Directive 15/CT-TTg 2022 ensure major balances of the economy in the new situation

DIRECTIVE

On key tasks and solutions to maintain macroeconomic stability, curb inflation, promote growth and ensure major balances of the economy in the new situation^[1]

Since the beginning of 2022, the world situation has seen rapid and complicated developments, including not a few unprecedented ones, greatly affecting many countries and regions and the national socio-economic development. Thanks to the drastic engagement of the entire political system under the leadership of the Party; the co-participation of the National Assembly; the drastic, flexible, creative, effective, close, prompt and focused direction and administration by the Government and Prime Minister; efforts of authorities and local administrations at all levels and all sectors; the joint efforts and unanimity of the people and the business community; and the effective support of international friends, the socio-economic situation in the first 8 months of 2022 has recovered positively with important results achieved in almost all fields.

The macro-economy has been maintained stable, inflation controlled at a low level, and major balances of the economy ensured. The average consumer price index (CPI) in the first 8 months has increased by 2.58%. The monetary market has been basically stable with interest rates and exchange rates kept reasonable; and public debt has been tightly controlled. Economic growth has recovered rapidly; not a few major sectors and fields of the economy have strongly developed, particularly the industry and service sector; and agriculture has stably developed. Positive results have been recorded in investment capital attraction and enterprise development. Importance has been attached to the prevention and control of the COVID-19 pandemic, vaccination and patient treatment. Attention has been paid to culture and social affairs; many solemn, meaningful, safe and practical events have been organized across the country. Social security has been guaranteed; the people’s livelihood has been further improved. National defense and security have been strengthened; social order and safety have been ensured. External and international integration activities have been promoted. Greater importance has been attached to the information and communication work, thus contributing to consolidating the people’s trust and creating high public consensus. Regular tasks have been properly performed while arising problems have been promptly addressed with a focus on solving problems that remain unsettled for a long time. Many prestigious international organizations continue to give positive evaluations about Vietnam’s economic development. The Moody’s has upgraded Vietnam’s credit rating from Ba3 to Ba2 with “stable” outlook; the S&P has upgraded Vietnam’s credit rating to BB+ with “stable” outlook; the Fitch Ratings has rated Vietnam BB with “positive” outlook. Nikkei Asia has upgraded Vietnam’s COVID-19 recovery index to the second best in the world. International financial and monetary institutions and many experts have lifted their forecasts about Vietnam’s economic growth.

In the coming time, it is forecast that the international situation will continue to see complicated and unpredictable developments, especially the strategic competition among large economies, while the conflict in Ukraine remains complicated; many countries will encounter high inflation and the trend of increased interest rates and narrowed monetary and fiscal policies; the prices of crude oil, gas and some basic commodities will see great fluctuations; the global economic growth will decline, international markets will shrink, with a potential risk of economic recession and latent risks to financial, monetary and public debt stability, energy and food security, and regional and global geopolitical tensions. Meanwhile, epidemics, disasters, floods, droughts, and climate change will become more complicated and extreme, greatly affecting many countries and regions around the world. The domestic economy will see opportunities and advantages interwoven with difficulties and challenges which prevail, particularly pressure regarding the rising inflation, exchange rates and production and business costs; demands of traditional export markets will be narrowed; climate change, disasters and epidemics will continue to see unpredictable developments, greatly affecting production activities and people’s lives.

Against that backdrop, maintaining macroeconomic stability, curbing inflation, promoting growth and ensuring major balances of the economy are urgent and strategic requirements and also key priority tasks throughout the coming period so as to contribute to the successful implementation of the goals and tasks set forth in the Resolution of the XIII^th National Party Congress as well as 5-year and annual socio-economic development plans. In the last months of 2022 and the time to come, the Prime Minister requested ministers, heads of ministerial-level agencies and government-attached agencies and chairpersons of provincial-level People’s Committees to continue to resolutely, synchronously and effectively implement the tasks and solutions set forth in the resolutions of the Party, National Assembly and Government and instructions of the Prime Minister and, based on their assigned functions, tasks and fields of state management, to thoroughly master and strictly implement the following key viewpoints, orientations, tasks and solutions:

