(MPI) - Reporting at the regular Government meeting in July 2024 held on August 5, 2024, Minister of Planning and Investment Nguyen Chi Dung emphasized that our country's economy has recovered relatively clearly in all fields in the past 7 months, achieving many important results, highly appreciated by international organizations and businesses. The macro economy is basically stable, inflation is under control; budget deficit, public debt, government debt, and foreign debt are under control.
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| Minister Nguyen Chi Dung speaks. Photo: VNA |
The socio -economic situation in July and the first 7 months achieved many important results, reflected in 10 groups of outstanding and encouraging results. Firstly, the macro economy was basically stable, inflation was controlled, and major balances were ensured. The consumer price index (CPI) in the first 7 months increased by 4.12% over the same period, within the control level according to the National Assembly's target; the impact of the new wage policy was insignificant. The exchange rate was managed flexibly, promptly, and in harmony with interest rate management. The state budget revenue in the first 7 months was estimated at 69.8% of the estimate, up 14.6% over the same period. Import-export turnover, export and import in the first 7 months increased by 17.1%, 15.7% and 18.5% respectively; estimated trade surplus of 14.08 billion USD. Major balances were ensured; deficit, public debt, government debt, and foreign debt were within the allowable limits.
Second, growth drivers from the supply side continued to change positively. Agricultural production and services maintained a fairly good growth momentum. Industrial production continued to recover rapidly; the index of industrial production (IIP) in July increased by 11.2% over the same period, and by 8.5% in 7 months, of which the processing and manufacturing industry increased by 9.5%. The Purchasing Managers' Index (PMI) in July reached 54.7 points, the fourth consecutive month above 50 points, showing that production activities continued to recover.
In July, nearly 23 thousand enterprises entered and re-entered the market, up 10.5% over the same period; in the first 7 months, 139.5 thousand enterprises entered and re-entered the market, higher than the number of enterprises withdrawing from the market (125.5 thousand enterprises).
Third, growth drivers from the demand side recovered more positively. Total registered FDI capital in the first 7 months reached over 18 billion USD, up 10.9% over the same period, of which newly registered FDI reached nearly 10.8 billion USD, up 35.6%, adjusted registered FDI capital reached nearly 5 billion USD, up 19.4%; realized FDI capital was about 12.6 billion USD, up 8.4%. The quality of FDI capital flows increased sharply thanks to careful selection of investment attraction. The real estate market changed positively, and transaction activities gradually increased again.
Total retail sales of goods and consumer services revenue in July increased by 9.4% over the same period, and by 8.7% in the first 7 months; international arrivals in the first 7 months reached nearly 10 million, up 51%. Exports continued to be a bright spot, especially agricultural, forestry and fishery exports; export growth to some major markets such as China and Japan basically recovered in July.
Fourth, resolutely focus on perfecting institutions and laws, improving the investment and business environment; handling backlogs and obstacles; promoting investment in strategic and important infrastructure projects; and promoting new growth drivers of the economy.
The Government has issued documents guiding the Law on Land, Housing, and Real Estate Business, ensuring the implementation of the Law from August 1, 2024; issued a Decree on piloting decentralization of state management to Ho Chi Minh City. The Prime Minister has established a Steering Committee to review problems in the legal system, and study and submit them to the National Assembly at the 8th Session for resolution.
In 7 months, 87.2 trillion VND in taxes, fees, and charges have been exempted and reduced (of which about 55.1 trillion VND has been exempted and reduced). The State Bank is studying and amending the 120 trillion VND credit package for social housing loans in the direction of increasing the interest rate reduction for home buyers.
The Government and the Prime Minister continue to direct ministries, branches and localities to focus on removing difficulties and obstacles for key projects; handling backlog issues, weak enterprises, banks, "zero-dong" banks, etc.; implementing the Project to invest in 1 million social housing units; speeding up planning progress and issuing plans to implement the planning; developing the digital economy, digital transformation, implementing Project 06, providing online public services, etc.
Fifth, social security is ensured, people's lives continue to improve. Wage policies are carefully organized and implemented, combined with communication solutions to minimize the impact on inflation and prices of goods and services. The 7-month credit programs have supported loans for 1.5 million subjects, creating jobs for more than 445 thousand workers. The Prime Minister has decided to establish a National Fund to join hands to eliminate temporary and dilapidated houses for poor and near-poor households. Timely and well-done work to support food, necessities, and temporary accommodation for people affected by natural disasters, and to overcome the consequences of natural disasters. The rate of households assessing that their income remained unchanged and increased in July was 95.8%.
