Prime Minister Pham Minh Chinh requested all levels, sectors and localities to resolutely implement the assigned tasks and solutions, strive to achieve and exceed all 15/15 main targets of 2024, creating momentum for 2025.
On the morning of November 9, Prime Minister Pham Minh Chinh chaired the regular Government meeting in October 2024 to discuss and assess the socio-economic situation in October and the first 10 months of 2024, as well as orientations, tasks, and solutions in November and from now until the end of the year.
High determination, great effort, drastic action
Reports and opinions presented at the meeting unanimously assessed that since the beginning of the year, all levels, sectors and localities have focused on implementing tasks and solutions according to resolutions and conclusions of the Central Committee, Politburo, Secretariat, National Assembly, Government and Prime Minister.
The socio-economic situation in October continued to be positive and better than in September, and overall the first 10 months were better than the same period in all areas. The macro economy was stable, inflation was controlled, major balances were ensured and there was a surplus.
The main sectors of the economy continue to develop positively; many outstanding issues are focused on resolving. Social security is guaranteed. The fields of culture, sports, health care, and education are given attention and have many good results.
The work of preventing, combating and overcoming the consequences of natural disasters, especially before storm No. 3, was deployed early, from afar, from the central to the grassroots levels, minimizing many damages and supporting people and businesses to soon restore socio-economic activities.
Socio-political stability; national defense and security are strengthened; social order and safety are ensured; foreign affairs and international integration are promoted; the country's prestige and position are enhanced; relations are upgraded to Comprehensive Partnership and the Comprehensive Economic Partnership Agreement (CEPA) is signed with the UAE.
Many international organizations and experts continue to highly appreciate the results and prospects of Vietnam's economy. Standard Chartered raised its forecast for Vietnam's GDP growth in 2024 from 6% to 6.8%, HSBC raised its forecast from 6.5% to 7%; the ASEAN+3 Macroeconomic Research Office (AMRO) forecasted that in 2024 and 2025, Vietnam could have the highest growth in ASEAN+3.
In his concluding remarks, Prime Minister Pham Minh Chinh assessed the results achieved in October and the first 10 months of 2024, the macro economy was stable, inflation was controlled, growth was promoted, and major balances were ensured. The socio-economic situation continued to show a trend of each month being better than the previous month, each quarter being better than the previous quarter, and this year being better than last year.
"If the GDP growth for the whole year reaches over 7%, we will achieve and exceed all 15/15 targets for 2024," the Prime Minister emphasized.
In particular, a bright spot is the decisive direction, quick handling of the situation, overcoming the consequences of natural disasters and floods, strongly promoting the spirit of mutual love, national affection, and compatriotism, ensuring that no one goes hungry, cold, or lacks shelter, students can go to school, and the sick are treated.
Regarding the shortcomings, limitations, difficulties and challenges, the Prime Minister noted that the regional and international situation is still uncertain and risky; 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. 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. The lives of a part of the people are difficult. Natural disasters, storms, floods, saltwater intrusion, landslides and subsidence cause damage and affect people's lives. The crime situation, especially cybercrime, is still complicated.
The production and business situation in some sectors is difficult, especially input spending for production; the pressure to repay corporate bonds due is high. 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 and implementation of the VND 145,000 billion credit package for social housing have not met expectations.
Regarding lessons learned, Prime Minister Pham Minh Chinh stated that it is necessary to grasp the domestic and foreign situation, and have feasible, timely and effective policy responses at all levels, sectors and especially at ministries.
With new, difficult, and sensitive tasks, one must have political will with high determination, great effort, decisive action, focus, key points, clear people, clear work, clear time, clear responsibility, clear products, regular inspection and supervision, timely handling of problems. At the same time, one must value time, intelligence, innovative thinking, strategic vision, thinking must go earlier, vision must be further, decisive and effective action, said is done, only discuss doing, no backtracking.
Strongly promote new growth drivers
Regarding the situation in the coming time, Prime Minister Pham Minh Chinh assessed that there will continue to be more difficulties and challenges than opportunities and advantages due to the trend of separation and fragmentation in the world, strategic competition, changes in policies of countries, disruptions in supply chains, production, markets, etc.
