Focus on prioritizing promoting economic growth

Along with that, the Government drafted a Resolution on key tasks and solutions to implement the Socio -Economic Development Plan, the State budget estimate for 2024 and a number of other important issues.

Prime Minister Pham Minh Chinh chairs the regular Government meeting in November 2023. *Photo: Duong Giang/VNA*

International positive assessment of Vietnam's economic prospects

At the meeting, Government members focused on discussing and analyzing the situation; evaluating results, limitations, causes, lessons learned; especially solutions that need to be implemented to complete the set goals for 2023.

Delegates proposed prioritizing economic growth; operating macroeconomic policies reasonably and effectively; having solutions to continue to remove difficulties for the real estate market; increasing access to credit for people and businesses; focusing on growth drivers such as investment, export, consumption and new growth drivers such as science and technology, innovation, processing and manufacturing industries, emerging industries such as semiconductor technology, Hydrogen; continuing administrative reform, promoting decentralization, delegation of power...

Concluding the meeting, Prime Minister Pham Minh Chinh highly agreed with the reports and opinions presented at the meeting; said that in November, the Government and the Prime Minister directed to focus on implementing the Resolutions and Conclusions of the Central Committee, the Politburo, the National Assembly and directed to best prepare the contents for the 6th Session of the National Assembly; focused on building and perfecting institutions and laws, in total in 11 months, the Government issued 78 Decrees, 236 Resolutions; the Prime Minister issued 29 Decisions on legal norms, 1,575 individual Decisions, 28 Directives.

Along with that, the Government has focused on removing difficulties and obstacles, supporting people and businesses to recover and develop production and business through policy mechanisms, infrastructure and human resources; focused on directing and urging the acceleration of disbursement of public investment capital; directed the resolution of urgent issues, promoted socio-economic development, in the spirit of listening to respond promptly; actively and effectively implemented many foreign affairs and international integration activities, especially building and organizing the implementation of high-level agreements...

“Thanks to the drastic and strong participation of the entire political system, people and business community under the leadership of the Party, the socio-economic situation in November continued to trend positively, each month was better than the previous month, achieving the set general goals and many important results in all fields,” the Prime Minister pointed out.

According to the Prime Minister, the macro economy continues to be stable; inflation is under control; the average increase in 11 months is 3.22%; growth is promoted, major balances are ensured; industrial production has recovered positively; import and export have grown quite well, with a relatively high trade surplus, 11 months of trade surplus of 25.83 billion USD; agriculture has developed stably; services continue to maintain a fairly good growth momentum; development investment continues to achieve positive results, continuing to be the driving force for economic growth; planning work has been accelerated, 108/111 plans have completed the establishment, appraisal and approval; cultural and social fields have been focused on; the political and social situation is stable; national defense and security have been maintained; social order and safety have been basically ensured; prevention and control of corruption and negativity have been promoted; foreign affairs and international integration have been promoted...

“Public debt, government debt, foreign debt, and budget deficit are under control; reserve funds remain… These are important factors and room to promote growth,” the Prime Minister emphasized.

According to the Prime Minister, international organizations continue to have quite positive assessments of Vietnam's economic growth prospects. In particular, the Asian Development Bank (ADB) assessed that Vietnam's GDP growth is the highest in Southeast Asia; the IMF forecasts that Vietnam will rank 20th in the world with a growth rate of 5.8% in 2024...

Prioritize promoting economic growth

After stating the difficulties, challenges, and limitations that need to be overcome, analyzing the causes and lessons learned, the Prime Minister directed ministries, branches, and localities to carry out key tasks and solutions to effectively carry out the tasks of 2023, creating momentum for carrying out the tasks of 2024 and the coming time.

In particular, the Prime Minister requested ministries, branches, localities, especially leaders, to focus on organizing the synchronous, effective, and comprehensive implementation of the Resolutions and Conclusions of the Central Committee; Laws and Resolutions on the socio-economic development plan, budget estimates, public investment in 2024... approved by the National Assembly at the 6th Session, as well as Resolutions and directions of the Government and Prime Minister.

Along with that, continue to direct and closely coordinate with the National Assembly agencies to review, absorb, explain and complete the draft Law on Land (amended), Law on Credit Institutions (amended) and Resolutions to be submitted to the National Assembly for consideration at the upcoming extraordinary session.

The Head of Government directed to continue to resolutely implement the priority task of promoting growth associated with maintaining macroeconomic stability, controlling inflation, and ensuring major balances of the economy. Special attention should be paid to prioritizing promoting economic growth; striving to achieve the highest level of targets not yet achieved in the 2023 plan.

