Prime Minister: Striving for better and more comprehensive results in 2024 than in 2023.

Prime Minister Pham Minh Chinh , along with members of the Government and delegates attending the session, observed a minute of silence in memory of General Secretary Nguyen Phu Trong. Photo: Duong Giang/TTXVN.

The international community continues to highly appreciate the results and prospects of Vietnam's economy. At the meeting, government members discussed and assessed the socio-economic situation in July and the first seven months of 2024; the situation regarding the allocation and disbursement of public investment capital; the implementation of three national target programs; and the interest rate on the VND 120 trillion preferential loan package for the development of social housing and worker housing. Leaders of ministries and sectors also proposed many noteworthy contents such as: urgently developing, finalizing, promulgating, and implementing the Semiconductor Industry Development Strategy and the Semiconductor Human Resource Development Project; resolving difficulties in paying lecturers' salaries when the basic salary increases while the investment mechanism for universities and the collection of tuition fees by universities, especially autonomous universities, still have many shortcomings; perfecting the specific mechanism for implementing the project of 1 million hectares of high-quality, low-emission rice in the Mekong Delta; The mechanism for mobilizing and operating the nationwide fund to eliminate temporary and dilapidated houses for poor and near-poor households... Concluding the meeting, Prime Minister Pham Minh Chinh emphasized that since the beginning of the year, all levels, sectors, and localities have focused on proactively, decisively, 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 directives of the Prime Minister; in particular, they have closely monitored and grasped the situation, flexibly, promptly, and effectively handling short-term issues, ensuring harmony with medium and long-term tasks and solutions. In July, 23 Decrees, 20 Resolutions of the Government, and 3 Decisions, 8 Telegrams, and 4 Directives of the Prime Minister were issued; in total, over the first 7 months, 104 Decrees, 153 Resolutions, 812 Decisions, 24 Directives, and 71 Telegrams have been issued. The Prime Minister has issued numerous directives and instructions on promoting growth, controlling inflation, stabilizing the macroeconomy; addressing the consequences of floods and heavy rains, preventing and combating natural disasters and epidemics; organizing national conferences on promoting public investment, and urging progress on key infrastructure projects, including the 500 kV circuit 3 power line… As a result, the socio-economic situation continues its positive trend, with July's results generally higher than June's, and the first seven months showing better performance compared to the same period in 2023 across most sectors. Specifically, the economy continues its positive growth momentum in all three sectors: agriculture continues to grow steadily; industry grew by 8.5% in the first seven months; and services continue to grow significantly, with total retail sales of goods and consumer service revenue increasing by 8.7% in the first seven months. The macroeconomic situation remains stable, inflation is under control, major balances are ensured, and the average consumer price index (CPI) for the first seven months increased by 4.12%, up 0.04% compared to June. Exchange rates and interest rates are generally stable. Energy and food security are ensured. Exports continue to increase significantly, resulting in a large trade surplus, contributing to the balance of payments; the overall trade surplus for the first seven months was US$14.08 billion. The total state budget for the first seven months is estimated at 69.8% of the annual forecast, an increase of 14.6% compared to the same period last year. Public debt, government debt, foreign debt, and budget deficit are controlled below the prescribed limits. International visitors in the first seven months reached nearly 10 million, an increase of 51% compared to the same period in 2023 and an increase of 1.9% compared to the same period in 2019 before the COVID-19 pandemic. Disbursement of public investment capital in the first seven months reached 34.68% of the plan. Foreign direct investment (FDI) attracted reached US$18 billion, an increase of 10.9%; implemented FDI capital reached US$12.55 billion, an increase of 8.4%, the highest in the past five years. Cultural and social fields received significant attention; social security was ensured. The implementation of salary policy reform from July 2024 yielded good results. Focus was placed on drafting and has been largely completed the issuance of decrees guiding the amendments to the Land Law, Housing Law, Real Estate Business Law, and Law on Credit Institutions. Administrative reform, especially the reduction and simplification of administrative procedures, digital transformation, Project 06, and the fight against corruption and negative practices, was intensified, contributing to strengthening public trust. Political and social stability was maintained; national defense and security were strengthened; and social order and safety were ensured. Foreign relations and international integration have been strengthened; the country's prestige and position have been enhanced. Many international organizations and experts continue to highly appreciate the results and prospects of the Vietnamese economy. Among them, the ADB raised its growth forecast for Vietnam in 2024 to 6%; the ASEAN+3 Macroeconomic Research Office forecasts a 6.3% increase; HSBC forecasts a 6.5% increase... Clearly identifying some shortcomings, limitations, difficulties, challenges, and the causes of both achievements and limitations, as well as lessons learned and an analysis of the situation in the coming period, the Prime Minister requested all levels, sectors, and localities to closely monitor and understand the international and domestic situation in order to have timely, flexible, and effective policy responses and solutions; Continue to implement the tasks and solutions set forth in all fields with the spirit of "high determination, great effort, decisive action, focused and targeted," assigning responsibilities clearly, with "clear responsibilities, clear tasks, clear deadlines, and clear results; strengthening inspection and supervision; timely emulation, rewards, and disciplinary actions" to achieve better socio-economic development results each month, each quarter, and in 2024, more comprehensive and inclusive than in 2023. To definitively resolve the four long-standing and unresolved issues in August, the Prime Minister requested each ministry, agency, and locality, according to their functions, tasks, and authority, to organize the synchronized, decisive, and effective implementation of the Party's resolutions; the conclusions and directives of the Central Committee, the Politburo, the Secretariat, and key leaders; the resolutions of the National Assembly ; and the directives and management of the Government and the Prime Minister.

