind the problems and drawing lessons, the Government leader underlined the need to consistently implement the targets set in the resolution of the 13th National Party Congress as well as resolutions and conclusions of the Party Central Committee, the Politburo, the National Assembly and the Government.

It is necessary to prioritise the removal of difficulties facing business and production activities, promoting growth in association with ensuring macro-economic stability and controlling inflation, enhancing people's living conditions, and managing public debts, government debts and budget over-expense, he stressed.

He underlined the need to ensure harmony and balance between interest rates and exchange rates, between growth and inflation, supply and demand, and between monetary policy and fiscal policy, while keeping a close eye on the situation inside and outside the country for timely policy response.

He asked relevant agencies to review policies and give suitable solutions to promote the three growth motivations of consumption, investment and export.

Along with speeding up the implementation of resolutions on the development of regions and strengthening the operations of the regional coordination council as well as 26 Government working groups, it is crucial to respond to requests of localities through regular meeting mechanisms, he requested.

The PM asked for efforts to deal with problems in the real estate and Government bond markets, along with drastic measures to speed up public investment capital as well as the implementation of the socio-economic recovery and development programme and the three national target programmes.

He ordered stronger administrative reform and solutions to fight corruption, controlling natural disasters and ensuring political security, defence and social order and safety.

Alongside, it is necessary to expand external relations activities in both bilateral and multilateral aspects, he said.

He assigned specific tasks to particular ministries, sectors and localities in the time to come, reminding them to make good preparations for the upcoming new school year.

Participants noted that in July, the socio-economic situation was improved compared to the previous month, contributing to the country’s performance in the first seven months.

So far, the macro-economic situation has remained stable, while inflation has been controlled. In the first seven months, the average consumer price index (CPI) increased 3.12%, while all the major economic balances were ensured.

State budget collection exceeded 1 quadrillion VND (42.13 billion USD), equivalent to 62.7% of the estimate. Meanwhile, the country’s exports fetched 195.4 billion USD, with a trade surplus of 16.5 billion USD.

In July, the Index of Industrial Production (IIP) rose 3.9% month on month and 3.7% year on year. Total revenue from retail of goods and services increased 7.1% year on year in July and 10.4% in seven months.

At the same time, the country welcomed more than 1 million foreign visitors in July and 6.6 million in the January-July period, 6.9 times higher than that in the same period last year.

In seven months, 267.63 trillion VND of public investment capital was disbursed, completing 37.85% of the yearly target, 3.38% increase year on year. Meanwhile, the country attracted nearly 16.24 billion USD in foreign direct investment (FDI), up 4.5%.

In July, 13,700 new businesses were established, raising the total number of new firms to 131,900 in seven months.

Social welfare, security and defence were also kept stable.

To date, nearly 93.8 trillion VND of the socio-economic recovery and development programme has been disbursed. Requests of localities have also been responded to in a timely manner./.