The Government has just issued Resolution No. 82/NQ-CP dated June 5, 2024 at the regular Government meeting in May 2024, requiring research into policy packages with a large enough scale, suitable and feasible to support businesses and promote new growth drivers, new industries and fields such as chips, semiconductors, digital transformation, green transformation...

Prime Minister Pham Minh Chinh chairs the regular Government meeting in May 2024 - Photo: VGP/Nhat Bac

The Government requires ministries, agencies and localities, based on their assigned functions, tasks and powers, to closely monitor developments in the international situation and policy adjustments of countries and partners, especially fiscal, monetary, trade and investment policies, etc., to proactively forecast, analyze, develop scenarios, management plans and respond to policies more promptly and effectively to emerging issues; closely and harmoniously coordinate proactive, flexible, timely and effective monetary policies with reasonable, focused and key expansionary fiscal policies and other macroeconomic policies.

Strengthening financial and budgetary discipline; thoroughly saving regular expenditures, cutting down on spending tasks that are not really urgent, regular expenditure estimates assigned to ministries and central agencies in the budget estimates at the beginning of the year but by June 30, 2024 have not been allocated or assigned to budget-using units according to regulations (except for cases permitted by the Prime Minister). Promoting digital transformation in state budget revenue and expenditure, ensuring correct, sufficient and timely collection, expanding the collection base and preventing tax losses, especially for food and beverage services, restaurants, e-commerce, business on cross-border platforms... Resolutely deploying electronic invoices; resolutely withdrawing and immediately revoking business licenses for enterprises and units that do not comply with regulations on electronic invoices connecting with tax authorities in business activities, buying and selling gold and strictly handling according to current laws.

Grasp the market situation, balance supply and demand, and commodity prices to have appropriate and effective solutions to stabilize the market and prices, especially for gasoline, oil, essential goods, housing, and food. Prepare price plans and roadmaps for adjusting prices of goods and services managed by the State, avoid sudden price increases and price increases at the same time, limit the impact on inflation, and ensure inflation control according to the set target.

Accelerating the implementation of 3 strategic breakthroughs

The Government requires ministries, branches and localities to focus on effectively and substantially restructuring the economy in conjunction with renewing the growth model, improving productivity, quality, efficiency and competitiveness. Continue to promote the synchronous and comprehensive implementation of 3 strategic breakthroughs (improving institutions, training human resources, developing infrastructure systems); promptly complete and put into use important and key national infrastructure works and projects. Effectively deploy traditional growth drivers (consumption, investment, export), strongly promote new growth drivers, such as developing the digital economy, green economy, circular economy, sharing economy, emerging industries and fields...

Resolutely promote further disbursement of public investment capital, overcome shortcomings to disburse faster, use more effectively official development assistance (ODA) capital and foreign preferential loans...

June 2024: Completely resolve the source of filling materials for key traffic projects

The Government requests the Ministry of Transport, the Ministry of Natural Resources and Environment, and the People's Committees of relevant localities in the Mekong Delta region to take full responsibility before the Government and the Prime Minister for resolving the issue of landfill materials for key transport projects in the region by June 2024.

Effectively implement the Plan for implementing the Power Plan VIII, solutions to ensure adequate supply of electricity and gasoline for production, business and consumption, absolutely avoid power shortages and interruptions in gasoline supply in any situation. Synchronously implement solutions to ensure economical and efficient use of electricity. Strive to complete transmission projects to serve electricity import from Laos (Dak Ooc switching station, 200kV Nam Sum - Nong Cong line, 500kV Monsoon - Thach My line...).

Relevant ministries, agencies, localities, investors, and construction units must urgently resolve difficulties and obstacles, complete procedures for changing the purpose of using forests, rice fields, protective forest land, special-use forest land, support compensation, site clearance and other related tasks, ensure the completion of the 500kV line 3 project (519km) from Quang Trach (Quang Binh) to Pho Noi (Hung Yen) before June 30, 2024 in accordance with the direction of the Prime Minister; review and strictly handle organizations and individuals who intentionally cause difficulties, do not fulfill their responsibilities, affecting the progress of project construction. The Ministry of Agriculture and Rural Development and the Ministry of Natural Resources and Environment must proactively conduct inspections in 9 relevant localities and handle them before June 10, 2024.

Urgently implement issued policies, review, supplement and adjust promptly to maximize the effectiveness of policies and allocate resources; continue to research and propose pilot mechanisms, policies, new effective and practical solutions to remove difficulties for production and business, support enterprises and people; focus on handling and promptly and thoroughly resolving outstanding and long-standing issues.

