Prime Minister Pham Minh Chinh chairs the regular Government meeting in May.
In his opening remarks, Prime Minister Pham Minh Chinh emphasized that in general, the world situation continues to develop in a complex and unpredictable manner, with three noteworthy points: fierce competition between major countries; escalating conflicts (Ukraine, Red Sea, Gaza Strip); high US dollar and gold prices; strong fluctuations in crude oil, basic goods, and transportation services prices; unclear trends in monetary policies in many countries; severe impacts of climate change, natural disasters, and epidemics, especially heat waves and droughts due to the El Nino phenomenon, leading to potential food insecurity risks in some countries and regions.
The world economy shows signs of recovery, but Vietnam's major markets are still facing difficulties. Domestically, opportunities, advantages, difficulties and challenges are intertwined, but there are more difficulties and challenges, especially since our country is a developing country, the economy is in transition, the scale is still modest, the openness is high, the resilience is limited, a small change from the outside can have a big impact on the domestic market.
Prime Minister Pham Minh Chinh speaks at the meeting.
The Prime Minister stated that in that context, thanks to the drastic participation of the entire political system under the leadership of the Central Committee, directly and regularly led by the Politburo and the Secretariat, headed by General Secretary Nguyen Phu Trong, the socio-economic situation in May continued to trend positively, achieving better results than in April; overall, the first 5 months were better than the same period in most areas.
The highlight is that the direction and management work is basically proactive, flexible, appropriate, drastic, and close to reality. Growth is promoted in all three sectors: industry, agriculture, and services; the macro economy is stable, inflation is controlled, and major balances are ensured. In particular, proactive plans are in place to ensure electricity supply during hot weather (electricity consumption reaches a record of over 1 billion kW/day); strategic infrastructure projects in transportation and energy such as the 500kV Line 3, Quang Trach - Pho Noi are strongly promoted. The fields of culture, society, institution building, anti-corruption, negativity, national defense, security, and foreign affairs are promoted; people's lives are improved; Vietnam's prestige and international position continue to be raised.
In addition to the basic results achieved, we frankly acknowledge that there are still limitations, inadequacies, difficulties and challenges such as inflationary pressure, high exchange rates; real estate market, difficult access to credit; untimely policy responses in some places; lack of strict discipline; avoidance, shirking, fear of responsibility; complicated developments in food poisoning, fires, and crimes...
The Prime Minister asked delegates to focus on discussions in the spirit of accurately reflecting the situation, the true nature, and the true results, creating new momentum, new motivation, and new victories.
In that spirit, the Prime Minister suggested a number of contents: it is necessary to clearly identify what has been done, what has not been done, and why? What are the lessons learned in the Government's management and administration? What is noteworthy in the assessment and assessment of the situation in June and the last months of the year, what needs to be focused on in leadership and direction, especially the tasks set for June and the coming months to contribute to achieving the goals set for 2024? What mechanisms, policies, and solutions are needed to focus on in which areas? Should it be monetary policy, fiscal policy, or other policies, or focus on removing difficulties in mechanisms: which mechanisms, where, who needs to remove them? Make specific recommendations on the scope, level, and time needed to complete. The Prime Minister also asked the delegates to clarify and propose specific solutions to promptly overcome the limitations, shortcomings and weaknesses that the National Assembly delegates raised at this 7th session...
Session view.
* According to the General Statistics Office, industrial production in May continued to maintain a more positive growth trend than the previous month. The index of industrial production (IIP) in May is estimated to increase by 3.9% over the previous month and by 8.9% over the same period last year.
In the first 5 months of 2024, IIP is estimated to increase by 6.8% over the same period last year (decreased by 2.0% in the same period in 2023). The number of employees working in industrial enterprises as of May 1, 2024 increased by 1.0% over the same period last month and by 3.2% over the same period last year.
In May, the country had more than 13,200 newly established enterprises, down 13.7% compared to the previous month and up 9.2% compared to the same period last year. In addition, the country also had 6,749 enterprises returning to operation, down 18.8% compared to the previous month and up 13.4% compared to the same period in 2023; 5,303 enterprises registered to temporarily suspend business for a period of time, down 30.4% and down 1.1%; 4,550 enterprises stopped operating pending dissolution procedures, down 2.3% and down 3.5%; 1,538 enterprises completed dissolution procedures, up 14.4% and up 25.8%.
In the first 5 months of 2024, the whole country had 98,800 newly registered and resuming businesses, an increase of 4.1% over the same period last year; on average, 19,800 newly established and resuming businesses per month. The number of businesses withdrawing from the market was 97,300, an increase of 10.5% over the same period last year; on average, 19,500 businesses withdrew from the market per month.
