Minister Nguyen Chi Dung: Striving for Q4 growth of 7.6-8%

Reporting at the online conference with localities and the regular Government meeting in September 2024, on October 7th, Minister of Planning and Investment Nguyen Chi Dung stated that, based on the results of the third quarter of 2024 and the first nine months, with GDP growth of 7.4% and 6.82% respectively, the Ministry of Planning and Investment recommends striving for a growth rate of approximately 7.6-8% in the fourth quarter of 2024, helping the annual growth rate reach and exceed 7%.

Minister of Planning and Investment Nguyen Chi Dung reports on the socio -economic situation in September and the first nine months of 2024. Photo: Duong Giang/TTXVN

Minister Nguyen Chi Dung pointed out that this proposal is based on six factors: positive growth trends from economic sectors; agricultural production and tourism in the North needing to quickly overcome the consequences of typhoon No. 3 and recover faster; state-owned investment needs to be strongly promoted; and bright spots in attracting foreign investment and exports maintaining positive growth rates.

In addition, the promotion and more effective exploitation of the domestic market, achieving and exceeding the target of attracting international tourists; the promulgation and effective implementation of new policies and legal regulations; and the decisive direction and management of the Government and the Prime Minister, as well as the efforts and determination of ministries, sectors, and localities, especially the two major cities of Hanoi and Ho Chi Minh City.

"Although these two localities have made great efforts and shown determination to boost industrial production and state budget revenue, achieving higher growth rates in the third quarter, they need to further develop their leading role and strive to achieve even higher growth rates in the fourth quarter of 2024 to help the national growth exceed 7%," Minister Nguyen Chi Dung said.

To achieve this growth, the Ministry of Planning and Investment has also proposed 10 key tasks and solutions for the fourth quarter of 2024; in which, it emphasizes the need to quickly overcome the consequences of the storm to restore production and business, and take advantage of opportunities from consumer trends during the year-end and Lunar New Year holidays.

Furthermore, we will continue to prioritize resources for improving policies and laws, creating a favorable and transparent environment to attract large-scale, high-tech investment projects. We will also continue to strongly promote and revitalize traditional growth drivers of investment, consumption, and exports.

The Ministry of Planning and Investment noted the need to promote new growth drivers from the digital economy, digital transformation, green transformation, etc.; strengthen regional linkages, and enhance the effectiveness of regional coordination councils.

"Strengthening cooperation and organizing economic dialogues with comprehensive strategic partners and strategic partners, continuing to effectively utilize the working group mechanism with individual enterprises and investors to attract multinational corporations and strategic investors in the fields of chips, semiconductors, artificial intelligence, etc.," Minister Nguyen Chi Dung emphasized the key tasks to focus on in this group of solutions.

In addition, research should be conducted on policy packages of sufficient scale, appropriateness, and feasibility to support businesses and promote new growth drivers. The Semiconductor Industry Development Strategy and the Semiconductor Industry Human Resource Development Program should be effectively implemented; and research should be focused on developing and refining the International and Regional Financial Center Project; the Carbon Market Development Project; and free trade zones in localities...

Minister Nguyen Chi Dung stated that socio-economic results in September, the third quarter, and the first nine months of the year continued to be significant and encouraging. Ministries, sectors, and localities continue to promote breakthroughs, innovation, and creativity, determined to achieve the highest possible results in fulfilling tasks, objectives, and the large volume of work, especially in perfecting institutions and laws, responding to and mitigating the consequences of natural disasters, in order to achieve the best possible results in the 2024 socio-economic development plan, consolidate fundamental elements, and create momentum for 2025 and subsequent years.

"The basic macroeconomic situation is stable, inflation is under control, and major balances are ensured; the budget deficit, public debt, government debt, and foreign debt are within permissible limits. Supply-side growth drivers continue to show positive developments. Demand-side growth drivers are recovering more positively," the head of the planning and investment sector reported.

Although appreciating the positive trends of the economy, Minister Nguyen Chi Dung affirmed that the economy still faces many difficulties and challenges; in particular, the head of the planning and investment sector emphasized that the drivers of growth still face many difficulties and challenges, requiring more decisive action to improve and overcome them.

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