Concluding the regular Government meeting on the morning of December 7, Prime Minister Pham Minh Chinh emphasized that policy making must be far-sighted, broad-minded, think big, and act big. Policies must "unleash" production and business to flourish, serving the highest priority of promoting growth, thereby increasing per capita income, increasing labor productivity, improving the material and spiritual life of the people and enhancing the country's position.
On the morning of December 7, Prime Minister Pham Minh Chinh chaired the regular Government meeting for November 2024. Also attending were Politburo members, Party Central Committee members, Deputy Prime Ministers, Government members, leaders of ministries, branches, and agencies under the Government; Comrade To An Xo, Assistant to the General Secretary; leaders of National Assembly agencies, and a number of State-owned economic groups.
The meeting focused on discussing: Socio-economic situation, direction and administration of the Government and Prime Minister in November and 11 months of 2024, key tasks and solutions in December; draft Resolution 01 of the Government on key tasks and solutions to implement the socio-economic development plan and State budget estimates and draft Resolution 02 on key tasks and solutions to improve the business environment and enhance national competitiveness in 2024; and a number of other important contents.
Better than year-on-year in most areas
Reports and opinions at the meeting unanimously assessed that in November and since the beginning of the year, the Government has focused on directing all levels, sectors and localities to deploy tasks and solutions under the leadership of the Central Committee, the Politburo, the Secretariat, the direction of General Secretary To Lam, the resolutions of the National Assembly, the Government and the direction of the Prime Minister.
In particular, focus on synchronously and effectively implementing priority solutions to promote growth associated with maintaining macroeconomic stability, controlling inflation, ensuring major balances, avoiding energy shortages; ensuring that people's material and spiritual lives are increasingly improved; overcoming the consequences of storm No. 3, ensuring that no one is hungry, cold, or homeless, the sick are treated, and students are able to go to school.
Along with that, promote 3 strategic breakthroughs, especially building and perfecting institutions, establishing steering committees and working groups to promptly remove "bottlenecks", difficulties and obstacles that arise, and eliminate the mechanism of asking for and giving. Prepare well to serve the 8th session of the 15th National Assembly. At the 8th session, the Government submitted to the National Assembly for approval 16 laws, 12 resolutions and gave initial comments on 9 draft laws. Since the beginning of the year, the Government has submitted to the National Assembly for approval 28 laws, 24 resolutions; the Government has issued 156 decrees, 290 resolutions and 42 directives and many other decisions.
Accelerate the implementation of strategic infrastructure projects and works. Submit to the Central and National Assembly for approval the investment policy for the North-South high-speed railway and restart the Ninh Thuan nuclear power project. Focus on drastic handling of backlogged and prolonged projects.
Focus on streamlining the apparatus, developing the Law on Government Organization, the Law on Local Government Organization (amended), and reorganizing administrative units at district and commune levels. The Prime Minister chaired the first meeting of the Steering Committee to summarize Resolution No. 18-NQ/TW and issued a plan to guide the reorganization and streamlining of the Government apparatus.
Promote science and technology, startups, innovation, national digital transformation, Project 06; promote decentralization, decentralization, cut and simplify administrative procedures, unnecessary business conditions that cause trouble and harassment for people and businesses.
Focus on developing culture and society, ensuring social security; preventing and overcoming the consequences of natural disasters, especially storm No. 3; strengthening national defense and security, preventing and combating corruption, negativity and waste; promoting foreign affairs and international integration.
Regarding the socio-economic results in November and 11 months of 2024, reports and assessments show that all three sectors of agriculture, industry and services have recovered and developed well. In particular, the industrial production index in November increased by 2.3% compared to October and increased by 8.9% over the same period; the total increase in 11 months was 8.4% (the same period in 2023 increased by only 0.9%). Total retail sales of goods and consumer service revenue in 11 months increased by 8.8%. The Purchasing Managers' Index (PMI) in November reached 50.8 points, showing that production and orders continued to expand.