Total registered foreign investment capital in Vietnam as of May 20, 2024, including newly registered capital, adjusted registered capital, and capital contribution and share purchase value of foreign investors, reached nearly 11.07 billion USD, up 2% over the same period last year. Foreign direct investment capital realized in Vietnam in the first 5 months of 2024 is estimated at 8.25 billion USD, up 7.8% over the same period last year. Total state budget revenue in May is estimated at 150.9 trillion VND. Accumulated total state budget revenue in the first 5 months of 2024 is estimated at 898.4 trillion VND, equal to 52.8% of the annual estimate and up 14.8% over the same period last year.
Total retail sales of goods and consumer services revenue at current prices in May 2024 are estimated at VND 519.8 trillion, up 9.5% over the same period last year. In the first 5 months of the year, total retail sales of goods and consumer services revenue at current prices are estimated at VND 2,580.2 trillion, up 8.7% over the same period last year (up 12.3% over the same period in 2023), if excluding price factors, the increase is 5.2% (up 9.3% over the same period in 2023).
In May, the total import and export turnover of goods was estimated at 66.62 billion USD, up 9.1% over the previous month and 22.6% over the same period last year. The export turnover of goods in May was estimated at 32.81 billion USD, up 5.7% over the previous month and 15.8% over the same period last year.
In the first 5 months of the year, the total export turnover of goods was estimated at 156.77 billion USD, up 15.2% over the same period last year. Of which, the domestic economic sector reached 43.69 billion USD, up 20.5%, accounting for 27.9% of the total export turnover; the foreign-invested sector (including crude oil) reached 113.08 billion USD, up 13.3%, accounting for 72.1%.
Import turnover of goods in May is estimated at 33.81 billion USD, up 12.8% over the previous month and up 29.9% over the same period last year. In the first 5 months of the year, import turnover of goods is estimated at 148.76 billion USD, up 18.2% over the same period last year. The trade balance of goods in May is estimated at a trade deficit of 1.0 billion USD. In the first 5 months of the year, the trade balance of goods is estimated at a trade surplus of 8.01 billion USD (in the same period last year, the trade surplus was 10.2 billion USD)...
Speaking at the conclusion of the meeting, Prime Minister Pham Minh Chinh assessed that, in general, the socio-economic situation in May and the first 5 months of 2024 continued a positive trend, with many areas in May achieving higher results than in April and the overall 5 months being better than the same period in 2023.
The Prime Minister emphasized that the reasons for the results achieved were: thanks to the close leadership and direction of the Central Committee, the Politburo, the Secretariat, headed by General Secretary Nguyen Phu Trong, the close and active coordination and support of the National Assembly and agencies in the political system; the participation and support of the people and businesses; the cooperation and assistance of international friends; especially the drastic participation, close and focused direction of the Government, ministers, heads of sectors, levels, sectors and localities.
Regarding the viewpoints on the direction and management in the coming time, the Prime Minister requested to closely follow and creatively and effectively apply the Resolution of the 13th National Party Congress, the resolutions and directions of the Central Committee, the Politburo, the Secretariat, the General Secretary, and key leaders. Promote decentralization and delegation of power; promote the spirit of proactiveness, positivity, innovation, creativity, daring to think, daring to do; grasp the situation, respond to policies promptly and effectively. Resolutely not back down in the face of difficulties, steadfastly pursue the set goals with high determination, great efforts, and take drastic and more effective actions, with a focus and key points. Take internal strength as fundamental, strategic, long-term, and decisive; external strength as important and breakthrough. Strengthen solidarity and unity; maintain discipline and administrative order; promptly remove bottlenecks, difficulties, and obstacles, proactively resolve them within authority, do not rely on others, do not push them away, promote production and business, create jobs and livelihoods for people, and develop enterprises. In all cases, it is necessary to ensure political and social stability; strengthen national defense and security; strengthen foreign affairs, international integration, and promote information and propaganda, create social consensus, and create trust for people and investors.
Regarding the main tasks and solutions, the Prime Minister requested ministries and branches to continue to prepare well for the 7th Session of the National Assembly; urgently complete the dossiers on 5 Resolutions to be submitted to the National Assembly; closely coordinate in explaining and completing dossiers and documents, ensuring quality and progress according to the requirements of the National Assembly; request ministers and heads of branches to continue to preside over reviewing and removing legal difficulties, etc.
Regarding the direction and management of the macro economy, the Prime Minister requested to continue to operate monetary policy proactively, flexibly, promptly and effectively; to coordinate synchronously, harmoniously and closely with a reasonable, focused and key expansionary fiscal policy. Monetary policy and fiscal policy must prioritize growth. Monetary policy must pay attention to exchange rates and interest rates; fiscal policy must pay attention to public investment and tax, fee and charge reduction for businesses in difficult times. The Prime Minister welcomed the State Bank's direction for banks to reduce interest rates, focusing on priority areas; assigning this task to 5 state-owned commercial banks as the core to implement interest rate reduction. The State Bank coordinates with the Ministry of Construction to promote the disbursement of the 120 trillion VND loan package for social housing development. Continue to research and propose solutions to reduce taxes, fees and charges.