Sixth, the cultural and social fields continue to receive attention and focus. In July, many meaningful activities were organized to commemorate the War Invalids and Martyrs Day, the traditional day of the Vietnam Youth Volunteer Force, the People's Police, the People's Security, and the Foreign Security Forces... The State Funeral of the late General Secretary Nguyen Phu Trong was organized solemnly, thoughtfully, and safely, expressing deep affection and gratitude for the great contributions of the late General Secretary Nguyen Phu Trong, with hundreds of international delegations, thousands of delegations, and hundreds of thousands of people coming to pay their respects and see him off. Thereby, it demonstrated the spirit of solidarity, patriotism, national pride, and aroused the determination of all our people in building and defending the Fatherland.
Seventh, the education sector has successfully organized the National High School Graduation Exam, continued to implement university and college admissions in 2024, ensuring safety, seriousness, and on schedule.
Eighth, the health sector does a good job of preventing and controlling diphtheria; preventing and controlling epidemics, environmental sanitation before, during and after natural disasters, storms and floods; ensuring medicines and medical supplies for medical examination and treatment, implementing the Expanded Immunization Program...
Ninth, political stability, independence, and national sovereignty are maintained; national defense and security potential is enhanced. Security and order are basically stable; rescue work is done well, timely rice is distributed to support people in overcoming the consequences of natural disasters; prevention of smuggling, trade fraud, online fraud, and high-tech crimes is strengthened. The work of preventing corruption and negativity is focused on.
Tenth, foreign affairs and economic diplomacy, especially high-level diplomacy, were proactively, actively and effectively implemented. The President's visit to Laos and Cambodia was successfully organized; the Prime Minister's visit to India was well received; the leaders of other countries attended the State Funeral of the late General Secretary Nguyen Phu Trong, contributing to fostering the friendly relations between Vietnam and other countries. The Vietnam-US comprehensive strategic partnership economic dialogue activities continued to be actively implemented. Vietnam's position and prestige continued to be raised, opening up new cooperation opportunities and development directions for the country.
According to Minister Nguyen Chi Dung, the results achieved are thanks to the leadership of the Party, directly and regularly by the Politburo and the Secretariat; the coordination and companionship of the National Assembly; the drastic, close, timely and effective direction and management of the Government and the Prime Minister; the efforts of ministries, branches and localities; the consensus of the people, businesses and the support of international friends.
In addition to the causes and good lessons that have been summarized by the Government, it is necessary to pay attention to lessons such as thoroughly grasping, resolutely and promptly implementing the Party's guidelines and the State's policies and laws; closely monitoring and grasping the situation to proactively have quick, appropriate, timely and effective policy responses, ensuring harmony between handling situations in the short term and developing in the medium and long term.
Directing and operating flexibly, effectively, promptly, without jerkiness; promoting the spirit of accompanying enterprises of all levels, sectors, and localities to focus on removing obstacles, perfecting institutions and laws, and effectively exploiting resources and new growth drivers. Strengthening administrative discipline and order; enhancing the responsibility of leaders; implementing work with focus and key points, completing each task, only discussing, not discussing backwardness.
Promote initiative, creativity, dare to think, dare to do; high determination, great effort, drastic action in each ministry, branch, and locality, associated with clear assignment of tasks, clear time, specific results for easy inspection, supervision, and evaluation; resolutely overcome the fear of making mistakes, shirking responsibility, and avoiding responsibility. Do a good job of criticism; information, communication, and close adherence to reality to inspire, create motivation and social consensus, and create a new momentum for development.
Regarding the key tasks and solutions for August and the third quarter, according to Minister Nguyen Chi Dung, ministries, branches and localities need to thoroughly grasp, more comprehensively and effectively implement the Resolutions and Conclusions of the Party Central Committee, the Politburo, the National Assembly, Resolutions 01/NQ-CP, 02/NQ-CP, Official Dispatch No. 71/CD-TTg, and the directions of the Government and the Prime Minister, and not be subjective, negligent or lose vigilance. The Ministry of Planning and Investment has advised on the key tasks and solutions of each ministry and agency, in which, paying attention to groups of tasks and solutions such as urgently reviewing, resolutely removing and immediately handling difficulties and obstacles in institutions, laws, and administrative procedures, ensuring progress and quality according to the direction of the Government and the Prime Minister, identifying this as the driving force to create a breakthrough for growth in the last 6 months of 2024 and the coming time.