At the same time, effectively handle existing problems and obstacles to restore and develop stable, safe, healthy and sustainable markets, especially real estate trading floors, corporate bonds, securities, labor, science and technology..., ensuring publicity, transparency, promoting accountability; continue to implement proactive, flexible, timely and effective monetary policies; closely and synchronously coordinate with reasonable, focused and key expansionary fiscal policies and other policies; strengthen financial and state budget discipline and order; promptly implement solutions to deal with weak projects and enterprises and deal with existing problems.

The Prime Minister emphasized that it is necessary to continue to strongly promote growth drivers such as investment, export and consumption, especially at the end of the year; pay special attention to promoting new growth drivers of the economy. In particular, strongly promote 6 socio-economic regions according to the Resolution of the Politburo and the programs and plans of the Government; focus on economic development in large cities to add momentum to growth; take advantage of new opportunities from the shift in global and regional production, trade and investment supply chains, attract investment, develop industries and fields of semiconductor chips, electronic components; attract green financial resources, preferential green credit to develop renewable energy, new hydrogen energy, etc.

“We must promote economic connectivity within the region, between regions and across the country; develop science and technology, innovation, serve emerging industries; consolidate traditional markets and expand new markets, especially in the Middle East, Africa and South America…”, the Prime Minister noted.

The Prime Minister directed to urgently build and develop a regional and international financial center in Vietnam; well organize the Vietnam - Hau Giang International Rice Festival 2023, investment, trade and tourism promotion activities at home and abroad, ensuring substance and efficiency; promote disbursement of public investment capital, the Socio-Economic Recovery and Development Program and 3 National Target Programs, speed up planning approval...

Prime Minister Pham Minh Chinh chaired the meeting. *Photo: Duong Giang/VNA*

Removing difficulties for production and business

The Prime Minister requested ministries, branches and localities to focus on removing difficulties for production and business; promote the unblocking, mobilization and effective use of resources.

In particular, continue to resolutely, comprehensively and synchronously implement policies and solutions on taxes, fees, currency, trade, investment... that have been issued and promptly submit to the Government for promulgation a Decree on reducing value-added tax according to the Resolution of the National Assembly; continue to review and perfect legal regulations, promptly detect inadequacies, obstacles, and overlaps to amend, supplement or propose to competent authorities to amend and supplement; complete the amendment of Decrees and Circulars to remove difficulties in land, especially land valuation, promulgate in early December 2023 to remove difficulties, promote the implementation of real estate projects, creating momentum for the recovery of the real estate market.

At the same time, drastically cut and simplify administrative procedures and business conditions; improve the quality of public services, continue to improve the business environment, enhance competitiveness; further promote the role of Credit Guarantee Funds to support businesses in accessing capital, especially for small and medium enterprises; focus on implementing Project 06 in the spirit of ensuring publicity, transparency, creating convenience and reducing costs for people and businesses.

The Prime Minister directed ministries, branches and localities to focus on strongly developing key sectors and fields. In particular, in terms of industry, strongly promote the development of industrial production, especially the processing and manufacturing industry, accelerate the progress of large-scale, high-tech projects with strong spillover effects; proactively implement solutions to ensure energy security, resolutely not to have shortages of electricity and gasoline; resolutely implement and ensure the progress and quality of projects, tasks and assigned work to be completed in 2023, including expressway projects, completing the Project on high-speed railway investment policy on the North-South axis and important national railway projects, airport projects; strongly develop tourism with visa-free tourism, service sectors with potential, advantages, and high-tech applications such as transportation, logistics, education, healthcare, banking, etc.

The Prime Minister also directed ministries, branches and localities to focus on cultural and social fields; do a good job of social security, ensure people's lives; protect the environment, prevent and combat natural disasters, respond to climate change; step up organizational restructuring, streamline staffing; strengthen the fight against corruption, negativity and waste; consolidate national defense and security; maintain social order and safety; promote foreign affairs and international integration; proactively strengthen information and communication work, especially policy communication, promote good models and good deeds, fight against bad and toxic information, and strictly handle violations...

Prime Minister Pham Minh Chinh directed and assigned specific tasks to each ministry, branch, agency, and locality; reminded ministries, branches, and localities, especially their leaders, to promote and enhance their sense of responsibility, and carry out tasks to achieve results higher each month than the previous month, the following quarter than the previous quarter, and the following year than the previous year as directed by General Secretary Nguyen Phu Trong.

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