I. VIEWPOINTS AND ORIENTATIONS FOR DIRECTION AND ADMINISTRATION

1. To thoroughly master and closely follow the Party’s line and guidelines and the State’s policies and laws, direct the macroeconomic management in a proactive, flexible, creative, timely and effective manner, ensuring conformity with reality and practical requirements in the directions of: (1) ensuring stability in uncertain conditions; (2) staying able to foresee and promptly respond to complicated and unexpected developments; (3) ensuring steadiness, consistency, appropriateness and effectiveness against multidimensional fluctuations and impacts from around the world and in the country; (4) controlling risks and promptly responding to the risk of recession and crisis; and (5) forming a line of international economic cooperation and competition in the context of intensive and extensive integration.

2. To implement a prudent and firm monetary policy, ensuring the proactivity, flexibility and efficiency in synchronous, close and harmonious coordination with the management of a reasonable, focused and effective open fiscal policy and other policies to contribute to stabilizing the macro-economy, curbing inflation, promoting growth and ensuring major balances of the economy; to strive to achieve a high economic growth and curb inflation according to the set goals.

3. To ensure monetary, credit, financial, public debt, food, energy and information security and safety; to strongly promote growth drivers in terms of both supply and demand (consumption, investment, export); to enhance the management and control of prices of goods and services essential for production, business and life, particularly gasoline and oil; to continue to review and improve legal institutions, laws, mechanisms and policies; to properly perform the planning work; to promote technological innovation, digital transformation and transformation to green energy, diversify supply chains and international markets, develop e-commerce, promote innovation and startup activities, and improve productivity, quality and overall efficiency of the economy.

4. To spare no efforts and maintain the highest determination to adapt flexibly and effectively to new circumstances and situations, overcome difficulties and challenges, and take advantage of opportunities to boost socio-economic development; to focus on properly performing regular tasks; to effectively handle problems that remain unsettled for a long time; to promptly respond to arising urgent issues, while attaching importance to thoroughly performing and implementing medium- and long-term tasks and solutions.

5. To closely monitor the situation, and build capacity to analyze, forecast and respond to policies quickly and promptly so as not to fall into the state of being unprepared in any circumstances; to ensure proactivity, flexibility and effectiveness in the formulation and implementation of mechanisms and policies; to strengthen administrative discipline and order, strengthen decentralization and power delegation and uphold the responsibility of heads; to uphold the spirit of self-reliance, promote the strength of the national great unity, and mobilize the participation of the entire political system, the support of the business community and the people, and the assistance of international friends; to open more channels for mobilization and efficient use of all resources for national development.

6. To strictly implement regulations on COVID-19 prevention and control and be ready to respond to new epidemics; to attach importance to ensuring social security and constantly improving the material and spiritual life of the people; to step up administrative reform and step up the combat against corruption and negative practices; to strengthen national defense and security, firmly defending national independence and sovereignty, maintaining political stability, and ensuring social order and safety; to promote external work; to build an independent, self-reliant economy associated with proactive and active international integration in an intensive, extensive, substantial and effective manner, and raise the competitiveness and resilience of the economy to external fluctuations, thereby helping consolidate foundations for and facilitating macroeconomic stability and sustainable development.

II. KEY TASKS AND SOLUTIONS

1. The Ministry of Planning and Investment shall assume the prime responsibility for, and coordinate with related agencies in:

a/ Analyzing, evaluating and forecasting the world and domestic situation, and how the adjustment of policies of foreign countries affects our country’s socio-economic development; promptly advising the Government and Prime Minister on appropriate solutions and policies to firmly maintain macroeconomic stability, curb inflation, promote growth, and ensure major balances of the economy.

b/ Urgently completing and submitting to the Government a Scheme on stabilizing the macro-economy, curbing inflation, promoting growth, ensuring major balances of the economy, and facilitating rapid recovery and sustainable development.

c/ Monitoring and urging effective and resolute implementation by ministries, agencies and localities of the Government’s Resolution No. 124/NQ-CP of September 15, 2022, on major tasks and solutions to accelerate the disbursement of public investment funds in the last months of 2022; and urging the implementation of the Program on socio-economic recovery and development.

d/ Urgently reviewing, adjusting and supplementing plans on, and proposing the allocation of, public investment funds to competent authorities, ensuring that such funds are allocated in a concentrated and focused manner.

dd/ Urging and guiding related ministries, agencies and localities in urgently formulating, appraising and finalizing master plans in accordance with the Planning Law.

