The Prime Minister requested to prioritize promoting growth so that this year and 2025 will have higher growth, making up for the slow growth in the first 3 years of his term due to the heavy impact of COVID-19.
On the morning of September 7, chairing the regular Government meeting for August 2024, Prime Minister Pham Minh Chinh requested ministries, branches and localities to well implement tasks and prioritize solutions to promote growth so that this year and 2025 will have higher growth, making up for the slow growth in the first 3 years of the term due to the heavy impact of the COVID-19 pandemic.
Socio-economic trends continue to be positive
The meeting reported that since the beginning of the year, all levels, sectors and localities have focused on proactively, drastically and flexibly implementing tasks and solutions according to the Resolutions and Conclusions of the Central Committee, the Politburo, the Secretariat, the National Assembly, the Government and the direction of the Prime Minister. Of which, 110 Decrees, 163 Resolutions, 975 Decisions, 30 Directives and 83 Official Dispatches have been issued. Along with that, the Prime Minister has chaired many important conferences and meetings to direct, manage and organize the implementation of socio-economic development tasks.
Among them, focusing on consistently implementing the priority goal of promoting growth associated with maintaining macroeconomic stability, controlling inflation, ensuring major balances of the economy; focusing on 3 areas: reviewing and perfecting institutions; promoting disbursement of public investment capital, accelerating the progress of key works and projects, including the inauguration of the 500kV power transmission line circuit 3; launching the peak emulation campaign "500 days and nights of emulation to complete 3,000km of expressway"; proactively and actively cutting administrative procedures, removing difficulties and obstacles for production and business, creating favorable conditions for people and enterprises.
Thanks to the participation of the entire political system, people and businesses, the socio-economic situation continues to trend positively. The economy continues to grow positively in all three regions, of which agriculture continues to grow steadily, industry increases by 2% compared to July and increases by 9.5% over the same period; total retail sales of goods and consumer service revenue in August increased by 7.9%, 8 months increased by 8.5%; international visitors in the first 8 months reached nearly 11.4 million, up 45.8% over the same period in 2023 and up 1% over the same period in 2019.
The macro economy continued to be stable, inflation was controlled, major balances were secured and there was a surplus; the average consumer price index in the first 8 months increased by 4.04%, core inflation increased by 2.71%. Monetary and fiscal policies were flexibly managed according to market developments; exchange rates and basic interest rates were stable. Exports continued to increase, with a total increase of 15.8% in the first 8 months, with a trade surplus of 19.07 billion USD.
Total State budget revenue in the first 8 months is estimated to reach 78.5% of the yearly estimate, up 17.8% over the same period, while 90 trillion VND of taxes, fees and charges have been exempted and reduced. Disbursement of public investment capital in the first 8 months reached 40.49% of the plan. FDI attraction reached 20.52 billion USD, up 7%; realized FDI capital reached 14.15 billion USD, up 8%, the highest in the past 5 years. Enterprise development continued the positive trend, in the first 8 months, there were 168.1 thousand newly established and re-entered enterprises, up 12.5% over the same period.
Cultural and social fields are focused on; social security is guaranteed. The implementation of salary policy reform from July 2024 has achieved good results, basically not increasing prices. The opening ceremony of the new school year is organized solemnly, economically and safely.
Law-making work is focused. Administrative reform, especially cutting and simplifying administrative procedures, digital transformation, Project 06 are actively implemented; anti-corruption and anti-negativity are promoted, contributing to strengthening people's trust.
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.
Many international organizations and experts continue to highly appreciate the results and prospects of Vietnam's economy, and the Vietnamese economy continues to develop positively.
According to the members of the Government, they frankly acknowledged the difficulties and limitations such as: high inflationary pressure; total demand and the economy's ability to absorb capital need to continue to be promoted; some production and business sectors are facing difficulties; costs are increasing; the pressure to repay corporate bonds is high; the development of new sectors and fields such as digital economy, green economy, chips, semiconductors, AI, etc. has not had clear changes; some outstanding and long-standing issues have not been thoroughly resolved; access to credit capital is still limited; the progress of removing difficulties and obstacles for businesses, real estate projects, and implementing investment projects is still slow; disbursement of public investment capital is lower than the same period; the implementation of the 140 trillion VND credit package for social housing is very slow...