Removing “bottlenecks” that are barriers in the process of promoting digital transformation

Ministries, branches and localities develop their own digital transformation projects and assign the Minister, Head of the agency, and Chairman of the Provincial People's Committee to directly direct (similar to Project 06), ensuring to avoid overlap and waste, and to overcome and remove "bottlenecks" that are barriers in the process of promoting digital transformation of ministries, branches and localities.

Continue to strongly promote and promote the effectiveness of the operations of 26 Working Groups headed by Government Members according to Decision No. 435/QD-TTg dated April 24, 2023 and 5 Working Groups according to Decision No. 235/QD-TTg dated March 14, 2023 of the Prime Minister to focus on accelerating the disbursement of public investment capital, removing difficulties and obstacles for production and business activities and implementing socio-economic development tasks.

Before September 30, complete the project dossier for rearranging administrative units at district and commune levels for the period 2023-2025.

The Government requested the People's Committees of provinces and centrally run cities to urgently complete the dossier to submit to the Government the project on rearranging administrative units at district and commune levels for the 2023-2025 period, ensuring completion before September 30, 2024 to prepare for the Party Congresses at all levels for the 2025-2030 term.

People's Committees of provinces and centrally run cities are responsible for managing food safety in their localities; taking measures to ensure food safety for small production and business establishments and street food; regularly organizing food safety risk assessments and implementing necessary measures to prevent food poisoning.

At the same time, seriously, resolutely and effectively implement fire prevention and fighting work in the area. Focus on immediately reviewing and inspecting the implementation of fire prevention and fighting for business establishments, rental accommodation, "mini apartments", strictly handling violations according to the provisions of law.

The Ministry of Public Security shall review the provisions of the law and conditions on fire prevention and fighting; inspect, classify, and have solutions on fire prevention and fighting for rental housing and "mini apartments", and resolutely and strictly handle violations according to the provisions of the law. Strengthen propaganda and guidance on fire prevention, fighting, rescue and first aid skills for people, especially facilities and locations with high risk of fire and explosion.

Urgently submit to the Government for promulgation a Decree on the establishment, management and use of the Investment Support Fund.

The Ministry of Planning and Investment shall preside over and coordinate with relevant agencies and localities to promptly complete and submit to the Government for promulgation a Decree on the establishment, management and use of the Investment Support Fund.

Continue to research and propose to competent authorities policy packages with large enough scale, appropriate and feasible to support businesses, especially "leading" enterprises, ethnic enterprises and promote new growth drivers, new industries and fields such as chips, semiconductors, digital transformation, green transformation..., report to the Prime Minister in the fourth quarter of 2024.

Research on issuing an additional 100 trillion VND in government bonds for investment in key national projects

The Ministry of Finance shall preside over and coordinate with agencies and localities to implement a reasonable, focused and key expansionary fiscal policy. Closely coordinate with the Ministry of Transport to urgently study and propose the issuance of an additional VND 100 trillion of government bonds for investment in key national projects in accordance with the conclusion of the Government Standing Committee in Notice No. 231/TB-VPCP dated May 18, 2024.

Resolutely implement solutions to improve the effectiveness and efficiency of state budget revenue and expenditure management, promote digital transformation, apply information technology, modernize tax collection, expand the deployment of electronic invoices; focus on handling tax arrears, combat tax losses, especially for catering services, restaurants, e-commerce transactions, foreign suppliers... Resolutely and thoroughly cut down on regular expenditures and expenditure tasks that are not really urgent to supplement resources for development investment.

Urgently issue documents within authority to continue reducing fees and charges applicable in the last 6 months of 2024; submit to the Government for consideration and promulgation of regulations on extending the deadline for payment of value added tax, corporate income tax, personal income tax, land rent and special consumption tax for domestically manufactured and assembled automobiles; propose the Government to consider and promulgate regulations on reducing registration fees for domestically manufactured and assembled automobiles according to the direction in Resolution No. 44/NQ-CP dated April 5, 2024 of the Government.

Promote and develop the financial, securities, and corporate bond markets in a healthy, safe, efficient, public, and transparent manner; promptly detect and strictly handle violations. Promptly handle difficulties and obstacles to meet the criteria, and soon upgrade the stock market from frontier to emerging according to the set roadmap.

Closely coordinate with the State Bank of Vietnam to strengthen inspection, supervision, and strictly implement regulations on electronic invoices connected with tax authorities in gold trading, buying and selling activities, to be completed no later than June 15, 2024.

