Concluding the regular Government meeting in October, Prime Minister Pham Minh Chinh requested to strive to achieve and exceed all 15/15 targets for the whole year of 2024, in which the GDP growth rate in the fourth quarter is about 7.4-7.6%, the whole year reaches over 7%.
| Prime Minister: If institutional bottlenecks are removed, GDP growth can reach double digits in the coming decades Flexible monetary policy: Key to stabilizing the macro economy and supporting growth |
The economy continues its positive trend.
On the morning of November 9, Prime Minister Pham Minh Chinh chaired the regular Government meeting in October 2024, discussing many important contents, focusing on discussing and assessing the socio-economic situation in October and the first 10 months of the year; orientations, tasks, key and breakthrough solutions in the coming time to strive to complete the goals and tasks set for 2024 and the 5-year period of 2021-2025.
Regarding the socio-economic results in October and the first 10 months of 2024, reports and opinions at the Meeting unanimously agreed that the socio-economic situation continued to trend positively, generally better than the same period in 2023 in most areas. Notably: The economy continued to grow positively in all three sectors of agriculture, industry and services; the macro-economy continued to be stable, inflation was controlled, major balances were ensured; exports continued to increase, trade surplus was large; tourism recovered strongly; state budget revenue increased sharply; business development continued to recover;...
In October, many international organizations and experts continued to highly appreciate the results and prospects of Vietnam's economy. Standard Chartered Bank raised its forecast for Vietnam's GDP growth in 2024 from 6% to 6.8%; HSBC raised its forecast from 6.5% to 7%; ASEAN+3 Macroeconomic Research Office (AMRO) forecasted that in 2024 and 2025, Vietnam could have the highest growth in ASEAN+3.
Concluding the meeting, Prime Minister Pham Minh Chinh emphasized that the biggest factors in the past 10 months were stable macroeconomics, controlled inflation, promoted growth, and ensured major balances. The socio-economic situation continues to trend towards better month after month, better quarter after quarter, and better year after year. If the GDP growth for the whole year reaches over 7%, we will achieve and exceed all 15/15 targets for 2024.
In particular, a bright spot is the drastic direction, quick handling of the situation, overcoming the consequences of natural disasters, storms and floods, strongly promoting the spirit of mutual love, mutual assistance, national love and compatriotism. The Prime Minister expressed his excitement when 40 houses in Lang Nu were newly formed; at the same time, he praised the State Bank for quickly providing capital for farmers and businesses affected by the storm; the Ministry of Agriculture and Rural Development and the Ministry of Finance also promptly handled issues related to seeds for the people.
In addition to the basic achievements, in terms of existence, limitations, difficulties and challenges, the Prime Minister noted that the regional and international situation still has many uncertainties and risks; the pressure on macroeconomic management is still great, especially in terms of managing exchange rates, interest rates, supply and prices of domestic goods and services. Along with that, the production and business situation in some areas is difficult, especially input spending for production; the pressure to repay corporate bonds due is large; access to credit capital is still difficult; bad debt tends to increase; difficulties and problems in the real estate market are slow to be resolved; disbursement of public investment capital has not met expectations; legal regulations are still overlapping, some detailed regulations are slow to be issued, administrative procedures are still cumbersome; digital transformation is not uniform among ministries, branches and localities...
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| The Prime Minister requested to continue consolidating large, traditional markets; expanding new markets. |
GDP growth target for the fourth quarter is about 7.4-7.6%
Assessing that the situation in the coming time will continue to have more difficulties and challenges than opportunities and advantages, the Prime Minister requested all levels, sectors and localities to resolutely implement the tasks and solutions set out, striving to achieve and exceed all 15/15 main targets of 2024, creating momentum for 2025. One of the key groups of tasks and solutions specified by the Prime Minister at the Meeting is to continue to prioritize promoting growth associated with maintaining macroeconomic stability, controlling inflation, ensuring major balances of the economy with the target: GDP growth rate in the fourth quarter of about 7.4-7.6%, the whole year reaching over 7%, controlling inflation below 4.5%; credit growth of about 15%; state budget revenue increasing by at least 15%.
The Prime Minister requested to continue to operate monetary policy proactively, flexibly, promptly and effectively; coordinate synchronously, harmoniously and closely with a reasonable, focused and key expansionary fiscal policy and other macroeconomic policies. At the same time, it is necessary to focus on renewing traditional growth drivers and strongly promoting new growth drivers, especially national digital transformation.
Regarding investment, promote the implementation of public investment projects and 3 National Target Programs; promote private investment; strengthen public-private cooperation; selectively attract FDI, have support policies to attract science and technology, innovation, proactively and actively attract multinational corporations, strategic investors in the fields of chips, semiconductors, artificial intelligence, etc.
Regarding exports, trade promotion will be enhanced; large, traditional markets will be consolidated; new markets will be expanded (Middle East, Halal, Latin America). The Minister of Industry and Trade will be the Head of the negotiating team for free trade agreements, and the Minister of Planning and Investment will be the Head of the negotiating team for investment protection agreements with Middle Eastern countries, Pakistan, and Egypt.
Regarding consumption, promote domestic market development, stimulate consumption, the campaign "Vietnamese people prioritize using Vietnamese products", e-commerce, and cashless payments.
“We cannot achieve the development goals for 2030 and 2045 without achieving double-digit growth each year in the coming decades. And we can achieve double-digit growth if we remove institutional barriers and bottlenecks and unleash the resources of the whole society. Ministers, Deputy Prime Ministers, and the Prime Minister must focus on directing this work,” the Prime Minister emphasized.
Source: https://thoibaonganhang.vn/phan-dau-tang-truong-ca-nam-tren-7-157657.html
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