The macro economy continues to be stable, inflation is controlled, major balances are ensured and there is a high surplus. The average consumer price index (CPI) for 11 months increased by 3.69%, inflation is well controlled despite the increase in basic salary and higher credit growth compared to 2023. Exchange rates and interest rates are generally stable; outstanding credit increased by nearly 12%. Energy security and food security are ensured (rice export reached nearly 8.5 million tons, turnover of over 5.3 billion USD, up 10.6% and 22.3% respectively over the same period); basically ensuring the balance between labor supply and demand.
Exports continued to increase, with a large trade surplus. Exports in 11 months increased by 14.4% (domestic sector increased by 20%, FDI sector increased by 12.4%); imports increased by 16.4%; trade surplus was over 24.3 billion USD.
Tourism has recovered strongly. International visitors in November reached 1.7 million, up 38.8%; in 11 months, 15.8 million, up 41%.
State budget revenue increased sharply. Total revenue in 11 months reached 106.3% of the estimate, up 16.1% (while 189.6 trillion VND of taxes, fees, and charges were exempted, reduced, and extended). Public debt, government debt, foreign debt, and state budget deficit were lower than the prescribed limit.
Development investment achieved positive results. Disbursement of public investment capital in 11 months reached 60.43% of the plan. Many large-scale transport and energy infrastructure projects were promoted. FDI attraction was a bright spot, reaching a total of 31.4 billion USD in 11 months; realized FDI capital reached 21.7 billion USD, up 7.1%, the highest in many years.
Business development continues to trend positively. In the 11 months, there were 218,500 newly established and re-established businesses, up 7.4% over the same period.
Focus on drastic handling of backlogged and prolonged projects; in which the Politburo has reported to agree on a plan to handle 12 slow-progressing, ineffective, and prolonged projects, some of which have made a profit.
The fields of culture, society, education, and health are focused on; social security is guaranteed. Focus on supporting people to overcome the consequences of storm No. 3. In November, 96.2% of households assessed that their income was stable or higher than the same period. Traffic accidents decreased in all 3 criteria. According to the United Nations' rankings, Vietnam's happiness index in 2024 increased by 11 places, ranking 54/143.
Administrative reform, especially the reduction and simplification of administrative procedures, the elimination of the "ask-give" mechanism, digital transformation, Project 06 and the fight against corruption, waste and negativity were promoted. Socio-political stability; national defense and security potential were strengthened; social order and safety were ensured; foreign affairs and international integration were promoted; the country's prestige and position were raised.
Many international organizations and experts continue to highly appreciate the results and prospects of Vietnam's economy. In terms of sustainable development, Vietnam is considered a bright spot with a strong increase in ranking, from 88/149 in 2016 to 56/166 in 2024.
Boldly build far-sighted policies, think big, do big
In his concluding remarks, Prime Minister Pham Minh Chinh assigned the Ministry of Planning and Investment and the Government Office to collect comments, complete reports and draft Resolutions of the meeting, and promptly submit them to the Prime Minister for promulgation; and at the same time complete draft Resolutions 01 and 02 of the Government.
Basically agreeing with the reports and opinions, Prime Minister Pham Minh Chinh gave a general assessment that the socio-economic situation continued to recover positively, with each month being better than the previous month, and growth in each quarter being higher than the previous quarter; in general, the 11 months achieved many important results, better than the same period in most areas.
In addition to the very basic results, the Prime Minister pointed out that the regional and international situation still has many uncertainties and risks; the pressure on macroeconomic management is still great; the production and business situation in some areas is difficult; the difficulties of the real estate market are slowly resolved; the lives of a part of the people are difficult...
Analyzing the causes of the achieved results, limitations and shortcomings, the Prime Minister emphasized some lessons from practice: Monitoring, grasping, correctly assessing the situation and having appropriate, timely and effective solutions and policy responses, especially with difficult, complex and sensitive issues; valuing time, intelligence, innovation, and timely and focused decisions are the most important factors leading to success.
In the context of limited resources, limited time, and low capacity, it is necessary to prioritize work, on that basis, there must be high determination, great effort, drastic action, and clear assignment of work to people, tasks, time, responsibilities, and products.