2. The Ministry of Finance shall assume the prime responsibility for, and coordinate with related agencies in:

a/ Implementing a reasonable, focused and effective open financial policy in close, harmonious and efficient coordination with the monetary policy; adopting solutions to mobilize sufficient resources for implementation of socio-economic development plans; strengthening finance-state budget discipline and order; increasing revenues, expanding revenue bases and preventing loss of revenues; and thoroughly saving recurrent expenditures, particularly expenditures for non-business activities of investment nature and expenditures that are not really necessary.

b/ Ensuring national financial security and safety; strictly managing public debt and government debt in order to ensure they are within the law-specified limits and debt payment capacity.

c/ Closely monitoring market price fluctuations, promptly studying and proposing to competent authorities price management solutions, tax and charge policies and other policies so as to contribute to stabilizing prices, reducing costs for enterprises, rendering support to the people in case of necessity and promoting production and business development; and attaching importance to smuggling and trade fraud prevention and combat.

d/ Intensifying inspection and supervision of the securities market and corporate bond market, and promptly and strictly handling violations to ensure stable, healthy, safe and effective development of these markets; organizing the comprehensive and effective implementation of the Government’s Decree No. 65/2022/ND-CP of September 16, 2022, amending and supplementing Decree No. 153/2020/ND-CP on offering and trading of privately placed corporate bonds in the domestic market and offering of corporate bonds to the international market.

3. The State Bank of Vietnam shall assume the prime responsibility for, and coordinate with related agencies in:

a/ Administering the monetary policy in a prudent and firm manner, ensuring proactivity, flexibility and efficiency, particularly in terms of exchange rate, interest rate and credit, and in close, harmonious and effective association with the fiscal policy in order to concurrently curb inflation and facilitate economic recovery and growth; and intensifying public communication about viewpoints on and orientations for monetary policy administration, thus contributing to avoiding inflation expectation.

b/ Ensuring monetary security and safety of the credit and banking system; urgently and effectively realizing the Political Bureau’s conclusions on the plan for dealing with poorly performing commercial banks and the Scheme on restructuring of credit institutions associated with settlement of non-performing loans in the 2021-2025 period.

c/ Directing and guiding credit institutions in further reducing operating costs in order to reduce lending interest rates and share difficulties with the people and enterprises; directing the provision of loans to priority sectors and fields and strictly controlling the provision of loans for fields with latent risks; urgently guiding, removing obstacles, and accelerating the implementation of the policy of providing 2%-lending interest rate as support under the Government’s Decree No. 31/2022/ND-CP of May 20, 2022.

4. The Ministry of Industry and Trade shall assume the prime responsibility for, and coordinate with related agencies in:

a/ Closely monitoring supply-demand developments and market status of essential goods, particularly gasoline and oil; inspecting and strictly handling in accordance with the law acts of speculating, hoarding and raising prices, and adopting solutions not to disrupt supply sources, meeting domestic production and consumption demands, especially before and after the Lunar New Year holiday; attaching importance to information and public communication about administration of gasoline and oil prices so as to create the public consensus; and taking the initiative in coordinating with the Ministry of Finance and related agencies in efficiently using the Petroleum Price Stabilization Fund, thereby ensuring strict control of gasoline and oil prices, mitigating impacts on production and business activities and the people’s livelihood.

b/ Firmly maintaining energy security and promoting energy transition toward greenization and emission reduction; focusing on removing difficulties for and speeding up projects on power sources and power grids in accordance with law; accurately calculating the balance of electricity supply and demand so as to proactively formulate an appropriate plan on electricity generation and import; taking the initiative in finding alternative power sources in case of water shortage for hydropower generation; and regularly urging and inspecting the implementation of, and performing the state management so as to put into operation as soon as possible, key projects in the fields of oil and gas and processing and manufacturing industry.

c/ Synchronously and effectively implementing solutions to open up and promote the vigorous development of, the domestic market in association with intensified market surveillance; developing a retail distribution system, focusing on promoting and properly controlling e-commerce; enhancing the prevention and control of trade frauds, counterfeit goods and inferior-quality goods, and safeguarding domestic production and consumption in conformity with Vietnam’s international commitments.

d/ Boosting export, particularly official export associated with restructuring of commodity lines and building brands of Vietnamese goods; further strongly and effectively promoting the role of Vietnamese trade affairs agencies and trade promotion representatives in foreign countries to expand and diversify markets and export goods; enhancing the appropriate import management, and striving to ensure a harmonious and sustainable trade balance.

