The Rising Base Salary: Is It Enough to Offset Inflation?

The Government opened the meeting with a moment of silence to mourn the passing of General Secretary Nguyen Phu Trong. On behalf of the Government, the Prime Minister also expressed deep condolences and sympathies to the families of the victims of the recent natural disasters, floods, and landslides.

On August 3, after the passing of General Secretary Nguyen Phu Trong, the Central Committee unanimously elected President To Lam as the new General Secretary with an absolute majority of 100%. On behalf of the Government, the Prime Minister warmly congratulated General Secretary and President To Lam.

Regarding the highlights of July and the seven-month period, Prime Minister Pham Minh Chinh assessed that the world situation continued to evolve in complex and unpredictable ways. However, thanks to the efforts of the entire Party, army, and people, the socio-economic situation continued its positive trend.

Growth was driven by all three sectors of industry, agriculture, and services. Macroeconomic stability was maintained, inflation was controlled, and the major balances were ensured with a surplus. Notably, 60 out of 63 provinces and cities recorded an increase in industrial production, which was a bright spot.

Notably, in July, despite the base salary increase, inflation did not rise significantly. Specifically, according to the report of the Ministry of Planning and Investment, the consumer price index (CPI) in July increased by 0.48% compared to June, and the average of the first seven months increased by 4.12%.

Alongside the achievements, the Prime Minister also pointed out limitations, shortcomings, and difficulties and challenges, such as persistent inflationary pressures and difficulties in production and business in some sectors, as well as a high number of businesses exiting the market.

From there, the Prime Minister requested the delegates to focus on evaluating the implementation of tasks in July and the first seven months, identifying strengths and weaknesses, and proposing mechanisms, policies, and solutions in key areas to create breakthroughs in August, the third quarter, and the remaining months of the year.

“Should we resolutely remove obstacles related to institutions, focus on implementing well the new laws that have been issued and come into force, such as the Law on Land, the Law on Housing, the Law on Real Estate Business, and the Law on Credit Institutions?

Should ministries and sectors provide more specific guidance, localities be more proactive and active, and agencies perform their functions, tasks, and powers better in terms of policy response and focus on implementing key tasks, renewing the three traditional growth drivers, and promoting new growth drivers…?”, the Prime Minister asked.