Nearly 90,000 billion VND of public investment capital has been disbursed, an increase of 16,500 billion over the same period in 2023.

By the end of March 2024, ministries, agencies and localities had allocated and assigned in detail 625,306 trillion VND, with an estimated disbursement of nearly 90,000 billion VND, reaching 13.67% of the plan assigned by the Prime Minister.

The Government has just issued Resolution No. 44/NQ-CP on the regular Government meeting in March 2024 and the Government's online conference with localities, with major contents on the socio-economic situation, including solutions to increase access to capital for businesses and promote investment and disbursement of public investment capital.

Socio-economic situation in March and the first quarter achieved many important results

The Resolution stated that the Government unanimously assessed that the socio-economic situation in March and the first quarter continued to recover positively, achieving many important and encouraging results, creating momentum to strive to complete the goals and tasks of the 2024 socio-economic development plan.

The macro economy is basically stable, inflation is controlled, growth is promoted, and major balances of the economy are ensured. Gross domestic product (GDP) in the first quarter increased by 5.66% over the same period last year, exceeding the scenario set out in Resolution No. 01/NQ-CP, the highest increase in the first quarter since 2020. The consumer price index (CPI) in March increased by 3.97%, and the first quarter increased by 3.77% over the same period. The monetary market is basically stable; interest rates remain low, domestic foreign currency demand is met, ensuring the safety of the banking system.

Import-export turnover in the first quarter increased by 15.5% over the same period; estimated trade surplus reached 8.08 billion USD. In the first quarter, disbursement of public investment capital reached 13.67% of the plan, 3.32% higher than the same period; total social investment capital increased by 5.2% over the same period, continuing to create momentum for the following quarters.

Production and business activities continued to recover and change positively. The agricultural and service sectors maintained growth, up 2.98% and 6.12% respectively over the same period last year; the industrial and construction sectors increased by 6.28%... Tourism recovered quickly, with international visitors to our country reaching more than 4.6 million, up 72% over the same period last year and up 3.2% over the same period in 2019 (before the COVID-19 pandemic).

Besides, social security work is concerned by all levels, sectors and localities, implemented promptly, to the right subjects and in the right regime.

Many international organizations continue to positively assess the results of the direction and administration of the Government and the Prime Minister and have optimistic forecasts for our country's economic growth in 2024.

The direction and administration of the Government, the Prime Minister, ministries, agencies and localities have closely followed reality, especially for emerging issues, and have had more flexible and timely policy responses, with focus and key points, ensuring harmony between handling situations in the short term and development in the medium and long term.

In addition to the basic achievements, our country's socio-economic situation still faces many difficulties and challenges. Therefore, members of the Government, ministries, branches, and authorities at all levels must not be complacent or satisfied with the initial results achieved; but must not be pessimistic or fearful if the situation continues to develop in a more complicated, difficult, and challenging manner.

Strive to overcome challenges, strive to achieve and exceed goals and targets in 2024

The Government and the Prime Minister request Ministers, Heads of ministerial-level agencies, Government agencies, Chairmen of People's Committees of provinces and centrally run cities to thoroughly grasp and effectively implement tasks and solutions for socio-economic development according to the Resolutions and Conclusions of the Central Committee, the Politburo, the Secretariat, the National Assembly, the Government, especially Resolutions No. 01/NQ-CP and 02/NQ-CP dated January 5, 2024, Resolutions of the regular Government meetings, Directives, Telegrams and directions of the Prime Minister; continue to promote responsibility, determination, timeliness and close, synchronous and effective coordination in direction and administration with the spirit of "5 determinations", "5 guarantees", "5 promotion"; proactively advise, propose and handle work within their authority; Resolutely and consistently implement the priority orientation of promoting growth associated with macroeconomic stability, controlling inflation and ensuring major balances of the economy and social security; make the most of opportunities and advantages, quickly remove arising difficulties and obstacles, strive to overcome challenges to achieve the highest and best performance, strive to achieve and exceed the goals and targets in 2024, especially growth targets.

I. Promoting the spirit of "5 determinations"

1. Determined to overcome all difficulties and challenges to complete the goals and requirements set for 2024.

2. Be determined to do it, don't say no, don't say it's difficult, don't say yes but don't do it; don't be subjective, negligent, or lose vigilance with the motto "don't be arrogant when you win, don't be discouraged when you lose".