Referring to the results of increasing budget revenue while still exempting and reducing taxes and fees, the Prime Minister emphasized the lesson of untying to expand production and business, when production and business flourish, revenue will increase. Therefore, we must boldly build and implement policies with a long-term, broad-minded perspective, think big, do big, and achieve overall effectiveness.
Regarding the future orientation, the Prime Minister emphasized the viewpoint that "The Party has directed, the Government has agreed, the National Assembly has agreed, the people have supported, the Fatherland has expected, then only discuss and do, not retreat". Government members, heads of ministries, branches and localities must have an innovative and breakthrough mindset with high determination, great efforts, and drastic actions with the spirit: "Dare to think, dare to do, dare to break through for the common good"; "what is said is done, what is committed is done; what is done, what is done must be effective".
Regarding the work from now until the end of the year and early 2025, the Prime Minister said that we must do three major groups of tasks at the same time, including many difficult, complicated, and sensitive tasks: First, focus on accelerating, breaking through, and reaching the finish line in 2024; second, focus on streamlining the apparatus to be lean, effective, and efficient, combined with restructuring and improving the quality of the staff, civil servants, and public employees; third, summarize the work in 2024 and develop an action plan for 2025.
The Prime Minister clearly stated the goal of completing all 15/15 targets of 2024, in which, striving for GDP growth in the fourth quarter to reach about 7.5%, the whole year of 2024 to reach over 7%; maintaining momentum, keeping pace to accelerate, make a breakthrough, striving to achieve a growth rate of about 8% in 2025, creating momentum, creating force, creating a position for the 2026-2030 period of double-digit growth.
Specifying 11 groups of key tasks and solutions, the Prime Minister requested synchronous, drastic and effective implementation of resolutions, conclusions and directions of the Central Committee, Politburo, Secretariat, National Assembly, Government and Prime Minister.
In particular, it is important to pay close attention to summarizing Resolution No. 18-NQ/TW and promoting the restructuring of the apparatus "Refined - Compact - Strong - Effective - Efficient - Effective". Create internal unity and thinking, well implement the plan and orientation to reorganize and streamline the Government's apparatus; ministries and branches reduce at least 15% of internal units.
The Prime Minister requested that next week, priority be given to streamlining the apparatus, and that the Government Office arrange schedules for Deputy Prime Ministers in charge of their fields to meet with ministries and branches according to the plan assigned by the Prime Minister.
Along with that, continue to consistently implement the priority goal of promoting growth associated with maintaining macroeconomic stability, controlling inflation, and ensuring major balances.
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 policies.
Regarding monetary policy, the State Bank focuses on stabilizing exchange rates and the foreign exchange market; ensuring favorable procedures, increasing access to credit capital, focusing on production and business, priority sectors; striving to reduce lending interest rates, and achieve annual credit growth of about 15%.
The Ministry of Finance and other ministries and branches, according to their functions, tasks and authority, urgently remove obstacles to unblock, mobilize and effectively use resources from the stock market, corporate bonds, and construction bonds, reducing dependence on bank credit.
Regarding fiscal policy, the Ministry of Finance continues to strive to increase revenue and save state budget expenditures; digital transformation, application of electronic invoices, striving to increase revenue by over 15% in 2024. Thoroughly save regular expenditures. Effectively implement policies to extend, exempt, and reduce taxes, fees, and charges; research and continue implementation from the beginning of 2025.
The Ministry of Finance shall preside over and coordinate with relevant ministries and agencies to submit to the Government a Decree on reducing value added tax by 2% according to the National Assembly's resolution; promptly submit to the National Assembly Standing Committee on reducing environmental protection tax on gasoline, oil, and grease in 2025; report to competent authorities on saving an additional 10% of regular expenditures increasing the 2025 budget compared to the 2024 budget and saving investment expenditures to supplement investment for the Lao Cai-Hanoi-Hai Phong railway; guide localities to use 5% savings (more than 6,000 billion VND) to eliminate temporary and dilapidated houses.
