Saving 500,000 billion VND to reform wages, striving to achieve 6% growth

With three growth scenarios presented, Prime Minister Pham Minh Chinh requested to choose the scenario of GDP growth for the whole year of about 6% to continue striving to achieve the highest possible results.

The Prime Minister requested efforts to achieve 6% growth according to the proposed scenario - Photo: VGP

Concluding the regular Government meeting in September 2023, Prime Minister Pham Minh Chinh emphasized the priority of promoting growth associated with macroeconomic stability, controlling inflation, ensuring major balances of the economy, clearly identifying this as the priority focus in direction and administration.

Three growth scenarios, striving for the best results

The head of the Government assessed that the GDP growth rate has not been as expected, and inflation is still under pressure. Growth drivers are facing difficulties, such as slow industrial recovery, with the added value only increasing by 1.65% in the first 9 months. The labor and employment situation is facing many challenges, and the lives of a segment of the population are still difficult...

Based on the results of the first 9 months, the Ministry of Planning and Investment forecasts the context and situation of the world and the country in the coming time with three growth scenarios, including growth rates of 5%, 5.5% and 6%. The Prime Minister requested to choose the scenario of GDP growth for the whole year of about 6% to continue striving to achieve the highest possible results for 2023.

To achieve the above goal, the Prime Minister suggested continuing to prioritize promoting growth, specifically the processing and manufacturing industry. Focus on promoting strategic breakthroughs, restructuring the economy in conjunction with renewing the growth model; strongly promoting emerging industries, innovation, digital economy, green economy, circular economy, sharing economy, etc.

In particular, it is necessary to proactively and flexibly coordinate synchronously between policies, especially fiscal and monetary policies. Coordinate synchronously, closely and harmoniously with a reasonable, focused, key expansionary fiscal policy and other policies to prioritize promoting growth associated with macroeconomic stability.

Focus on promoting growth

To strongly promote the three growth drivers, the Prime Minister requested to focus on investment including public investment, private investment, foreign investment and strengthening public-private partnership (PPP), selectively attracting FDI, especially in emerging industries, high technology...

Regarding exports, it is necessary to maintain and consolidate traditional markets and actively expand new markets. Along with strongly developing the domestic market of more than 100 million people; promoting the campaign "Vietnamese people prioritize using Vietnamese goods".

Focus on taking advantage of opportunities, developing emerging industries and fields, creating momentum to promote growth, especially digital transformation (such as semiconductor chip manufacturing, artificial intelligence, clean energy, green growth, circular economy, sharing economy, etc.). Strongly promote administrative procedure reform, remove difficulties and obstacles for production and business...

Information at the meeting showed that in recent years, in the context of both preventing and overcoming the consequences of the COVID-19 pandemic and ensuring social security, we have still saved 500,000 billion VND to prepare for salary reform in 2024, 2025 and 2026.

Assessing this as a great effort, the Prime Minister assigned the Ministry of Home Affairs to review and develop mechanisms and policies to implement the salary reform plan when approved by the central government.

The Prime Minister also requested ministries, branches and localities to continue to make greater efforts to achieve the highest level of goals and tasks of the 2023 plan, creating favorable conditions for implementing the 2024 plan and moving towards completing the goals set by the 13th National Party Congress for the entire term.

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