Good start, good prospects

Based on the socio-economic development results achieved in the first two months of the year, which have created new momentum, motivation and spirit, the Prime Minister requested each ministry, sector and locality to carefully review the tasks of March and the first quarter in conjunction with the tasks of the whole year and the whole term, focusing on directing effective implementation.

New momentum

Reports and discussions at the regular Government meeting in February 2024 unanimously assessed that the socio-economic situation in February 2024 continued to show a positive recovery trend, although the results achieved in some areas were not high due to the Lunar New Year. Overall, in the two months, most areas achieved better results than the same period in 2023. Notably, the macro-economy continued to be stable, inflation was controlled, and major balances were ensured. All three regions developed well, of which agriculture developed stably; industrial production increased by 5.7% over the same period (the same period decreased by 2.9%); total retail sales of goods and consumer service revenue increased by 8.1%.

Xuất - nhập khẩu tăng mạnh ngay từ đầu năm

Import and export increased sharply from the beginning of the year

There were over 22,100 newly established enterprises, up 12.4%, and 19,000 enterprises resuming operations, up 4.4% in the first two months of the year, bringing the total number of enterprises entering the market to over 41,000, up 8.5% over the same period. The purchasing managers' index (PMI) in February reached 50.4 points (January reached 50.3 points), showing the improvement of the manufacturing industry. Total import-export turnover in the two months increased by 18.6%, of which exports increased by 19.2%; imports increased by 18%; trade surplus was 4.72 billion USD.

Development investment achieved positive results. Disbursement of public investment capital in the first two months reached 9.13% of the plan, higher than the same period last year (6.97%). FDI attraction reached 4.29 billion USD, up 38.6%; realized FDI capital reached 2.8 billion USD, up 9.8% over the same period, demonstrating increased investor confidence. Many international organizations and experts continue to highly appreciate the economic prospects, in which the IMF forecasts that Vietnam is among the 20 fastest growing economies in the world, Fitch Ratings forecasts that Vietnam's economic growth will reach 6.3% in 2024 and 7.0% in 2025...

Many international organizations and experts continue to highly appreciate the economic prospects, in which the IMF predicts that Vietnam will be among the 20 fastest growing economies in the world, Fitch Ratings predicts that Vietnam's economic growth will reach 6.3% in 2024 and 7.0% in 2025...

Summarizing the results achieved, the Prime Minister emphasized that we have created new momentum, motivation, new spirit, and new resonance to continue promoting work in March and the following months. The Prime Minister analyzed 3 basic factors of the results achieved: Resolutions, conclusions, and directions of the Party Central Committee have been seriously implemented; The efforts of the entire political system, the accompaniment and participation of the National Assembly, the active participation of the people, the business community, and the support of international friends and partners; The efforts and drastic direction and management of Government members, along with the close, synchronous, and effective coordination between the Government and agencies in the political system, between ministries, branches, and localities.

In addition to the basic achievements, the Prime Minister emphasized that there are still many difficulties and challenges. The pressure to direct and manage the macro economy is still high. The production and business situation still has many difficulties; industrial production in some areas and places has recovered slowly; some service industries have not recovered clearly. Difficulties and obstacles in the real estate market have been gradually resolved but still slowly. Bad debt tends to increase. The planned public investment capital for 2024 has not yet been allocated 33.5 trillion. A number of officials and civil servants avoid, push back, and are afraid of responsibility; policy consultation and response in some cases are still passive and unexpected...

Refreshing traditional drivers, promoting new drivers

In the coming time, the Prime Minister said that the world situation will continue to develop in a complex, unpredictable, and increasingly unstable manner; there will be more difficulties and challenges than opportunities and advantages with risks of strong fluctuations in crude oil and food prices; some supply chains will be disrupted... In the country, along with the existing problems, difficulties and challenges that have been pointed out, the impact of natural disasters and climate change will be increasingly greater, or ensuring energy security, adequate supply of electricity, gasoline, etc. still needs special attention.

