Budget spending on key projects, definitely not spread out

According to Prime Minister Pham Minh Chinh's request, the central budget needs to be invested in concentrated investment for important, key national projects, and inter-regional projects, not spread out.

This direction was given by Prime Minister Pham Minh Chinh when concluding the regular Government meeting in July on the morning of August 5. According to the assessment of the head of the Government, since the beginning of the year, all levels, sectors and localities have grasped the situation, flexibly, promptly and effectively handled short-term problems, ensuring harmony with medium- and long-term tasks and solutions. In July, the Prime Minister also issued many telegrams and directives on promoting growth, controlling inflation, stabilizing the macro-economy; organizing national conferences on promoting public investment, urging the progress of key infrastructure projects, 500kV line 3... The credit package of 140,000 billion VND for social housing is being implemented very slowly. Acknowledging the achieved results, according to the head of the Government, the socio-economic situation still faces many difficulties and challenges. Inflationary pressure remains high, especially due to strong fluctuations in crude oil and food prices; the global financial, monetary and real estate markets are still risky; although global growth, trade and investment are forecast to recover, there are still many potential risks.

Prime Minister Pham Minh Chinh chairs the regular Government meeting in July (Photo: Doan Bac).

According to the Government leader, the implementation of the VND 140,000 billion credit package for social housing is very slow, with VND 26,500 billion of unallocated public investment capital remaining. In particular, in the first 7 months of the year, the damage caused by natural disasters was VND 2,123 billion, more than 2.3 times higher than the same period in 2023. The crime situation, especially cybercrime, is still complicated; there have been a number of serious labor accidents and fires... With the forecast that the upcoming context will be more difficult and challenging than favorable, the Prime Minister clearly stated the goal of continuing to maintain macroeconomic stability, control inflation; at the same time, promote stronger growth, ensure large balances and have higher surpluses, and control public debt, government debt, foreign debt, and budget deficit well. Studying a policy package to support the semiconductor chip and AI sectors . Thoroughly grasping many key tasks in the coming time, the head of the Government requested ministries, branches and localities to work with focus and key points, completing each task thoroughly; assigning "clear people, clear work, clear responsibilities, clear deadlines, clear products, clear effectiveness", strengthening supervision, inspection, implementing emulation and rewards, and promptly handling violations.

Prime Minister Pham Minh Chinh delivered a concluding speech at the meeting (Photo: Doan Bac).

To promote growth, according to the Prime Minister, it is necessary to operate monetary policy proactively, flexibly, promptly and effectively. He noted that the State Bank should focus on stabilizing exchange rates and the foreign exchange market; increase access to credit capital, focus on priority areas, strive for annual credit growth of about 15%; continue to reduce lending interest rates. Regarding fiscal policy, the Ministry of Finance strives to increase revenue, save expenditure, drastically implement digital transformation, apply electronic invoices in revenue management; thoroughly save regular expenditure. Effectively implement policies to extend, exempt and reduce taxes, fees and charges. In addition, the Prime Minister requested careful preparation, impact assessment, and a roadmap to adjust prices appropriately for services managed by the State (education, health). "Resolutely not to let there be shortages, ensure adequate supply of electricity, gasoline, meeting production and consumption requirements in all situations," the Prime Minister emphasized. In particular, the Prime Minister noted that central budget investment should be focused on important, key national projects, projects with inter-regional and international connections. "Absolutely not spread out", the Prime Minister emphasized. Another task mentioned by the Prime Minister is to focus on renewing traditional growth drivers and strongly promoting new growth drivers; promoting private investment and strengthening public-private cooperation, selectively attracting FDI. Along with that, he noted the need for effective mechanisms and policies to strongly promote new growth drivers (especially in terms of institutions, mechanisms, policies; regional economic development, regional and urban linkages; digital transformation, green transformation, circular economy, sharing economy, knowledge economy, value-added industries and fields, technologies such as semiconductor chips, AI, etc.).

Overview of the regular Government meeting in July (Photo: Doan Bac).

The Prime Minister requested the Ministry of Planning and Investment to preside over reviewing and proposing mechanisms and policies to create breakthroughs in these areas; study policy packages with large enough scale, suitable and feasible to support businesses, promote new growth drivers such as semiconductor chips, AI... In the task of disbursing public investment capital, 3 national target programs, the Prime Minister directed to accelerate the construction progress of important and key national infrastructure projects and works (especially the 500KV project of circuit 3 Quang Trach - Pho Noi); strive to put into operation about 3,000km of expressways by 2025. In addition to the orientation of reforming administrative procedures and promoting national digital transformation, the Prime Minister requested to focus on thoroughly handling outstanding and long-standing issues; focusing on cultural and social fields and promoting the fight against corruption and negativity.

Source: https://dantri.com.vn/xa-hoi/chi-ngan-sach-cho-cong-trinh-trong-diem-dut-khoat-khong-bo-tri-dan-trai-20240805134019764.htm