3. Determined to protect cadres who dare to think and act for the common good, while promoting the prevention of negative group interests.

4. Determined to improve the investment and business environment, remove difficulties for people and businesses; strengthen decentralization, cut administrative procedures, and reduce compliance costs for people and businesses.

5. Determined to strive to the highest level, promoting growth drivers.

II. Implement well the "5 guarantees"

1. Ensure synchronous, drastic and effective implementation of tasks and solutions according to the Conclusions of the Central Committee, Politburo, Key Leaders, and Resolutions of the National Assembly and Government.

2. Ensure macroeconomic stability, major economic balances and control inflation, creating a foundation and favorable conditions to promote rapid and sustainable growth and development.

3. Ensure healthy, public, and transparent development of all types of markets: goods, services; labor; real estate; capital (banking, securities, bonds); science and technology... Promote the development of new types of markets such as carbon credit market, data market and upgrading of stock market.

4. Ensure full conditions for implementing the new salary regime from July 1, 2024.

5. Ensure political stability, social order and safety, social security, security, safety and public safety to firmly protect independence, sovereignty, unity and territorial integrity.

III. Focus on implementing "5 pushes"

1. Promote economic growth in all areas, including continuing to renew traditional growth drivers (investment, consumption, export), while supplementing and improving the growth quality of new drivers (green growth, digital transformation, circular economy, sharing economy, knowledge economy...).

2. Promote the mobilization of all resources to promote production and business, create jobs and livelihoods for people, contributing to promoting economic growth.

3. Promote 3 strategic breakthroughs in institutional improvement, high-quality human resource development and construction of a modern, synchronous infrastructure system.

4. Promote foreign affairs and international integration to contribute to consolidating, enhancing the role and enhancing the position and prestige of Vietnam in the international arena.

5. Promote information and communication work, especially policy communication, to create social consensus./.

There are breakthrough solutions to increase the economy's access to capital.

The Government requires ministries, agencies and localities, based on their assigned functions, tasks and powers, to closely, effectively and harmonize macroeconomic management policies to maintain stability and growth of the economy. Continue to direct and operate credit institutions to reduce lending interest rates and have breakthrough solutions to increase the economy's access to capital. Strengthen financial and state budget discipline and order; expand and strictly manage revenue sources, promote e-commerce tax collection management, strictly implement regulations on electronic invoices, especially in the fields of retail business of gasoline and food services, restaurants, etc.; thoroughly save expenses, especially regular expenses and career expenses of an investment nature.

At the same time, proactively grasp the market situation, supply and demand, and commodity prices to have appropriate and effective solutions to stabilize the market and prices, especially for gasoline, oil, food, housing, and essential goods. Prepare price plans and roadmaps to adjust prices appropriately and effectively for State-priced goods and public services according to the market roadmap, especially for adjusting tuition fees, calculating direct labor costs, and management costs for medical examination and treatment services, ensuring inflation control according to the set targets.

Focus on developing the domestic market; effectively implement trade promotion programs, promote the distribution of goods through digital platforms and e-commerce. Proactively and strongly innovate the content and methods of tourism promotion and advertising, especially during the peak summer tourism season of 2024. Urgently implement solutions to boost exports, especially for large and potential markets, promote the effectiveness of signed trade agreements and agreements; guide and support businesses to quickly meet the new standards of export partner countries; facilitate customs clearance procedures for goods.

Resolutely disburse public investment capital; focus on accelerating the construction progress of key projects and works, especially strategic and important national transport infrastructure works, such as the North-South Eastern Expressway; East-West Expressway projects; airports, seaports; expressways, inter-regional and inter-provincial projects. Speed up the completion, appraisal and submission for approval of the remaining plans in the national planning system; promptly issue and effectively implement the Plan to implement approved plans. Restore and promote the growth momentum of the industrial sector in localities and key economic regions. Proactively develop plans, ensure sufficient electricity supply for production and business, use electricity economically and effectively. Closely monitor the situation of the real estate market and corporate bonds, proactively respond to developments and risks that may arise. Strengthen management and implement solutions to stabilize the gold market.

Actively and proactively attract selective FDI, ensuring quality. Strongly promote private and foreign investment. Continue to promote investment resources of corporations and state-owned enterprises.

Focus on implementing social security policies, caring for and promptly supporting policy beneficiaries.

