Mobilizing All Resources to Realize Dual Goals

9:32:01 AM | 7/14/2021

Resolution 63/NQ-CP was recently issued, stipulating key tasks and solutions for stronger economic growth, more robust public investment disbursement and more sustainable exports in the last months of 2021 and early 2022. The resolution showed the government's determination to realize the dual goals of both fighting the COVID-19 pandemic and boosting socio-economic development. This is even more necessary and important amid the ongoing complicated development of the COVID-19 pandemic.

Resolved to reign macro-factors

The COVID-19 pandemic, which broke out again in some localities across the country at the end of April, has posed numerous challenges in realizing the dual goal of containing the pandemic and boosting economic development. However, according to the General Statistics Office (GSO), in the first six months of the year, the economy expanded by 5.64% - a relatively high growth as compared to that of other countries in the region and the world. The country maintained macroeconomic stability, sturdier export growth, stronger public investment disbursement and stronger State-funded investment.

In order to achieve the targets, Resolution 63/NQ-CP sets out nine key tasks and solutions: Focusing on COVID-19 prevention; facilitating stronger socio-economic development; fostering decentralization of authority, administrative reform and digital transformation; reviewing and completing legal regulations to remove policy difficulties; and accelerating public investment disbursement.

In fact, these solutions have been applied throughout the past time. For example, some provinces have expanded export markets. By promoting online exports, many exporters have maintained their export flows, increased orders and brought commodities to the world market. Local leaders have inspected and removed difficulties and obstacles to increase public investment disbursement.

However, in the current context of the COVID-19 pandemic, these measures must be stepped up and strengthened. The Government requires central and local authorities, within their jurisdiction, to strictly implement measures to prevent the pandemic in the spirit of “fighting the pandemic like fighting the enemy”, accelerate vaccination, expand technology applications and other measures to cope with the contagion.

In addition, they must continue scientific research and technology application for socio-economic development, especially pandemic prevention tasks.

Urgently supporting people and businesses

Enterprises and workers continue to be of the Government's priorities. To prevent the COVID-19 pandemic, workers in industrial zones and manufacturing factories will be prioritized for vaccination.

Regarding support policies for people and businesses faced with difficulties caused by the COVID-19 pandemic, the Government assigned the Ministry of Labor, Invalids and Social Affairs to work with concerned agencies to work out support policies for enterprises and workers affected by the pandemic to the Government for approval.

The Ministry of Finance will coordinate with relevant agencies to study and propose solutions and policies on taxes, fees and charges to support businesses and people affected by the COVID-19 pandemic.

In addition, the State Bank of Vietnam will coordinate with relevant agencies to research and propose credit support policies and solutions for businesses and people affected by the COVID-19 pandemic; direct credit institutions to apply solutions to deal with difficulties and widen access to credit for people and businesses; encourage credit institutions to reduce costs for further reduction of lending interest rates on corporate loans.

The Ministry of Culture, Sports and Tourism will cooperate with relevant agencies to formulate policies to stimulate demand and restore tourism and travel activities; urgently submit policies on cost reduction for travel enterprises to the Government for promulgation.

With respect to digital transformation, the Government demanded accelerated implementation of the National Digital Transformation Program to 2025, with a vision to 2030; proactively took measures to support people and businesses for digital transformation; and promote non-cash payment and urgent implementation of pilot mobile money services.

Without doubt, solutions in Resolution 63/NQ-CP of the Government have profound direct impacts on people and businesses. This is considered a "push" and motivation for enterprises and workers to firmly overcome difficulties during the pandemic and effectively realize the dual goal of effective pandemic prevention and successful economic development.

 By Ha Linh, Vietnam Business Forum