Minister Nguyen Chi Dung: Fourth quarter growth strives to reach 7.6-8%

Reporting at the online conference with localities and the regular Government meeting in September 2024, on October 7, Minister of Planning and Investment Nguyen Chi Dung said that based on the results of the third quarter of 2024 and the first 9 months, with GDP growth of 7.4% and 6.82% respectively; the Ministry of Planning and Investment recommends striving for growth in the fourth quarter of 2024 of about 7.6-8%, helping the whole year's growth reach and exceed 7%.

Minister of Planning and Investment Nguyen Chi Dung reports on the socio-economic situation in September and the first 9 months of 2024. Photo: Duong Giang/VNA

The proposal is based on 6 factors, Minister Nguyen Chi Dung pointed out, that is the positive growth trend from economic sectors, agricultural production and tourism in the North need to quickly overcome the consequences of storm No. 3, recover faster; investment of the State sector must be promoted more strongly; bright spots in attracting foreign investment and exports maintain positive growth rates.

In addition, promoting and exploiting the domestic market more effectively, achieving and exceeding the target of attracting international tourists; promulgating and effectively implementing new policies and legal regulations; and the drastic direction and management of the Government and Prime Minister, as well as the efforts and determination of ministries, branches and localities, especially the two major cities of Hanoi and Ho Chi Minh City.

"Although these two localities have made great efforts and determination to promote industrial production, collect state budget revenue, and achieve higher growth rates in the third quarter, they need to further promote their leading role and strive to achieve higher growth rates in the fourth quarter of 2024 to help the country's growth exceed 7%," said Minister Nguyen Chi Dung.

To achieve this growth, the Ministry of Planning and Investment has also proposed 10 key tasks and solutions in the fourth quarter of 2024; emphasizing the need to promptly overcome the consequences of the storm to restore production and business, taking advantage of opportunities from consumption trends at the end of the year and during the Lunar New Year.

Along with that, continue to prioritize resources to perfect policies and laws, create a favorable and open environment, attract large-scale, high-tech investment projects. Continue to strongly promote and renew traditional growth drivers of investment, consumption and export.

The Ministry of Planning and Investment noted solutions to promote new growth drivers from the digital economy, digital transformation, green transformation, etc.; promote regional connectivity, and promote the effectiveness of regional coordination councils.

"Strengthening cooperation, organizing economic dialogues with comprehensive strategic partners, strategic partners, continuing to promote the effectiveness of the working group mechanism with each enterprise and investor to attract multinational corporations, strategic investors in the fields of chips, semiconductors, artificial intelligence, etc.," Minister Nguyen Chi Dung emphasized the tasks that need to be focused on in this group of solutions.

Along with that, research policy packages with large enough scale, suitable and feasible to support businesses and promote new growth drivers. Effectively implement the Semiconductor Industry Development Strategy; Semiconductor Industry Human Resource Development Program; at the same time, focus on researching, building and completing the Project of International and Regional Financial Center; Project of Developing Carbon Market, Free Trade Zones in localities...

Minister Nguyen Chi Dung said that the socio-economic situation in September, the third quarter and the first nine months continued to achieve many important and encouraging results. Ministries, sectors and localities continue to promote the spirit of breakthrough, innovation and creativity, determined to complete the tasks, goals and large volumes of work, especially in perfecting institutions and laws, responding to and overcoming the consequences of natural disasters, in order to achieve the highest results of the socio-economic development plan in 2024, consolidating the fundamental factors, creating momentum for 2025 and the following years.

"The macro economy is basically stable, inflation is under control, major balances are guaranteed; budget deficit, public debt, government debt, and foreign debt are within allowable limits. Growth drivers from the supply side continue to change positively. Growth drivers from the demand side recover more positively," the Commander of the planning and investment sector reported.

Although appreciating the positive trends of the economy, Minister Nguyen Chi Dung affirmed that the economy still faces many difficulties and challenges; in which, the head of the planning and investment sector emphasized that growth drivers still face many difficulties and challenges, and need to be more drastic in order to improve and resolve them.

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