On August 5, concluding the regular Government meeting in July, Prime Minister Pham Minh Chinh assessed that the socio-economic situation continued to have a positive trend, with July's results higher than June's and the overall 7-month performance better than the same period in 2023 in most areas. In addition to the achieved results, the Prime Minister pointed out that the socio-economic situation still has difficulties and challenges, in which inflationary pressure is still high, especially due to strong fluctuations in crude oil and food prices; the situation of the world's financial, monetary and real estate markets still has many risks... In addition, the implementation of the VND 140,000 billion credit package for social housing is very slow; There is still 26,500 billion VND of unallocated public investment capital... Faced with the above challenges, the Prime Minister clearly stated the general guiding viewpoint that next month must achieve higher results than the previous month, the next quarter must be better than the previous quarter, and the results in 2024 must be greater, more inclusive, and more comprehensive than in 2023.

Prime Minister Pham Minh Chinh. Photo: Nhat Bac

Do each task thoroughly Regarding the tasks and solutions in the coming time, the Prime Minister requested ministers, heads of sectors, and chairmen of local People's Committees to closely follow the situation, organize and implement synchronously, drastically, and effectively the resolutions of the Party; conclusions and directions of the Central Committee, the Politburo, the Secretariat, and key leaders; resolutions of the National Assembly; directions and administration of the Government and the Prime Minister... The head of the Government requested to work with focus and key points, do each task thoroughly; assign "clearly to people, clear tasks, clear responsibilities, clear deadlines, clear products, clear effectiveness", strengthen supervision, inspection, implement emulation and rewards, and promptly handle violations. The Prime Minister directed to continue to prioritize promoting growth associated with maintaining macroeconomic stability, controlling inflation, and ensuring major balances of the economy. Regarding monetary policy, the State Bank focuses on stabilizing exchange rates and the foreign exchange market; Increase access to credit capital, focus on priority areas, strive for annual credit growth of about 15%; continue to reduce lending interest rates. Regarding fiscal policy, the Ministry of Finance strives to increase revenue, save expenditure, drastically implement digital transformation, apply electronic invoices in revenue management, thoroughly save regular expenditure; effectively implement policies to extend, exempt, and reduce taxes, fees, and charges. The Prime Minister also noted the synchronous implementation of inflation control solutions according to the set targets; carefully prepare, assess impacts, and have a roadmap to adjust prices appropriately for services managed by the State (education, health). In particular, it is necessary to ensure adequate supply of electricity and gasoline to meet production and consumption requirements in all situations. Inauguration of the 500kV power line project on the occasion of National Day, September 2. The Prime Minister requested to focus on renewing traditional growth drivers and strongly promoting new growth drivers; Researching policy packages with large enough scale, suitable and feasible to support businesses, promote new growth drivers such as semiconductor chips, AI... At the same time, the Prime Minister requested to resolutely promote further disbursement of public investment capital, 3 national target programs. The Prime Minister requested the Ministries of Transport, Industry and Trade, Planning and Investment, and Construction to accelerate the construction progress of important and key national infrastructure projects (especially the 500kV project of circuit 3 Quang Trach - Pho Noi, to be inaugurated on the occasion of the 79th anniversary of the August Revolution and National Day September 2); expressway system (striving to put about 3,000km into operation by 2025). In particular, the Prime Minister requested to urgently allocate the remaining 26,500 billion VND of public investment capital. In particular, the Ministry of Planning and Investment needs to resolutely transfer capital to tasks and projects with quick disbursement and capital needs before August 15. The head of the Government also noted the need to accelerate the completion of institutions and laws, reform administrative procedures, and promote national digital transformation. Focus on reviewing and proposing solutions to handle mechanisms, policies, and legal regulations that are still contradictory, overlapping, inadequate, and not suitable for practice for amendment and supplementation; report to the Steering Committee to review and handle obstacles in the system of legal documents... In addition, it is necessary to continue to focus on thoroughly handling outstanding and prolonged issues; promote administrative procedure reform, improve the investment and business environment; request ministries, branches, and localities to develop a digital transformation project connected with Project 06 in August.

Reports at the meeting showed that the socio-economic situation in July and the first 7 months of the year achieved 13 outstanding results. Specifically, the macro-economy continued to be stable, inflation was well controlled, and major balances were ensured. The average consumer price index (CPI) in the first 7 months increased by 4.12%, up 0.04% compared to June, in the context of increasing basic salary. Budget revenue increased sharply, the total state budget in the first 7 months was estimated at 69.8% of the yearly estimate, up 14.6% over the same period (while 87,200 billion VND of taxes, fees, and charges were exempted and reduced). Public debt, government debt, foreign debt, and budget deficit were controlled below the prescribed limit. In particular, pension policies, social insurance subsidies, preferential subsidies for meritorious people, and social subsidies according to new salaries from July 1 have been properly, fully, and promptly implemented. The total budget for subsidies and preferential allowances for people with revolutionary contributions increased by more than VND5,300 billion. In July, nearly 96% of households were assessed to have a stable income. Source: https://vietnamnet.vn/thu-tuong-yeu-cau-khan-truong-phan-bo-26-500-ty-dong-von-dau-tu-cong-2308785.html