Agreeing with the opinions of the Government members, concluding the meeting, Prime Minister Pham Minh Chinh reviewed 8 outstanding results in socio-economic fields in August and the first 8 months of 2024.
The Government's leadership and direction have focused on removing institutional and legal obstacles to promote production and business, ensure national security and defense, promote foreign affairs, maintain political stability; promote three strategic breakthroughs; prepare for the 10th Central Conference, the 8th Session of the 15th National Assembly; handle issues related to education and health; promote social security work, the movement to eliminate temporary and dilapidated houses; improve personnel work in the political system; lead and direct the strengthening of decentralization, delegation of power, reduction of administrative procedures, reduction of inconvenience for people and businesses, elimination of the request-grant mechanism; handle sudden and unexpected issues related to political security, independence, sovereignty, territorial integrity, and foreign affairs.
Affirming that the socio-economic situation continues to trend positively, with the overall results in August being higher than in July and the first 8 months being better than the same period in 2023 in most areas, creating momentum for development in 2024 and 2025, the Prime Minister also frankly pointed out the limitations, difficulties, challenges, causes and lessons learned; at the same time, he said that the world situation is forecast to continue to develop rapidly, complicatedly and unpredictably; opportunities, advantages and difficulties, challenges are intertwined, but difficulties and challenges are more numerous.
Therefore, the Prime Minister requests all levels, sectors and localities, based on their functions, tasks and powers, to make efforts and then make even greater efforts; to closely monitor the international and domestic situation; to proactively and positively respond with appropriate policies and flexible and effective solutions, to best fulfill the tasks assigned by the Party, State and superiors; and to promptly handle arising issues.
Institutional disassembly, focusing on growth drivers
In that spirit, Prime Minister Pham Minh Chinh directed to continue to prioritize promoting growth associated with maintaining macroeconomic stability, controlling inflation, ensuring major balances of the economy, in which, continuing to prioritize growth, striving for higher growth in 2024 and 2025 to compensate for the previous 3 years of the term; promoting food and foodstuff production; controlling the adequate supply of fuel and energy for production and consumption.
Stating the viewpoint of proactive, flexible, timely and effective monetary policy management; synchronously, harmoniously and closely coordinating with a reasonable, focused and key expansionary fiscal policy and other macroeconomic policies, the Prime Minister pointed out that the State Bank must focus on stabilizing the exchange rate, strive to reduce lending interest rates, continue to increase access to credit capital, focus on priority areas; and strongly promote the social housing credit package.
The Ministry of Finance strives to increase revenue and save state budget expenditures; resolutely implement digital transformation and apply electronic invoices in revenue management; thoroughly save regular expenditures and increase development investment expenditures; effectively implement policies to extend and reduce taxes, fees and charges; exploit fiscal policy space to mobilize more resources for strategic infrastructure development investment; strongly promote the role of state-owned corporations and groups in investing in large projects and important sectors and fields.
Ministries and sectors shall synchronously implement solutions to control inflation according to the set targets; have appropriate and effective solutions to stabilize the market and prices, especially for gasoline, oil, essential goods, housing, food and foodstuffs; prepare carefully, assess the impact, have a roadmap for appropriate price adjustment under State management; do not increase prices at the same time as electricity, education, medical examination and treatment services, etc.
Pointing out the need to focus on promoting and creating breakthroughs in disbursement of public investment capital, the Prime Minister assigned the Ministry of Planning and Investment to guide and urge ministries, branches and localities to closely follow the detailed disbursement plan for each project; promptly transfer capital; strongly promote the 3 National Target Programs; promote the activities of the Prime Minister's Working Groups and 26 Working Groups of Government members; strictly handle cases of intentional delay; continue to simplify and shorten disbursement procedures.
The Ministry of Transport, the Ministry of Industry and Trade, the Ministry of Planning and Investment, and the Ministry of Construction, according to their functions, tasks, and authority, shall accelerate the construction progress of important and key national infrastructure projects and works; the expressway system; prepare to invest in a number of important railway projects according to plan; and especially urgently develop projects and plans to prepare for the implementation of traffic routes connecting with other countries.
“The implementation of projects, especially important and key national projects, must be in the same spirit as the recent implementation of the construction of the 500kW line 3,” the Prime Minister emphasized.
