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Prime Minister asked to study the World Bank’s recommendations on Vietnam’s economic situation

On March 28, the Government Office said that the press recently published information World Bank (WB) published the report “Vietnam Macroeconomic Update” in March 2022, which assessed the Vietnam economy still maintain the recovery momentum, and at the same time, the WB gives some notes for Vietnam in the coming time.

In particular, authorities should encourage manufacturers to find new markets and innovate in new products, through existing global value chains and free trade agreements to enhance resilience of the export industry in the new context. It is necessary to closely monitor domestic price movements as world commodity prices have increased sharply and may continue to rise in the short term.

In this regard, Prime Minister Pham Minh Chinh assigned the Minister of Industry and Trade to study and direct the WB’s recommendations according to his authority and functions and tasks; report to the Deputy Prime Minister in charge.

According to the World Bank, available data shows that domestic economic activities continue to recover, in which industrial production increased by 8.5% year-on-year, total retail sales of consumer goods and services increased by 3.1% during the same period, despite the recent rapid increase in the number of COVID-19 infections affecting labor supply, production and consumption.

Although energy prices increased, inflation continued to be contained thanks to relatively stable food prices while domestic demand was still weak.

Budget surplus was $1.1 billion in February thanks to good revenue results while budget expenditure increased thanks to improved disbursement progress of public investment.

Vietnam’s economy continues to show resilience and maintain recovery momentum, but according to the WB, risk factors are increasing as the wave of disease caused by the Omicron variant still affects many localities across the country. and the trend of global economic recovery is affected by unstable factors related to the Russia-Ukraine conflict, including new pressure on the global supply chain and rising inflationary pressure.

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