In particular, promote the effectiveness of the Steering Committee's operations to review obstacles and bottlenecks, especially core and urgent issues that need to be focused on resolving at the legal level, and propose to the Government to report to the National Assembly at the 8th Session for consideration and issuance of appropriate and effective documents to immediately handle legal problems and obstacles arising in practice, hindering development.
Research and amend the Law on Public Investment, the Law on Investment under the public-private partnership model, the Law on State Budget, the Law on Management and Use of Public Assets, the Law on amending and supplementing laws in the form of one law amending many laws; develop resolutions for pilot implementation and removing difficulties and obstacles for projects.
Summarize the implementation of pilot mechanisms and policies, specific to some localities, and investment in road construction to study and consider, and submit to competent authorities the expansion of scope and subjects of application. Urgently complete and submit to the Government the Decree on the establishment, management and use of the Investment Support Fund.
All levels, sectors and localities focus on reviewing and proposing solutions to handle mechanisms, policies and legal regulations that are still contradictory, overlapping, inadequate and not suitable for practice to immediately amend and supplement documents within their authority in the spirit of innovation, creativity, accompanying businesses, reporting to the Government and the Prime Minister on issues beyond their authority. Focus on thoroughly handling problems related to value-added tax refunds, fire prevention and fighting, traceability, etc.
Along with that, continue to strongly promote and renew growth drivers in investment, consumption and export. In particular, pay attention to tasks and solutions such as focusing on effectively implementing policies to support businesses and people.
Promote domestic consumption stimulation, effectively implement the campaign for Vietnamese people to prioritize using Vietnamese goods, attract domestic and international tourists. Strengthen e-commerce management, prevent and combat origin fraud and smuggling.
Maximize opportunities from key and strategic export markets and signed FTAs; promote negotiations and signing of new FTAs to boost exports. Proactively negotiate and support businesses involved in anti-dumping investigations against Vietnamese goods. Focus on attracting large-scale, high-quality, high-tech FDI projects in the processing, manufacturing, electronics, semiconductor industries, etc.; promptly handle difficulties and problems of FDI enterprises to speed up project progress.
Accelerate the disbursement of public investment capital, especially in localities assigned large public investment capital sources; ensure the progress of key and important national projects; focus on removing difficulties and obstacles of state-owned corporations and groups, and promote investment in key production and business sectors.
Ensuring macroeconomic stability, major balances of the economy, focusing on controlling inflation. Accordingly, implementing proactive, flexible, timely and effective monetary policy; regulating exchange rates and interest rates synchronously, harmoniously and reasonably; enhancing the application of information technology and digital transformation to continue to reduce costs, striving to reduce lending interest rates; prioritizing credit limits for credit institutions operating effectively, especially for social housing, green growth, digital transformation, circular economy...
Promote new growth drivers from digital economy, digital transformation, green transformation...; strengthen regional connectivity, promote the effectiveness of regional coordination councils.
Focus on doing well social security work, developing culture, education, health care, environmental protection... Closely monitor the developments of natural disasters, storms and floods, respond promptly and effectively, minimize damage caused by natural disasters, support people to overcome the consequences of natural disasters, soon restore production and stabilize life.
Firmly ensure national defense, security, social order and safety. Strengthen international integration deeply, substantially and effectively; promote economic diplomacy, continue to consolidate and constantly enhance the country's international position and prestige. Strengthen information and propaganda, especially policy communication, improve the effectiveness of mass mobilization work, and create social consensus.
Strengthen discipline and administrative order; promptly complete overdue projects and tasks, and overcome the backlog of assigned tasks. Resolutely rectify and overcome the situation of avoiding and shirking responsibility; effectively implement regulations on protecting cadres, dare to think, dare to do./.
Source: https://www.mpi.gov.vn/portal/Pages/2024-8-5/Bo-truong-Nguyen-Chi-Dung-kinh-te--xa-hoi-phuc-hoiv73zr2.aspx
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