Strive to reduce lending interest rates by 1-2%

The Government assigned the State Bank of Vietnam to preside over and coordinate with agencies and localities to flexibly manage exchange rates to stabilize the foreign exchange market; proactively develop scenarios, plans and respond to policies more promptly and effectively to fluctuations in the domestic and foreign foreign exchange market.

Manage credit growth in line with macroeconomic developments and inflation, meet capital needs for the economy, support growth, ensure safety of banking operations and the system of credit institutions. Direct commercial banks to effectively implement solutions to increase access to credit for people and businesses, direct credit to production, business, priority sectors and growth drivers, strive for credit growth in 2024 to reach about 15%; direct and encourage credit institutions to reduce costs, cut administrative procedures, promote digital transformation to strive to reduce lending interest rates by 1-2%; continue to monitor and direct credit institutions to publicly disclose lending interest rates at credit institutions, and have strict sanctions for credit institutions that do not comply.

Continue to resolutely, seriously, fully and effectively implement tasks and solutions to manage the gold market both in the short term and in the long term according to the direction of the Government, the Prime Minister, and Government leaders in Resolutions, Official Dispatches, Directives and related documents, immediately overcome the high gap between domestic gold prices and world gold prices, ensure the gold market operates stably, effectively, healthily, openly, transparently, in accordance with legal regulations, and prevent the economy from being gold-ized and affecting macroeconomic stability.

Review and evaluate thoroughly and comprehensively the reasons for the slow disbursement of the 120 trillion VND credit package for social housing.

The State Bank of Vietnam shall preside over and coordinate with the Ministry of Construction to thoroughly and comprehensively review and evaluate the reasons for the slow disbursement of the VND120 trillion credit package for social housing; urgently find practical, feasible and effective solutions to remove obstacles and promote disbursement, focusing on issues related to borrowers, interest rates, lending processes and procedures, and the completion of legal documents of the project by investors with local authorities...

The Ministry of Construction coordinates with the State Bank of Vietnam to drastically accelerate the implementation of the VND 120 trillion credit package for social housing loans. Regularly monitor and urge localities to focus on implementing the Project to invest in building at least 1 million social housing units for low-income people and industrial park workers in the 2021-2030 period, ensuring the completion of the assigned social housing construction target in 2024.

Preside over and coordinate with the Vietnam Fatherland Front, relevant ministries and agencies to comprehensively and fully evaluate current housing support policies and programs to perfect policies that are suitable to the goals, targets, practicality, characteristics and socio-economic characteristics of regions.

In the Resolution, the Government unanimously assessed: The macro economy is basically stable, inflation is controlled, promoting growth in all three regions, major balances are ensured. The average consumer price index (CPI) in the first 5 months increased by 4.03% over the same period. The monetary market and exchange rates are managed flexibly, promptly, in harmony with interest rate management, ensuring safety and liquidity of the banking system. State budget revenue in the first 5 months is estimated to reach 52.8% of the yearly estimate, up 14.8% over the same period. Total import-export turnover of goods in May increased by 9.1% over the previous month, and in the first 5 months increased by 16.6% over the same period; trade surplus was 8.01 billion USD. Foreign direct investment (FDI) attraction increased significantly, with total registered capital in the first 5 months reaching over 11 billion USD, up 2% over the same period, of which newly registered capital increased by 50.8%, and realized capital reached 8.25 billion USD, up 7.8% (the highest over the same period in the past 5 years).

The industrial, agricultural and service sectors continued to see positive changes. The industrial production index (IIP) in May was estimated to increase by 3.9% over the previous month and 8.9% over the same period, of which the processing and manufacturing industry increased by 10.6%. Agricultural production was stable, the export turnover of coffee, rice, vegetables and fruits increased compared to the same period, and national food security was ensured. The service sector maintained a fairly good growth momentum; total retail sales of goods and consumer service revenue in the first 5 months increased by 8.7% over the same period. Tourism recovered strongly; in May, international visitors reached nearly 1.4 million, up 51% over the same period; in the first 5 months, nearly 7.6 million, up 64.9% over the same period. In May, nearly 20,000 enterprises were newly established and returned to operation, up 10.6% over the same period; In the first 5 months, there were 98.8 thousand newly established and re-operated enterprises, up 4.1% over the same period. Many international organizations continue to positively assess and forecast optimistically about Vietnam's economic growth in 2024.

According to VGP News