Resolutely implement solutions to stabilize the gold market as prescribed. Strive to increase revenue and save state budget expenditures; The Prime Minister commended the Ministry of Finance for doing a good job of increasing state budget revenue; soon have a plan to mobilize an additional 100 trillion VND in government bonds for strategic infrastructure projects. The Ministry of Finance closely coordinates with the Ministry of Transport to do this well.
Focus on renewing traditional growth drivers and strongly promoting new growth drivers: in terms of investment, speed up the implementation of public investment projects; promote private investment; strengthen public-private partnership; selectively attract FDI.
Regarding exports, strengthen traditional markets, diversify markets and supply chains, expand new markets (UAE, Halal, Latin America, Africa); support businesses in preparing conditions, meeting new standards, green standards...
Regarding consumption, promote domestic consumption stimulation, promotions, the campaign "Vietnamese people prioritize using Vietnamese products", e-commerce, and cashless payments.
There are specific and effective mechanisms and policies to strongly promote new growth drivers, especially in 3 areas: Institutions, mechanisms and policies; Regional economic development, regional and urban linkages; Digital transformation, green transformation, circular economy, sharing economy, knowledge economy, emerging industries and fields... Resolutely promote further disbursement of public investment capital; report to the National Assembly for permission to proactively adjust capital plans from places that have not been allocated or are slow to disburse to places with fast disbursement and need for additional capital; strive to disburse more than 95% of the assigned plan. Timely handle difficulties and obstacles, speed up the progress of important and key national infrastructure projects and works with the spirit of completing each task, mobilizing the total strength of the entire political system to participate.
Focus on perfecting institutions, laws, reforming administrative procedures, promoting national digital transformation. Urgently and promptly promulgate Decrees, Circulars, and guiding documents, ensuring the simultaneous effectiveness of the Land Law, Housing Law, Real Estate Business Law, and credit institutions...; drastically reduce and simplify administrative procedures; promote digital transformation, Project 06, and build a National Data Center. Urgently promulgate the Plan to implement issued plans, especially the Power Plan VIII and Decrees related to the electricity sector; promptly establish a Steering Committee to review legal problems (headed by the Prime Minister); propose to report to the National Assembly at the 8th Session to promulgate 1 law amending many laws to remove difficulties and problems in various fields.
Focus on developing key sectors and fields: in industry, focus on removing difficulties, promoting processing and manufacturing industries, supporting industries; speed up the progress of large-scale, high-tech projects with strong spread; ensure adequate supply of electricity and gasoline in all situations; urgently submit for promulgation 3 Decrees on: direct electricity purchase and sale mechanism (DPPA mechanism); on self-produced and self-consumed rooftop solar power; on the mechanism for developing power projects using natural gas and LNG.
Regarding agriculture, take advantage of opportunities to export agricultural products; promptly remove the "yellow card" (IUU); regulate and ensure enough water for agriculture, electricity production, and people's daily life; effectively organize forest fire prevention and control with the "4 on-site" motto. Continue to develop the tourism industry. Continue to handle outstanding and long-standing issues: handle weak commercial banks (State Bank); Phuong Nam Pulp Mill (Ministry of Industry and Trade); Dung Quat Shipbuilding Company, Vietnam-China Steel Mill, Thai Nguyen Steel Mill Phase 2 (State Capital Management Committee at Enterprises); 2 projects of Bach Mai Hospital and Viet Duc Hospital, Facility 2 (Ministry of Health).
Focus on cultural, social and environmental fields; ensure social security and people's lives. Prepare for salary reform according to the Resolutions of the Central Committee and the National Assembly on the principles of ensuring fairness, equality, harmony and stability; propose the most suitable plan to be implemented from July 1, 2024; implement Resolutions 27 and 28, the Resolution of the National Assembly with a roadmap, steps, steps that are sure, stable, harmonious and equal in the three areas of salary scales, basic salaries and specific policies.
Do a good job in medical examination and treatment, ensure medicine; prevent drowning, especially in children; organize the high school graduation exam and university and college entrance exam in 2024 well. Urgently complete the National Target Program on culture submitted to the National Assembly. Strengthen national defense and security; ensure security and order, prevent crime; prevent corruption and negativity. Carefully, practically and effectively implement foreign affairs activities of senior leaders; quickly concretize and effectively exploit international treaties and agreements.
Strengthen information and communication work, create social consensus, and create trust for people, investors, and businesses. Actively implement the tasks of the Economic and Social Subcommittee of the 14th Party Congress, ensuring progress and quality. Launch a competition movement on maintaining public hygiene, assigning the Ministry of Health to implement this; organize a conference combining social housing and cement consumption to remove difficulties for businesses.
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