Ensure market stability, prices of essential goods, food, foodstuffs, etc., especially at the end of the year and the upcoming Lunar New Year. Resolutely ensure adequate supply of electricity, gasoline, meeting production and consumption requirements; at the same time, develop and implement a plan to ensure long-term electricity supply, meeting the needs of socio-economic development. Focus on removing difficulties and obstacles for renewable energy projects.
Synchronously deploy solutions to promote the safe, healthy and sustainable development of the real estate market. Improve the investment efficiency and operations of state-owned enterprises in a comprehensive and sustainable manner, and promote investment in large projects.
Third, focus on renewing traditional growth drivers (investment, export, consumption) and strongly promoting and creating breakthroughs for new growth drivers . Accelerate digital transformation, green transformation, creative economy; increase investment attraction in new industries and fields such as semiconductor chips, research and development of Vietnamese artificial intelligence with Vietnamese databases, cloud computing, Internet of Things, etc.; promote the development of marine economy, urban areas, regional economy, and regional connectivity.
Fourth, promote the development of strategic infrastructure , especially the development of national digital infrastructure, innovation infrastructure, construction of the National Data Center; expressway system with airports, seaports and deployment of high-speed railways and urban railways; strive to complete 3,000 km of expressways and over 1,000 km of coastal roads by the end of 2025. The Ministry of Construction is preparing to organize a conference on promoting the development of social housing and the recovery and development of the real estate market.
Fifth, promote breakthroughs in human resource training and perfecting institutions, laws, reforming administrative procedures, and promoting national digital transformation.
Actively and effectively implement laws and resolutions passed by the National Assembly at the 8th session. Fully and promptly issue guiding documents, especially the Law on Public Investment (amended), the Law on amending and supplementing a number of articles of 4 laws; the Law on amending and supplementing a number of articles of 9 laws...
Continue to focus on reviewing and proposing solutions to handle inadequate mechanisms, policies and legal regulations; report to the Steering Committee to review and handle problems in legal documents.
Sixth, continue to thoroughly handle outstanding and long-standing issues. The State Bank urgently completes the handling plan and has a breakthrough solution to handle SCB Bank.
Seventh, focus on the fields of culture, society, and environment ; ensure social security and people's lives. Promote the development of cultural industries; effectively implement the national target program on cultural development for the period 2025-2035. Organize well the activities to celebrate major holidays and important events of the country. Attract 18 million international tourists in 2025.
Promote sustainable poverty reduction and the emulation movement "Join hands to eliminate temporary and dilapidated houses nationwide by 2025". Address environmental pollution and traffic congestion issues with immediate and long-term solutions.
Eighth, strengthen national defense and security; promote the fight against corruption, waste, and negativity; improve the effectiveness of foreign affairs and international integration. Ensure security and order, prevent crime, especially high-tech crime, cyber crime, and drug crime. The Prime Minister requested the Ministry of Public Security to immediately investigate violations in land auctions and acts of market manipulation. Organize foreign affairs activities well and immediately implement agreements of senior leaders.
Ninth, strengthen information and communication work according to the key guiding ideas: Party building is key, economic development is the focus, ensuring national defense and security is essential and regular, not sacrificing progress, fairness and social security to pursue mere economic growth; contributing to creating social consensus and an enthusiastic atmosphere, striving to rise up of the whole society.
Tenth, actively carry out the work of the 14th Congress's Socio-Economic Subcommittee; including urgently completing the draft Report and discussion suggestions according to the Politburo's opinions and effectively soliciting opinions from ministries at all levels.
Eleventh , organize a summary of the work of 2024 and prepare for a joyful, healthy and safe Tet for the people.
The Prime Minister requested to review and complete the draft Resolution 01 of the Government in 2025 with innovative thinking, strategic vision, foresight and broad vision in building goals, tasks, solutions and following the management theme "Discipline, responsibility, proactiveness, timeliness, streamlining and efficiency, creating momentum for breakthrough".
Along with that, completing the draft Resolution 02 in the spirit of untying enterprises, promoting the mobilization and attraction of resources from society, the private sector, and public-private partnership to serve the highest priority of promoting growth to achieve the goals of: GDP growth, increasing per capita income, increasing labor productivity, improving the material and spiritual life of the people and enhancing the country's position.
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