Prime Minister Pham Minh Chinh concludes the regular Government meeting in July 2024. Photo: Duong Giang/TTXVN

Ministries and sectors will continue to prioritize promoting growth while maintaining macroeconomic stability, controlling inflation, ensuring major economic balances, and striving for a higher surplus; effectively controlling public debt, government debt, and foreign debt; proactively, flexibly, promptly, and effectively managing monetary policy; coordinating synchronously, harmoniously, and closely with a reasonable and focused expansionary fiscal policy and other macroeconomic policies; maintaining exchange rate and foreign exchange market stability; increasing access to credit, focusing on priority sectors, and striving for credit growth of approximately 15% for the whole year; continuing to reduce lending interest rates; and implementing solutions to accelerate the implementation of the 120 trillion VND social housing credit package.

Ministries, sectors, and localities strive to increase revenue and save on state budget expenditures; resolutely implement digital transformation and apply electronic invoices in revenue management; thoroughly save on recurrent expenditures, with the principle that saved capital is concentrated on investing in a specific project; effectively implement policies on extending, exempting, and reducing taxes, fees, and charges; implement synchronized solutions to control inflation according to the set target; ensure market stability and prices of essential goods, gasoline, oil, food, housing, and electricity; carefully prepare, assess the impact, and have a roadmap for adjusting prices of state-managed services such as education and healthcare; resolutely prevent shortages and ensure sufficient supply of electricity and gasoline to meet production and consumption requirements in all situations… The Prime Minister focuses on renewing traditional growth drivers and strongly promoting new growth drivers. Specifically, the plan includes accelerating the implementation of public investment projects and three national target programs, with the principle that central government capital should only be concentrated on large projects, avoiding dispersion; promoting private investment, strengthening public-private partnerships, and selectively attracting FDI; consolidating large, traditional markets, expanding into new markets, supporting businesses in accessing potential markets, and conducting anti-dumping investigations against Vietnamese goods; developing markets, stimulating domestic consumption, the "Vietnamese people prioritize using Vietnamese goods" campaign, e-commerce, and cashless payments… The Prime Minister directed that effective mechanisms and policies be developed soon to strongly promote new growth drivers, especially in terms of institutions, mechanisms, and policies; developing regional economies, regional linkages, and urban areas; Digital transformation, green transformation, circular economy, sharing economy, knowledge economy, high value-added industries and sectors, technologies such as semiconductor chips, AI… This includes building and perfecting the legal framework for green economic development; researching a sufficiently large, appropriate, and feasible policy package to support businesses and promote new growth drivers such as semiconductor chips and AI… The Prime Minister clearly stated that ministries and sectors, according to their functions, tasks, and authority, should accelerate the construction progress of important national infrastructure projects such as the 500 KV circuit 3 Quang Trach - Pho Noi project, the expressway system…; and urgently allocate the remaining 26.5 trillion VND of public investment capital. The head of the government requested the acceleration of institutional and legal improvements, administrative procedure reform, and the promotion of national digital transformation; focusing on cultural, social, and environmental fields; ensuring social security and the people's livelihoods; Closely monitor the developments of natural disasters, storms, and floods, respond promptly and effectively, and minimize damage; do a good job of supporting people in overcoming the consequences of natural disasters; ensure timely distribution of rice to provide timely support, ensuring no one is left homeless or hungry; prevent shortages of medicine, equipment, and medical supplies; prepare well for the new school year; ensure hygiene and safety in schools; and prevent drowning among children. “Ministries and sectors should focus on resolving outstanding and long-standing issues, including resolving outstanding issues at the Vietnam Development Bank, SCB Bank, the Phuong Nam Pulp Mill Project, and Vietnam Airlines Corporation by August 2024,” the Prime Minister directed. The Prime Minister also requested the acceleration of administrative procedure reform and improvement of the investment and business environment. Promoting national digital transformation, completing the construction of the Digital Transformation Project connected with Project 06 by August 2024; strengthening national defense and security; stepping up the fight against corruption and negative practices; improving the effectiveness of foreign affairs and international integration, especially ensuring security and order, preventing and combating crime, particularly high-tech crime, cybercrime, and drug-related crime. Ministries and sectors should organize high-level leadership's foreign affairs activities well, effectively implement high-level agreements; effectively utilize signed free trade agreements (FTAs) and accelerate negotiations on new FTAs; strengthen information and communication work, especially policy communication, contributing to creating social consensus and a spirit of enthusiasm and striving for progress throughout society; actively implement the tasks of the Socio-Economic Subcommittee serving the 14th Party Congress, ensuring progress and quality; Thorough preparations are underway to serve the Party Congresses at all levels, leading up to the 14th National Party Congress; ensuring the quality and progress of reports submitted to the Politburo and the Secretariat; and meticulously preparing documents for the Central Committee Conference and the 8th Session of the 15th National Assembly. Assigning specific tasks to each ministry, sector, and member of the Government, Prime Minister Pham Minh Chinh requested that if difficulties or obstacles arise during the implementation of tasks and solutions, the Ministers and heads of sectors must directly coordinate to resolve them in order to achieve the set goals. Source: https://baotintuc.vn/thoi-su/thu-tuong-phan-dau-ket-qua-nam-2024-cao-hon-toan-dien-hon-nam-2023-20240805124655445.htm