|PM Nguyen Xuan Phuc chairs the monthly Cabinet meeting for May in Hanoi
Addressing the monthly Cabinet meeting for May, PM Phuc noted that several major indicators for the month are looking far better than in previous months despite the complicated nature of the COVID-19 pandemic both nationally and globally.
He stated that the Government has introduced measures to iron out any issues faced by businesses and to restore production, therefore helping to maintain the country’s major economic balances, rein in inflation, and ultimately improve the living standards of ordinary citizens.
Transportation firms have successfully resumed normal operations, therefore paving the way for the tourism industry to regain momentum as the country is entering the “new normal” stage.
“We have acted with a strong spirit of not giving up, along with a better performing governance, stopping disruption in supply chains, whilst actively attracting development investment, both domestically and internationally,” the PM said. “This is a very important opportunity for us to rise up amid numerous difficulties and challenges worldwide.”
During his statement, PM Phuc singled out a number of localities for praise. Some of the cities and provinces mentioned for their strong resolve to accomplish this year’s targets include Hanoi, Hung Yen, Quang Ninh, Hai Phong, Bac Ninh, Dong Nai, Binh Duong, Binh Phuoc, Long An, Tay Ninh, and Ba Ria-Vung Tau,.
The PM hailed relevant ministries and localities for their outstanding efforts in successfully bringing the COVID-19 epidemic under control. Despite an initial victory over the virus, there remains no room for complacency as the risk of the COVID-19 being transmitted from external sources remains high.
He pointed out plenty of other major threats and challenges to overcome in the coming months, including the another stage of the COVID-19 epidemic, extremely hot weather, and a prolonged period of drought. In addition, many of the country’s major trading partners are struggling to contain the disease while Vietnam is yet to reopen its market for international travelers.
“More effective economic recovery measures are needed to create momentum for stronger development in the remaining months of 2020,” the PM told the meeting. “Along with that, it is necessary to closely monitor the situation internationally, and bring forward appropriate trade, investment, and tourism policies in order to take advantage of the shifting investment trends across the globe.”
It was reported at the meeting that more than 5,000 businesses had been able to resume operations during May, an increase of 32.7% in comparison with the previous month. Most notably, the industrial production index for May increased by 11.2% from April, despite representing an annual drop of 3.1%.
Although the COVID-19 pandemic had an impact on the nation’s trade, exports during May rose by 5.2% against April’s figures, making a total of US$18.5 billion. Overall, Vietnam enjoyed a trade surplus of US$1.9 billion over the opening five months of the year.