Cabinet reviews socio-economic situation in Jan-Nov period

The Cabinet will also discuss the implementation of the socio-economic development and recovery program, disbursement of public investment capital, and the realization of the three national target programs on socio-economic development in ethnic minority and mountainous areas, new rural area construction, and sustainable poverty reduction.

Besides, a draft Resolution of the Government on key tasks and measures to implement the socio-economic development plan and State budget estimate for 2023 will also be put to discussion at the meeting.  

In his opening remarks, Prime Minister Pham noted that the country is being challenged by risks arising from high global inflation rate, tight monetary policy, decline in manufacturing, rising price of dollar, and food and energy insecurity. 

Our economy remains modest with high level of openness, thus it is vulnerable to external fluctuations, said the Government chief.

Given the situation, the Government has shown determination to rectify the operation of financial, monetary and real estate markets so that these markets work in a healthy, safe, transparent and sustainable manner to protect the legitimate rights of people and enterprises, underscored the Prime Minister. 

The Government established a working group on liquidity, currency and capital led by Deputy Prime Minister Le Minh Khai, a working group on real estate market headed by Minister of Construction Nguyen Thanh Nghi and a working group on corporate bond oversaw by Minister of Finance Ho Duc Phoc, Pham added.

The country continued to experience positive signs of economic recovery in the reviewed period, with a trade surplus of US$10.6 billion.

Export revenue was estimated at US$342.2 billion, up 13.4 percent on year, while import turnover increased by more than 10 percent to US$331.6 billion.

The U.S. was Viet Nam's biggest importer in the period, with the turnover estimated at US$101.5 billion, while China is the country's largest exporter, with US$109.9 billion.

Foreign direct investment (FDI) inflows to Viet Nam totaled more than US$25.1 billion, equal to 95 percent of the same period last year.

Remarkably, the disbursed volume of FDI reached US$19.68 billion, up 15 percent. 

Viet Nam welcomed 2.95 million foreign arrivals during the January-November period, showing 21.1 times more than the figure in the same period last year./.