Government discuss economic governance following global interest rate hikes

The meeting took place after the US Federal Reserve (FED) raised interest rates by 0.75 percentage points on July 27, while central banks in many countries have also repeatedly hiked interest rates in response to soaring inflation.

According to many ministries, sectors as well as domestic and international organisations, amid a global situation full of difficulties and uncertainties, especially the conflict in Ukraine and the unpredictable COVID-19 pandemic, the Government has maintained reality-based, flexible and effective governance. As a result, Vietnam has proved to be a bright spot in controlling inflation, stabilising the macro-economy, ensuring major balances of the economy, and posting strong growth recovery. 

PM Chinh stressed that the top priority now is to continue macro-economic stability, controlling inflation, guaranteeing major balances, promoting economic recovery and growth, and fighting COVID-19.

He also stressed the importance of pressing on with economic restructuring, growth model reforms, scientific and technological application, digital transformation, green and circular economic development, energy transition, and climate change response, thereby creating the foundation for sustainable development.

He demanded monetary and fiscal policies be coordinated with other macro-economic policies in a harmonious, reasonable, flexible and effective fashion; public investment be strongly disbursed; and the socio-economic recovery and development programme be carried out fruitfully.

The Government leader also ordered the development of the domestic market; diversifying markets and boosting exports; intensifying the fight against smuggling and trade fraud; ensuring power supplies; guaranteeing food security; fostering the labour market; developing the capital, corporate bond and real estate markets in a safe, transparent, effective and sustainable manner; and maintaining strict control of prices, especially prices of strategic and essential goods.

(Source: VNA)