Support package is necessary for economic recovery: President

President Nguyen Xuan Phuc has affirmed that the goal of the fiscal and monetary policy support package aims to facilitate production, business development and job creation, and support people’s lives in order to boost economic growth and solve other social problems.

An overview of the session. (Photo: NDO/Linh Khoa)
An overview of the session. (Photo: NDO/Linh Khoa)

The State leader made the statement on January 4 at the group discussion held during the first day of the ongoing extraordinary session of the National Assembly (NA).

The President noted that, despite being heavily affected by the COVID-19 epidemic, the country’s economic growth in 2021 still reached 2,58%, showing the great efforts made by the Party, State, Government, all levels and branches, and especially the people. However, this is also the lowest growth rate in the past 10 years, lower than the 6.5% target set by the NA.

According to President Nguyen Xuan Phuc, despite many difficulties, there were also bright spots in the past year, such as high growth in agriculture, an important foundation of the economy. Agricultural exports in 2021 reached nearly 40 billion USD.

Support package is necessary for economic recovery: President ảnh 1

President Nguyen Xuan Phuc speaks at the session. (Photo: NDO/Linh Khoa)

In addition, two-way trade reached more than 660 billion USD, and budget revenue in 2021 exceeded the estimate despite low GDP growth.

Emphasising the importance of drastic efforts to restore growth and supporting development, President Phuc underscored the need for supportive policies at the present time and agreed on the socio-economic recovery programme.

The application of digital transformation solutions and the application of new technologies should be done better and stronger, he noted, adding that issues related to labour, employment, and vocational training must be addressed with more effective and specific solutions.

More breakthrough policies for science, technology and innovation should be devised along with perfecting the institution in a synchronous manner with an overall solution, President Phuc said.