The Government requires ministries, agencies and localities to focus on implementing social security policies; pay attention to and promptly support policy beneficiaries, people with revolutionary contributions, and vulnerable groups; and provide rice to support people during the lean season.

Strengthening the connection between labor supply and demand; supporting businesses to overcome labor shortages, developing human resources to meet the requirements of production and business activities, especially in new industries and sectors.

Effectively deploy medical examination and treatment work, proactively, resolutely, promptly respond to, control and handle infectious diseases.

Urgently review and propose solutions to reduce and simplify licenses related to business activities.

The Government requests ministries and ministerial-level agencies to urgently review and propose plans to reduce and simplify licenses related to business activities according to Decision No. 104/QD-TTg dated January 25, 2024 of the Prime Minister; continue to amend and supplement legal documents under the authority of the Government, Prime Minister, Ministers, and Heads of ministerial-level agencies to organize the implementation of the plan to simplify and decentralize the settlement of administrative procedures approved by the Government and Prime Minister.

Focus on implementing digital transformation tasks according to the 2024 theme "Developing the digital economy with 4 pillars of information technology industry, digitalization of economic sectors, digital governance, digital data - Important driving force for fast and sustainable socio-economic development". Urgently review information technology systems, properly and seriously implement the requirements on network safety and security of the Government and the Prime Minister.

Urgently report the results of the construction and approval of job positions of ministries, agencies and localities to the Ministry of Home Affairs for synthesis, and at the same time send them to the Government Office for monitoring, to be completed before April 15, 2024.

The Ministries of Natural Resources and Environment, Construction, Finance, Agriculture and Rural Development, according to their assigned functions and tasks, focus on directing the development, promulgation within their authority or submitting to competent authorities for promulgation of documents guiding the implementation of the Land Law (amended), the Law on Real Estate Business, and the Housing Law, ensuring sufficient conditions to report to the Government to submit to the National Assembly for permission to implement these Laws earlier. Deputy Prime Minister Tran Hong Ha is assigned to directly direct.

Ministries and agencies: Planning and Investment, Finance, Justice, Government Inspectorate urgently give opinions on solutions to handle difficulties and problems in some BOT transport infrastructure investment projects; coordinate with the Ministry of Transport to complete documents to submit to the National Assembly for consideration and approval at the 7th Session.

By the end of March 2024, it is estimated that nearly 90,000 billion VND of public investment capital will be disbursed.

Regarding the allocation and disbursement of public investment capital, by the end of March 2024, ministries, agencies and localities had allocated and assigned in detail 625,306 trillion VND, with an estimated disbursement of nearly 90 trillion VND, reaching 13.67% of the plan assigned by the Prime Minister, an increase of 3.32% and the absolute number is about 16.5 trillion VND higher than the same period in 2023.

To continue to accelerate the implementation progress, the Government requests ministries, agencies and localities to urgently allocate 100% of the 2024 state budget investment plan assigned by the Prime Minister, report the allocation plan, and send it to the Ministry of Planning and Investment, the Ministry of Finance and the National Information System on Public Investment as prescribed in May 2024. Review mechanisms, policies and legal regulations for amendment and supplementation to promote the progress of public investment disbursement.

The Ministry of Planning and Investment shall preside over and coordinate with the Ministry of Finance, agencies and localities to urgently propose specific solutions for the central budget investment capital plan for 2024 that has not been allocated in detail to tasks and projects under the direction of the Government and the Prime Minister; publicize the list of ministries, agencies and localities that have not completed the detailed allocation of the 2024 investment capital plan.

The Government noted that it was not reported to the competent authority to reduce the medium-term public investment capital plan for the period 2021 - 2025 from the central budget capital of ministries, central agencies and localities corresponding to the capital not fully disbursed in the 2023 plan, the implementation and disbursement time must not be extended and the budget must be canceled according to the provisions of the State Budget Law. Ministries, central agencies and localities are allowed to rearrange the central budget capital plan for the years 2024 and 2025 corresponding to the capital not fully disbursed in 2023, the budget must be canceled for tasks and projects to ensure adequate capital allocation, completion on schedule, and no outstanding debt for basic construction. Ministries, agencies and localities are required to have solutions to strictly implement the disbursement of public investment capital, avoiding the situation of having to extend the implementation and disbursement of annual capital plans or cancel the budget.

The Government also assigned specific tasks to ministries, agencies and localities in April, the second quarter of 2024 and the coming time./.

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