The Prime Minister emphasized that the guiding viewpoint in the coming time is to continue to thoroughly grasp, synchronously, resolutely and effectively implement the tasks and solutions according to the Conclusions of the Central Committee, the Politburo, the Resolutions of the National Assembly and the Government. Be proactive, positive, innovative, creative, dare to think, dare to do, ensure effectiveness in directing and operating. Closely monitor the situation, promptly have appropriate and effective policy responses. The Prime Minister requested each ministry, branch and locality to carefully review the tasks of March and the first quarter in conjunction with the tasks of the whole year and the whole term and focus on directing effective implementation.

From the viewpoint and direction of management, the Prime Minister has directed a number of key tasks and solutions. In particular, consistently implementing the priority target of growth associated with macroeconomic stability, controlling inflation, ensuring major balances of the economy. Continuing to operate monetary policy proactively, flexibly, promptly and effectively; coordinating synchronously, harmoniously and closely with a reasonable, focused, key expansionary fiscal policy and other policies. Ensuring adequate supply of credit capital to serve the economy; closely monitoring the bad debt situation, ensuring system safety. Continuing to take measures to reduce the lending interest rate level.

Strive to increase revenue, save state budget expenditure, and reduce unnecessary regular expenditure. Focus on implementing the use of electronic invoices, especially in food and beverage, service, and retail gasoline and oil businesses. The Prime Minister resolutely requested that this March, if gasoline and oil stores do not use electronic invoices, their licenses will be revoked. Resolutely prevent shortages of electricity and gasoline for production, business, and consumption. Strengthen price and market management; ensure inflation control according to the set target, while promoting growth.

Continue to renew traditional growth drivers. Regarding investment, create favorable conditions to attract and disburse investment for the whole society; resolutely handle difficulties, actively support and accelerate the implementation of investment projects; strengthen the promotion and attraction of FDI projects. Regarding export, consolidate traditional markets, expand new markets; effectively implement FTAs. Regarding consumption, promote promotions and discounts, carry out the campaign "Vietnamese people prioritize using Vietnamese goods"; have strong solutions to attract domestic and international tourists.

At the same time, promote new growth drivers through accelerating institutional and legal improvements; strongly promote 6 socio-economic regions; take advantage of new opportunities from the shift in global and regional production, trade and investment supply chains; strongly promote digital transformation, green transformation, circular economy, sharing economy, new industries and fields; attract green financial resources, preferential green credit to develop renewable energy, new energy, and Hydrogen.

Accelerate disbursement of public investment capital, speed up planning approval for 3 National Target Programs. Strive for a minimum public investment disbursement rate of 95% in 2024; more vigorously implement National Target Programs; urgently complete the preparation, appraisal, and approval of the remaining plans and 5 regional plans.

Focus on perfecting mechanisms, policies, laws, reforming administrative procedures, and removing difficulties for production and business. Promptly issue documents detailing laws and resolutions passed at the 6th Session and the 5th Extraordinary Session of the National Assembly. Resolutely cut and simplify administrative procedures and business conditions. Focus on implementing Project 06.

Focus on developing key sectors and fields. In terms of industry, focus on removing difficulties, promoting manufacturing and processing industry, supporting industry; speeding up the progress of large-scale, high-tech projects with strong spillover effects. In terms of agriculture, strongly promote agricultural production, especially food, develop agricultural processing industry; urgently overcome the "yellow card" (IUU). In terms of services, focus on developing sectors with potential, advantages, applying high technology; reducing transportation and logistics costs; promoting tourism attraction, improving service quality, promoting tourism in key markets...

From the above-mentioned groups of tasks and solutions, the Prime Minister requested Ministers, Heads of sectors, Chairmen of People's Committees of provinces and cities, according to their functions, tasks and powers, to focus on leadership, direction and operation with higher determination, greater efforts, and strive to achieve the highest results for assigned goals and tasks.

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