 5. The Ministry of Agriculture and Rural Development shall assume the prime responsibility for, and coordinate with related agencies in:

a/ Ensuring national food security and food supply sources; focusing on promoting agricultural production, consumption and export of agricultural products; and adopting appropriate solutions to support farmers in case of necessity.

b/ Closely monitoring market developments and implementing solutions to ensure supply sources and quality of animal feed and pork; and developing poultry flocks and cattle herds.

c/ Monitoring, giving advices and directing measures to prevent, respond to and remediate consequences of disasters during the monsoon and storm season; closely monitoring the drought situation, and formulating a plan on storing of water for agricultural production, particularly in the Mekong River delta and Southern Central Vietnam.

6. The Ministry of Construction shall assume the prime responsibility for, and coordinate with related agencies in:

a/ Expeditiously studying, reviewing and proposing improvement of regulations, mechanisms and policies in the field of real estate, ensuring their consistency, and removing difficulties and obstacles for the stable, healthy, effective and sustainable development of the real estate market; and attaching importance to promoting the development of social housing and houses for workers.

b/ Urgently finalizing for submission to the National Assembly the Housing Law (amended) and the Law on Real Estate Business (amended) to create a legal framework for real estate business activities and raise the efficiency of real estate market management.

c/ Organizing the effective implementation of the Prime Minister’s Directive 13/CT-TTg of August 29, 2022, on a number of solutions to promote the safe, healthy and sustainable development of the real estate market; regularly and closely monitoring the status and development of the real estate market, the market of construction materials, particularly key materials, and sending quarterly reports to the Prime Minister on solutions to stably develop the real estate market and ensure the supply-demand balance and prices of construction materials.

7. The Ministry of Transport shall assume the prime responsibility for, and coordinate with related agencies in:

a/ Concentrating efforts on solving difficulties and problems, and guiding procedures to accelerate the implementation of key, national important and inter-regional transport projects, particularly the Eastern North-South expressway in the 2017-2020 and 2021-2025 periods, and other expressway routes as decided by competent authorities; supporting and guiding localities in accelerating the implementation of urban railway projects and expressway projects implemented in the form of public-private partnership, accelerating the progress and guiding the expansion and commencement of dual-purpose airports as decided by competent authorities; expeditiously upgrading and expanding in the form of public-private partnership to ensure dual-purpose operation of a number of other airports as considered and decided by competent authorities; and striving to shorten the construction time of projects.

b/ Coordinating with the Ministry of Natural Resources and Environment and localities in ensuring that construction materials (earth, rock, sand, etc.) fully and promptly meet needs of inter-regional transport projects of national importance.

c/ Effectively implementing solutions to control traffic congestion, particularly at seaports, international airports and border gates, thus facilitating goods circulation and production and business restoration.

8. The Ministry of Natural Resources and Environment shall:

a/ Assume the prime responsibility for, and coordinate with related agencies in expeditiously studying and proposing to the Government and Prime Minister mechanisms and policies to address land-related problems and provide support for smooth and rapid ground clearance; closely coordinate with the Ministry of Finance in solving problems in land valuation, land use levy collection, ground clearance compensation, etc., and expeditiously formulate and finalize the draft Land Law (amended) for submission to competent authorities under regulations.

b/ Immediately provide ministries, central agencies and localities with guidance on the process of licensing mining activities and exploitation of stone, sand, soil, gravel and sea sand for public investment projects, ensuring rapidness, efficiency and compliance with law.

