Deputy Minister Tran Quoc Phuong: Vietnam's inflation is not yet intense

DNHN - In June, Deputy Minister of Planning and Investment Tran Quoc Phuong made this statement at the government's regular press conference.

The GDP in the second quarter of 2022 is projected to expand by 7.72 per cent compared to the same time in 2021, which is greater than the growth rate for the second quarter of 2011-2021. (the highest growth rate in the past 11 years). In the context of implementing the socio-economic recovery and development agenda, Deputy Minister of Planning and Investment Tran Quoc Phuong deemed this growth to be quite positive.

Mr Tran Quoc Phuong also said that, before summarizing and reporting on the socio-economic situation for the first half of the year, the ministry was "enthusiastic and concerned" about the post-pandemic recovery. However, the aforementioned statistics are extremely encouraging and optimistic, demonstrating the robust recovery position.

Regarding the cause, Deputy Minister Phuong stated that the Party and State have decided on socioeconomic perspectives, directions, and objectives for 2022 since the end of 2021. Consequently, the objective for 2022 is to regain and generate momentum, laying the groundwork for robust socioeconomic development beginning in 2023.

The government has issued a series of resolutions, decrees, and executive documents... to concretize the objective to be submitted to the National Assembly. These results also demonstrate that the government has adopted a flexible and suitable approach to the prevention and control of epidemics.

The Deputy Minister of Planning and Investment stated that the economy continues to encounter challenges. First and foremost, it is about prices, such as oil prices, input costs, raw materials, and logistics, which increase the cost of goods, hence impacting production and business expansion plans.

In addition, there is an urgent labour shortage, especially in dynamic economic hubs, because workers have not returned to work or changed occupations since the epidemic. The Ministry of Planning and Investment has proposed that the Ministry of Labour, Invalids, and Social Affairs be tasked with implementing measures to strengthen the link between labour supply and demand to address the labour resources issue. Inflation is not yet a pressing concern (unlike in Europe), but risks and pressures exist and require immediate remedies.

Regarding the aim for the entire year of 2022, Deputy Minister Tran Quoc Phuong stated that a growth rate of 6.6% by the end of the year is a number that is highly attainable and is projected to exceed the target.

An Nguyen