Prime Minister Phạm Minh Chính highlighted the Government’s determination to rectify the operations of corporate bond, real estate, and securities markets.

He was speaking as he chaired the monthly Cabinet meeting on Thursday.

The PM said the rectification aims to impose punishments on violators and protect the legitimate rights and interests of people and businesses.

The Government leader noted that November had several differences from the previous month.

The global context continued to get complicated and unpredictable, leading to high global inflation. Many countries have raised interest rates and tightened monetary policy. Global production and business declined with the increasing unemployment rate. Lots of large markets tended to shrink. Financial, currency, real estate, energy and food insecurity risks have increased.

Some countries were showing signs of falling into economic recession. International organisations have lowered their forecasts for world economic growth and many major economies in 2022-23. Climate change, natural disasters and extreme weather are increasingly complex and unpredictable, he said.

Meanwhile, with a modest scale and limitations in resilience and adaptability, the Vietnamese economy has been greatly affected by global fluctuations, he said.

He said the adjustment of some markets aims to ensure safety, transparency and sustainability.

The Government has established working groups on liquidity and currency, the real estate market and corporate bonds led by deputy prime ministers to stabilise these markets.

He also mentioned the scarcity of petrol in some localities as well as a shortage of drugs and medical equipment as major issues in November.

In that context, the workload required to be handled by the Government has been huge, he said.

He said due to external challenges, Governmental agencies need to use their leadership experience to implement tasks in December in order to realise targets assigned by the National Assembly.

Removing the shortage of gasoline, drugs and medical supplies, promoting vaccination, developing safe, healthy and sustainable markets, ensuring supply and stabilising prices of goods during New Year holidays are key tasks raised by the Prime Minister.

He ordered finding a balance between interest rates and exchange rates, between controlling inflation and promoting growth. The State Bank of Việt Nam must make amendments to circulars related to credit.

He also asked for an expansionary fiscal policy focusing on removing obstacles for businesses, increasing revenues and reducing expenditures, especially saving unnecessary expenses.

When State agencies witness people and businesses face difficulties, their responsibility must be upheld higher in order to not make people think that the State stays neglected, he said.

The Prime Minister said ministries and sectors must accomplish three tasks at the same time: effectively performing regular tasks, focusing on handling prolonged issues and promptly responding to emerging problems.

According to the Government's assessment, the macro-economy in November has basically stabilised with inflation under control.

Major balances have been ensured such as revenue and expenditure and import-export (export surplus of more than US$10 billion).

The consumer price index (CPI) increased by 3.02 per cent in the 11 months while State budget collection surpassed the estimate by 16.1 per cent. Nearly 195,000 enterprises were established and resumed operations, up 33.2 per cent year on year. The inflow of foreign direct investment hit $19.68 billion, up 15.1 per cent, a 11-month record high in the past five years.

The International Monetary Fund (IMF) predicted Việt Nam's growth at 7 per cent this year, ranking first in the Association of Southeast Asian Nations (ASEAN). Fitch Ratings also maintained Việt Nam's positive outlook at BB and forecast its growth at 7.4 per cent. — VNS