On June 1, concluding the regular Government meeting in May, Prime Minister Pham Minh Chinh noted that, in addition to the very basic results achieved, the socio-economic situation still has shortcomings, limitations, difficulties and challenges, especially the pressure and challenges in controlling the consumer price index, promoting growth and stabilizing the macro-economy are still great. Meanwhile, difficulties and obstacles in the real estate market are slowly resolved; access to credit capital is still difficult; bad debt tends to increase; the implementation of the 120 trillion VND credit package for social housing is very slow; the number of businesses withdrawing from the market is high...

Prime Minister Pham Minh Chinh. Photo: Nhat Bac

One of the many causes of limitations and shortcomings, according to the head of the Government, is that the organization of law enforcement, mechanisms and policies is still a weak link; decentralization and delegation of power in some areas are still entangled; a number of cadres and civil servants avoid, shirk, and are afraid of responsibility. Therefore, the head of the Government requires perfecting institutions, transparency, motivating and encouraging those who dare to think and dare to do. Immediately deploy solutions to stabilize the gold market. Regarding tasks and solutions in the coming time, the Prime Minister emphasized that it is necessary to resolutely not retreat in the face of difficulties, to persevere in the set goals with high determination, great efforts, and more drastic and effective actions. Taking internal strength as fundamental, strategic, long-term, and decisive; external strength as important and breakthrough. The Prime Minister requested to promptly remove bottlenecks, difficulties and obstacles, proactively resolve them within authority, not to rely on others and promptly propose and recommend issues beyond authority to promote production and business, create jobs and livelihoods for people, and develop enterprises. In particular, the Prime Minister noted 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. Monetary and fiscal policies prioritize growth as high as possible, while controlling inflation according to the target of below 4.5%.

Regular Government meeting in May. Photo: Nhat Bac

The head of the Government also emphasized the need to immediately implement solutions to stabilize the gold market according to regulations; facilitate businesses and people to access credit capital; continue to reduce lending interest rates; continue to exempt and reduce taxes, fees, charges, and land use fees to remove difficulties for production and business activities. The State Bank coordinates with the Ministry of Construction to promote the disbursement of the 120 trillion VND loan package for social housing development. The Ministry of Finance coordinates with the Ministry of Transport to soon have a plan to mobilize an additional 100 trillion VND of government bonds for strategic infrastructure projects. Accelerate the progress of large-scale, high-tech projects with strong spillovers. In addition, the Prime Minister requested to focus on renewing traditional growth drivers and strongly promoting new growth drivers, which is a continuing requirement. In particular, promoting the implementation of public investment projects; promoting private investment; strengthening public-private partnership; selectively attracting FDI. Regarding key sectors and fields, the Prime Minister requested to accelerate the progress of large-scale, high-tech projects with strong spillover effects; ensure adequate supply of electricity and gasoline in all situations. At the same time, continue to handle weak commercial banks, Phuong Nam Pulp Mill, Dung Quat Shipbuilding Company, Vietnam - China Steel Mill, Thai Nguyen Steel Mill Phase 2 and 2 projects of Bach Mai Hospital, Viet Duc Facility 2. Another content noted by the Prime Minister is to prepare for salary reform according to 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 on issues related to salary scales, basic salaries and specific policies. Up to now, the whole country has promoted revenue increase, expenditure savings and prepared 680,000 billion VND for salary reform. In addition, the Prime Minister also requested ministries, branches and localities to ensure security and order, prevent crime; prevent corruption and negativity, according to the Prime Minister's direction.
The socio-economic situation in May continued to recover positively, better than in April. Overall, the first 5 months of 2024 achieved better results than the same period in 2023 in most areas. Notably, the economy continued to maintain positive growth momentum in all 3 sectors of agriculture, industry and services. The consumer price index (CPI) in May increased by 0.05% compared to April; the average for the first 5 months increased by 4.03%. Exchange rates and interest rates tended to be stable. Total revenue in the first 5 months is estimated at 52.8% of the yearly estimate, up 14.8% over the same period. Public debt, government debt, national foreign debt and budget deficit were controlled below the prescribed limit. FDI attraction reached 11 billion USD, up 2%, of which newly registered capital reached 7.9 billion USD, up 27.5%, the highest in the past 3 years; Realized FDI capital reached 8.3 billion USD, up 7.8%, the highest since 2020.

Vietnamnet.vn

Source: https://vietnamnet.vn/thu-tuong-chon-phuong-an-cai-cach-tien-luong-phu-hop-nhat-2286766.html