9. The Ministry of Culture, Sports and Tourism shall assume the prime responsibility for, and coordinate with related agencies in, stepping up tourism promotion and advertising and development of new products; intensifying the application of information technology and boosting digital transformation in tourism activities; and adopting appropriate and effective solutions to increase attraction of international visitors.

10. The Ministry of Labor, Invalids and Social Affairs shall:

a/ Assume the prime responsibility for, and coordinate with related agencies in, enhancing inspection of and urging the implementation of social security policies and continuing to implement programs to facilitate the labor market development, ensuring efficiency, sustainability and international integration; and promptly adopting a plan to support enterprises to overcome labor shortage.

b/ Assume the prime responsibility for, and coordinate with the Ministry of Education and Training and related agencies in, studying and proposing policies on vocational training and high-quality human resource development in association with promoting the supply-demand connection for labor market development, promptly meeting the current demands for domestic and foreign investment.

11. The Ministry of Health shall assume the prime responsibility for, and coordinate with related agencies in:

a/ Continuing to closely monitor the developments of the Covid-19 pandemic and other epidemics, not letting “overlapped epidemics” occur; strictly implementing epidemic prevention and control measures; drastically urging and guiding the organization of safe, scientific and effective vaccination against Covid-19 in localities.

b/ Intensifying the management of prices of drugs, supplies and medical equipment, combating speculation, price hike, corruption and negative practices; expeditiously finalizing regulations and guidelines on prices of medical services; import and procurement of medicines, supplies and medical equipment; and socialization and public-private cooperation in the health sector; promptly and effectively resolving problems and shortcomings, and ensuring sufficient drugs and medical equipment, supplies and biologicals.

12. The Commission for the Management of State Capital at Enterprises, ministries, sectors and localities shall expeditiously direct and complete the Scheme on restructuring of state groups and corporations under their management and submit it to the Prime Minister for consideration and approval in accordance with the Government’s Resolution No. 68/NQ-CP of May 12, 2022, and the Prime Minister’s Decision No. 360/QD-TTg of February 17, 2022.

The Commission for the Management of State Capital at Enterprises shall focus on reviewing, completing, and directing the drastic and effective implementation of the plan to handle loss-making and inefficient projects and enterprises under its management.

13. The Ministry of Foreign Affairs shall focus on properly performing external tasks; strengthen economic diplomacy, consolidate and develop substantive and efficient relations with partners, ensuring interwoven interests, and expand markets to potential areas; and, together with ministries, sectors and localities, continue to effectively implement the policy on building an independent, self-reliant economy associated with proactive, substantive and effective international integration.

14. The Ministry of Public Security shall assume the prime responsibility for, and coordinate with the Ministry of Foreign Affairs, Ministry of Culture, Sports and Tourism and related agencies in, studying and adopting more favorable mechanisms and policies on visas for foreigners to enter the country to increase the attraction of international visitors to Vietnam and promote the recovery of international tourism, and report thereon to the Prime Minister before October 15, 2022; attaching importance to ensuring political security and social order and safety; and ensuring economic security and crime prevention and fighting, thus helping create a favorable and safe business environment.

15. The Ministry of National Defense shall provide instructions on consolidation of national defense and security and firm safeguarding of independence and sovereignty; closely monitor and grasp the developments in land, sea and airspace areas, and proactively adopt appropriate solutions so as not to fall into the state of being unprepared in all circumstances; and build borders of peace, friendship, cooperation and development.

16. Ministers, heads of ministerial-level agencies, heads of government-attached agencies, and chairpersons of provincial-level People’s Committees shall, within the ambit of their assigned functions and tasks, focus on directing performance of the following tasks:

a/ To continue to proactively and drastically implement the tasks and solutions set forth in the resolutions of the Party, National Assembly and Government, particularly Resolution No. 01/NQ-CP of January 8, 2022, Resolution No. 02/NQ-CP of January 10, 2022, Resolution No. 54/NQ-CP of April 12, 2022, and theme-based resolutions of the Government. In September 2022 and on a quarterly basis, to report to the Government and Prime Minister on achievements, limitations and shortcomings and make proposals and recommendations within the assigned scope, functions and tasks of ministries, sectors and localities.

