Solutions to promote production and business, construction and investment, import and export

The Prime Minister has just signed and promulgated a public announcement on promoting production and business, construction and investment, and import and export in the coming time.

The announcement was made in the context of complicated world economic fluctuations, negatively affecting global recovery and growth. Vietnam’s economy is affected by both external factors and internal limitations of the economy.

Accordingly, the gross domestic product (GDP) in the first quarter of 2023 was estimated to increase by 3.32% over the same period last year. The added value of the agriculture, forestry and fishery sector increased by 2.52%, contributing 8.85% to the overall growth; the service sector increased by 6.79%, contributing 95.91%.

However, due to high input production costs, the number of orders dropped sharply in some key industries such as electronics, textiles, footwear, furniture. Some countries, which are our major trading partners, have had to implement tight monetary policies to prioritize anti-inflation and protectionist measures to maintain growth, leading to a decrease in the added value of the industrial and construction sectors of 0.4%, reducing 4.76% to the general growth rate, of which the added value of industries in the first quarter of this year decreased by 0.82% over the same period last year.

Some localities have high industrial production index, while many localities have very low increase in industrial production index or decrease due to a deep decrease in processing, manufacturing and mining industries caused by market factors.

With the trend of increasingly complex and unpredictable fluctuations in geopolitics and geo-economics in the world, Vietnam’s economy with a large openness is forecast to face many difficulties and challenges in the coming time, especially production and business activities, construction and investment, and import-export activities.

Faced with that situation, the Prime Minister requested all levels, branches and localities to actively follow their assigned functions, tasks and powers, focus on drastically directing and guiding the handling and removal of difficulties in terms of legal, administrative procedures, access to capital, business conditions, bank liquidity, debt and taxes, fees and charges… to support businesses, speeding up the implementation of construction investment projects, especially large and key projects.

At the same time, strengthen the inspection and correction of shortcomings, inadequacies and negatives in order to soon promote production and business, construction and investment and import and export, maintain and promote the growth drivers of the economy such as investment, export, consumption.

The Prime Minister assigned chairpersons of the People’s Committees of localities to review and report on production and business activities, construction and investment and import and export, especially in areas that make great contributions to growth and key construction or investment projects. Each difficulty related to the market, labor, credit, project investment procedures, site clearance and proposed solutions is reported to the Ministry of Planning and Investment (MPI) before April 13.

From the reports of the localities, MPI classified the groups of problems, competence to send them to the Prime Minister and proposed the assignment and working plans of the members of the Government. Government leaders said that they will assign Government members to work with localities to clarify the causes and come up with feasible and effective solutions to restore growth soon.


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