Vietnamese PM emphasizes on macroeconomic stability, inflation control

31 Jul '22

1 min read

Pic: Shutterstock

Vietnam’s Prime Minister Pham Minh Chinh recently emphasised on the need for macroeconomic stability, inflation control and boosting economic recovery at a government meeting. He said high inflation, currency depreciation, increasing competition and policy changes significantly affect the economy, especially import-export, fuel prices and raw material supply.

Trade openness and external risk also pose risks to the country’s economy, he said.

The meeting followed a hike in interest rates by the US Federal Reserve (Fed).

Chinh asked ministries and agencies to closely monitor global economic developments and propose solutions and long-term goals in a scientific and effective manner, according to Vietnamese media reports.

The government’s primary task and priority now are to continue maintaining macroeconomic stability and controlling inflation while balancing supply and demand, boosting economic recovery and focusing on the prevention and control of COVID-19, he said.

Developing the domestic market and diversifying export markets are also important while stepping up the fight against smuggling and commercial fraud, he added.

Fibre2Fashion News Desk (DS)

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