b/ To increase coordination among related ministries, agencies and localities in the entire process of formulating, promulgating, implementing and evaluating macroeconomic management and administration mechanisms, policies, solutions and measures, particularly fiscal, monetary, investment, trade, market and price policies and other relevant policies, ensuring their efficiency, consistency, regularity, continuity and systematicity.

c/ To closely monitor domestic and international developments, take the initiative in giving analyses, evaluations and forecasts so as to adopt timely, overall and synchronous solutions, make the best use of opportunities and advantages, and mitigate negative impacts on the entire economy and production and business activities of enterprises. Ministries and sectors in charge of monitoring macroeconomic fields shall closely and effectively coordinate with one another in advising, proposing specific solutions and measures, and promptly reporting to the Government and Prime Minister on issues arising during implementation.

d/ Refrain from showing negligence or satisfaction with current results, and continue implementing drastic, synchronous and effective solutions under the Program on COVID-19 prevention and control.

dd/ To step up the implementation of public investment plans and disbursement of public investment funds, the implementation of the Program on socio-economic recovery and development, 3 national target programs, and large-scale and key projects, particularly the ring road-3 project in Ho Chi Minh City, the ring road-4 project in Hanoi, and expressways crossing the localities.

For the Program on socio-economic recovery and development, it is necessary to proactively review and evaluate the possibility of disbursement, propose to competent authorities the plan to adjust and supplement resources for other policies in accordance with the Government’s Resolution No. 11/NQ-CP when necessary.

17. Within the ambit of their assigned functions and tasks, chairpersons of provincial-level People’s Committees shall:

a/ Provide directions for drastic, synchronous and effective implementation of the tasks and solutions to maintain macroeconomic stability, curb inflation, boost growth, and ensure major balances in their localities.

b/ Proactively inspect, review and evaluate the announcement of construction material prices and construction price indexes in their localities from 2021 to present, ensuring that such prices are close to market prices, fairness and transparency in order to combat negative practices and corruption, etc.

c/ Focus on overcoming difficulties and lifting obstacles, stepping up reform of administrative procedures, creating favorable conditions for the people and enterprises, enhancing investment attraction, and promoting production and business development in localities.

d/ Strengthen the management and control of prices and markets, and prevent trade frauds; properly implement social security policies and ensure the people’s livelihood; consolidate national defense and security, maintain political security and social order and safety, and properly perform external and international integration activities in their localities.

18. The Ministry of Information and Communications shall assume the prime responsibility for, and coordinate with related agencies in, directing and guiding digital transformation and developing digital economy in a substantive and effective manner; strengthen information and communication work, contributing to creating social consensus in responding to and actively participating in the implementation of solutions to maintain macroeconomic stability, curb inflation, boost growth and ensure major balances of the economy in the new situation.

III. ORGANIZATION OF IMPLEMENTATION

1. Ministers, heads of ministerial-level agencies and government-attached agencies and chairpersons of provincial-level People’s Committees shall focus on thoroughly disseminating, urgently organizing the timely and effective implementation, and directing agencies, organizations and units under their management to strictly perform, the tasks mentioned in this Directive; and take responsibility before the Government and Prime Minister for the organization and results of implementation of this Directive.

The Ministry of Planning and Investment shall assume the prime responsibility for, and coordinate with ministries, sectors and localities in, monitoring, urging and summing up the implementation of the tasks and solutions mentioned in this Directive, and report thereon to the Government at its monthly regular meetings.

2. Ministries, sectors and localities shall proactively and closely coordinate with one another and closely monitor the socio-economic developments in the country and the world, analyze, forecast and develop scenarios and response plans according to their competence and, report cases falling beyond their competence to the Government and Prime Minister for the latter to adopt appropriate and timely solutions.

3. The Vietnam Fatherland Front, socio-political organizations, social organizations and mass organizations are requested to continue to accompany and closely coordinate with ministries, sectors and localities to strengthen public communication about, mobilize and guide the people to support and actively participate in implementing solutions to maintain macroeconomic stability, control inflation, boost growth and ensure major balances of the economy in the new situation and, at the same time, properly implement emulation programs and movements on building new-style countryside and cultured life and perform tasks and solutions on socio-economic development in different sectors.-

Prime Minister
PHAM MINH CHINH