From there, the Prime Minister requested all levels, sectors and localities to resolutely implement the set tasks and solutions, strive to achieve and exceed all 15/15 main targets of 2024, creating momentum for 2025.
Regarding key tasks and solutions, the Prime Minister first requested the synchronous, drastic and effective implementation of resolutions, conclusions and directions of the Central Committee, the Politburo, the Secretariat, the General Secretary, the National Assembly, the Government and the Prime Minister. In particular, attention should be paid to continuing to carefully prepare documents for the 8th Session of the 15th National Assembly and the question-and-answer session.
The Prime Minister emphasized continuing 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, key expansionary fiscal policy and other macroeconomic policies.
To promote growth, Prime Minister Pham Minh Chinh emphasized: "focus on renewing traditional growth drivers and strongly promoting new growth drivers, especially National Digital Transformation," including accelerating the implementation of public investment projects and 3 National Target Programs; promoting private investment; strengthening public-private partnership; selectively attracting FDI, having support policies to attract science and technology, innovation, proactively and actively attracting multinational corporations, strategic investors in the fields of chips, semiconductors, artificial intelligence, etc.
Continuing to promote the role of the working groups of the Prime Minister, the Ministry of Transport, the State Capital Management Committee at Enterprises, and enterprises to quickly and resolutely implement tasks to start the Lao Cai-Hanoi-Hai Phong railway project in 2025 and then continue to start the Lang Son-Hanoi route...
The Prime Minister stressed that it is impossible to achieve the development goals by 2030 and 2045 without achieving double-digit growth each year in the coming decades. And we can achieve the double-digit growth target if we remove institutional barriers and bottlenecks and unleash the resources of the whole society.
With the viewpoint of identifying institutions as "breakthroughs of breakthroughs," the Prime Minister requested to accelerate the improvement of institutions, laws, and administrative procedure reform; continue to resolutely remove legal obstacles, promote decentralization, and resolutely eliminate the mechanism of asking for and giving, in the spirit of local decisions, local actions, and local responsibilities; thoroughly overcome the situation of backlogs and slow issuance of detailed regulations and instructions for law implementation. Promptly issue a Decree on the establishment, management, and use of the Investment Support Fund and a project on developing high-quality human resources to serve high-tech development.
In the coming time, we will continue to focus on thoroughly handling outstanding and long-standing issues and effectively implementing Conclusion No. 77-KL/TW of the Politburo. The State Bank will urgently submit a plan for compulsory transfer of the remaining specially controlled banks; and finalize a plan for handling SCB.
The Ministry of Health urgently resolved the problems related to the investment project to build the second facility of Bach Mai and Viet Duc Hospitals. The Ministry of Industry and Trade presided over and coordinated with the Government Inspectorate and relevant agencies to urgently complete the dossier on solutions to remove difficulties and problems for renewable energy projects.
In addition, focus on the fields of culture, society, and environment; ensure social security and people's lives; build a social security net covering all subjects; ensure social progress and equality, leaving no one behind. Resolutely deploy the emulation movement "Join hands to eliminate temporary and dilapidated houses nationwide in 2025"; strengthen situational awareness; proactively take solutions to ensure balance between labor supply and demand, especially in industrial parks and emerging industries.
Strengthen national defense and security; promote the prevention and fight against corruption, waste and negativity; improve the effectiveness of foreign affairs and international integration, organize well the foreign affairs activities of senior leaders; ensure security and order, prevent and fight against crime; strengthen information and communication work, especially policy communication, use the good to eliminate the bad, use the positive to push back the negative, contribute to creating social consensus and an enthusiastic atmosphere, striving to rise up of the whole society. Actively and effectively implement the work of the 14th Congress's Socio-Economic Subcommittee.
On the occasion of Vietnam Law Day (November 9), the Prime Minister sent his congratulations to the Ministry of Justice and those working in law-making; requested them to continue their efforts and efforts to contribute to removing institutional and legal obstacles and bottlenecks in the coming time./.
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