Stable agricultural development: Successful rice harvest and favorable prices

On the morning of November 4, Prime Minister Pham Minh Chinh presided over the regular Government meeting for October 2023.

During the session, the Government focused on discussing the economic and social situation in October and the first ten months of 2023, the implementation of the economic recovery and development program, the allocation and disbursement of public investment capital, the implementation of the three National Target Programs, as well as identifying breakthrough and focal solutions for the remaining months of the year.

Regarding the economic and social situation in October and the first ten months of 2023, participants of the meeting unanimously agreed that despite numerous international and domestic challenges, the consistent and determined efforts of the political system, the unity and support of the people and the business community, as well as international support under the Party's leadership, have led to continued positive trends across various fields. As a result, the rapid development has contributed to the collective results of the first ten months. Additionally, these results have aligned with the overarching objectives and showcased various notable highlights.

Macroeconomic stability endures with a controlled inflation rate, boosted growth, and secured major balances. The average Consumer Price Index (CPI) for the first ten months exhibited an increase of 3.2%, which is significantly below the set target of approximately 4.5%. This favorable discrepancy offers flexibility in monetary and fiscal policies, thereby encouraging comprehensive demand, economic advancement, and other related price regulatory measures.

The agricultural sector has demonstrated stable development throughout the first ten months of 2023. Rice production has yielded successful harvests at profitable rates. Additionally, livestock and poultry production output has increased considerably, and aquaculture output rose by 2.2%. The cumulative export value of agricultural produce in the first ten months amounted to 43.08 billion USD. Most notably, fruits and vegetables generated an export turnover of 4.9 billion USD, representing an increase of 78.9%. On the other hand, Vietnam's rice export achieved a historically high level of prices.

In his concluding statement, Prime Minister Pham Minh Chinh agreed with the reports and opinions presented during the meeting regarding the situation in October and the first ten months of 2023.

Furthermore, the Prime Minister encouraged further promotion of the achieved accomplishments by drawing lessons from experience, resolving difficulties and challenges, closely assessing the situation for effective guidance and solutions, and timely and accurate policy responses. This call was accompanied by a resolute endeavor to fulfill upcoming tasks effectively during November and December. Accordingly, the Prime Minister aims to realize the goals and targets set for 2023, as well as  set the stage for a promising start in 2024.

Prioritization of three growth drivers

The Prime Minister requested stakeholders to prioritize promoting growth, maintaining macroeconomic stability, controlling inflation, and ensuring major balances. These tasks involve persistently implementing proactive, flexible, timely monetary policies in combination with an expansion-oriented fiscal policy management system.

Regarding exports, the Prime Minister underscored the need to diversify markets, products, and supply chains with a focus on maintaining stability, fortifying traditional markets, and actively expanding into new markets. These tasks involve expediting negotiations and signing the Comprehensive Economic Partnership Agreement between Vietnam and the UAE, and Free Trade Agreements with Brazil, and the Southern Common Market (MERCOSUR).

The Prime Minister also emphasized the strong promotion of agricultural production, prioritizing staple foods and essential items. Fully utilizing the opportunities for agricultural exports in addition to ensuring national food security is essential. Strict, comprehensive, and efficient measures to combat IUU fishing to resolve the EU's "yellow card" were also highlighted.

The Prime Minister further delegated specific tasks to each ministry, sector, institution, and local governments. He emphasized the need to enforce strict administrative discipline, high individual responsibility, and a resolute dedication to serving the people, especially among the heads of ministries, governmental agencies, and major economic corporations.

The agricultural sector achieved a surplus of 9.3 billion USD in terms of export turnover, marking an increase of 26.2% compared to the same period in 2022. This contribution to social development has encouraged farmers' investment in agricultural machinery and raw materials for production.

Moreover, support measures were implemented to sustain consumption and stabilize prices including close monitoring, timely reporting, guidance for regulating production plans, and market support events. E-commerce assistance also creates a favorable environment for business transactions, knowledge and skill training, as well as collaborative efforts in constructing e-commerce platforms.