Prime Minister Pham Minh Chinh affirmed that the Government is determined to take all necessary measures to remove institutional bottlenecks, mobilize resources, and revive the national economy after the severe impact of the COVID-19 pandemic.
Focusing on Safe Economic Recovery
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At the Government’s regular meeting for September, held on October 2, the Prime Minister emphasized that economic reopening and recovery largely depend on effective pandemic prevention and control.
He noted that over the past months, the Government prioritized protecting public health and safety — placing people’s lives above economic growth — which required strict social distancing measures in many key economic regions, leading to a sharp decline in GDP during Q3 2021.
“In the remaining months of the year, while maintaining the highest vigilance against the pandemic, the Government will push forward all measures to restore economic activity, boost public investment disbursement, and create momentum for early 2022. The goal is to bring the country back to a ‘new normal’ with safe, flexible, and effective disease control,” the Prime Minister said.
Economic Challenges and the Path Forward
Vietnam’s economy faced severe difficulties in Q3: GDP contracted by 6.17%, bringing nine-month growth to only 1.42% year-on-year. Most sectors experienced declines, demand weakened, and public investment disbursement fell short of targets.
The Prime Minister instructed ministries and localities to:
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Strictly implement Government resolutions, especially Resolution 63/NQ-CP (on economic growth, public investment, and export promotion) and Resolution 105/NQ-CP (on supporting enterprises, cooperatives, and business households).
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Develop and submit an overall recovery plan for the economy in the “new normal,” ensuring alignment with the national strategy on safe, flexible, and effective pandemic adaptation.
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Coordinate fiscal and monetary policies to maintain macroeconomic stability, control inflation, and support recovery while safeguarding public health.
Fiscal Discipline and Resource Mobilization
The Prime Minister urged the Ministry of Finance and related agencies to exercise strict budget control, reduce recurrent expenditures (especially meetings and travel), and practice fiscal prudence — emphasizing that “this is the time to tighten our belts.”
The Ministry of Planning and Investment (MPI) and other agencies were instructed to accelerate ODA disbursement, devise policies for economic stimulus, and direct capital flows into productive sectors. The Government is also considering adjusting public debt ceilings to create room for growth while maintaining macroeconomic safety.
Ensuring Smooth Supply Chains and Safe Production
All provinces and cities must ensure the smooth circulation of goods nationwide, following unified Government guidelines to maintain production while applying flexible COVID-19 measures.
The Ministry of Industry and Trade and Ministry of Agriculture and Rural Development (MARD) were tasked to:
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Promote safe agricultural and industrial production;
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Coordinate with enterprises, cooperatives, and farmers to reopen manufacturing safely;
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Accelerate efforts to remove the EU’s IUU “yellow card” on Vietnam’s seafood sector;
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Support recovery of key industrial zones, export-processing zones, and high-tech parks;
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Assist businesses in maintaining export orders and supply chains, especially for markets in Europe, the U.S., and Northeast Asia.
Stabilizing Markets and Supporting Enterprises
The Government will strengthen market monitoring and price control measures to prevent hoarding, speculation, and price manipulation — ensuring adequate goods supply for year-end demand.
Authorities are also urged to simplify administrative procedures, expand digital transformation, and create a transparent, efficient business environment to help enterprises recover quickly and sustainably.