The Head of Government requested to focus on renewing traditional growth drivers and strongly promoting new growth drivers. In particular, accelerating the disbursement of public investment capital, focusing on promoting private investment; strengthening public-private cooperation and attracting FDI with high technology content and added value; effectively exploiting large, traditional markets and strongly promoting new, potential markets; supporting businesses in promoting and promoting trade...; promoting market development, stimulating domestic consumption, the campaign "Vietnamese people prioritize using Vietnamese goods," e-commerce, non-cash payments associated with electronic invoices, and tax collection.
Ministries, sectors and localities must strongly promote new growth drivers such as digital transformation, innovation, science and technology; review and have effective mechanisms and policies to strongly promote new growth drivers, especially in terms of institutions, mechanisms and policies; develop regional economy, regional and urban linkages; digital transformation, green transformation, circular economy, sharing economy, knowledge economy, emerging industries and fields such as semiconductor chips, AI, etc.
To promote the improvement of institutions and laws, reform administrative procedures, promote national digital transformation, especially to serve growth, the Prime Minister directed each ministry, sector and locality to focus on reviewing and proposing solutions to handle inappropriate mechanisms, policies and legal regulations for amendment and supplementation; report to the Steering Committee to review and handle difficulties in the system of legal documents; promote reform, cut and simplify administrative procedures, improve the investment and business environment; promote national digital transformation, Project 06, build a National Data Center; promote the role of the National Innovation Center.
At the same time, urgently establish a Working Group to promote the implementation of Conclusion No. 77 of the Politburo on Project 153, headed by Permanent Deputy Prime Minister Nguyen Hoa Binh; issue a Plan to implement issued plans, especially regional and provincial plans; complete the dossier to submit to the Government the project to rearrange administrative units at district and commune levels for the period 2023-2025; request to continue focusing on thoroughly handling outstanding and long-standing issues such as restructuring the Vietnam Development Bank, compulsory transfer of weak banks; have solutions for SCB Bank, Phuong Nam Pulp Mill Project, investment projects to build facilities 2 of Bach Mai Hospital, Viet Duc Hospital, etc.
The Prime Minister requested to focus on the fields of culture, society and environment; ensure social security, improve people's lives; closely monitor the developments of natural disasters, storms and floods, respond promptly and effectively, and minimize damage; do a good job of supporting the recovery of the consequences of storm No. 3; ensure timely rice supply and timely support, so that no one goes hungry; effectively and substantially implement the emulation movement to join hands to eliminate temporary and dilapidated houses nationwide; urgently complete and promulgate the Project on Human Resources Development for the Semiconductor Industry to 2030, with a vision to 2050 and the Semiconductor Industry Development Strategy; focus on solving the shortage of medicines, equipment and medical supplies; strengthen situational awareness; proactively take solutions to ensure the balance between labor supply and demand, especially in industrial parks.
The Prime Minister emphasized the need to strengthen national defense and security; step up the fight against corruption and negativity; improve the effectiveness of foreign affairs and international integration; organize well the foreign affairs activities of senior leaders; effectively exploit signed free trade agreements (FTAs) and promote negotiations of new FTAs; strengthen information and communication, especially policy communication, to contribute to creating social consensus and an enthusiastic atmosphere, striving to rise up of the whole society.
The Ministry of Planning and Investment and the Ministry of Finance shall proactively develop the Socio-Economic Development Plan, the National Five-Year Financial Plan, and the Medium-Term Public Investment Plan for 2026-2030, ensuring quality and progress; promptly submit to the National Assembly Standing Committee the principles, criteria, and norms for allocating regular State budget expenditures in 2026 and State budget investment expenditures for the 2026-2030 period.
The Prime Minister requested the ministries and agencies assigned with the task to focus on preparing, reviewing, completing, ensuring the quality and progress of the Projects to report to the Politburo and the Secretariat and carefully preparing documents for the 10th Central Conference and the 8th Session of the 15th National Assembly; at the same time, actively implementing the tasks of the Socio-Economic Subcommittee; carefully preparing to serve the Party Congresses at all levels, towards the 14th National Party Congress.
Requiring enhanced information and communication, creating motivation, inspiration and enthusiasm, striving to rise up of the whole society, maintaining the momentum and pace of development, the Prime Minister hopes and believes that ministries, branches and localities will continue to make efforts, try and effectively implement the tasks and solutions set out so that the socio-economic development results this September will be better than August, the third quarter will be better than the second quarter, 2024 will be better than 2023 and 2025 will be higher to make up for the first 3 years of the term./.
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