Economic crisis not allowed to occur under any circumstances: PM

Le said the Government will strengthen financial-budgetary discipline and prepare contingency measures to proactively respond to potential fluctuations.

He noted that the regional and international landscape continues rapid and complex evolution, marked by policy adjustments by many countries, escalating military conflicts, rising fuel prices, and slower global economic growth.

Despite the above challenges, Viet Nam has set an ambitious double-digit GDP growth target this year, said Le, adding that the Government will mobilize and effectively utilize all resources to achieve this growth goal.

He went on to say that key measures include increasing budget revenue by 10 percent and savings to over 10 percent; cutting additional five percent in recurrent spending; and double efforts to resolve bottlenecks in long-delayed projects.

As the conflicts in the Middle East has significantly impacted global energy market, leading to a sharp increase in energy prices, the Prime Minister called for energy savings and improving the efficiency of power system operations.

Viet Nam will complete a national energy reserve strategy and a project on developing infrastructure for nuclear energy application in the third quarter this year, said the Prime Minister.

The Southeast Asian nation will build a large-scale crude oil storage system to diversify and maintain stable supply for at least 90 days, according to the Prime Minister./.