Concluding the regular Government meeting in October, Prime Minister Pham Minh Chinh requested to strive to achieve and exceed all 15/15 targets for the whole year of 2024, in which the GDP growth rate in the fourth quarter is about 7.4-7.6%, the whole year reaches over 7%; at the same time, emphasizing that if institutional bottlenecks are removed, GDP growth can reach double digits each year in the coming decades.
On the morning of November 9, Prime Minister Pham Minh Chinh chaired the regular Government meeting for October 2024, discussing many important contents.
Attending the meeting were members of the Politburo, members of the Party Central Committee, Deputy Prime Ministers, members of the Government, leaders of ministries, branches and central agencies.
The meeting focused on discussing and evaluating the socio-economic situation in October and the first 10 months of the year, orientations, tasks and solutions in November, from now until the end of the year and the coming time.
Special attention is paid to reviewing and perfecting institutions and laws.
Regarding the direction and management work, reports and opinions presented at the meeting unanimously assessed that since the beginning of the year, all levels, sectors and localities have focused on implementing tasks and solutions according to the Resolutions and Conclusions of the Central Committee, Politburo, Secretariat, National Assembly, Government and Prime Minister.
In particular, priority is given to promoting growth associated with maintaining macroeconomic stability, controlling inflation, and ensuring major balances of the economy.
Focus on implementing 3 strategic breakthroughs in institutions, infrastructure, and human resources. Pay special attention to reviewing and perfecting institutions and laws, establishing steering committees headed by the Prime Minister, and working groups to promptly remove "bottlenecks", difficulties, and problems that arise, creating consensus within the entire political system, people, and businesses.
Accelerate the implementation of strategic infrastructure projects and works, including reporting to competent authorities on investment policies for the North-South high-speed railway project and promoting standard gauge railway projects connecting with China.
Promoting science and technology, startups, innovation, national digital transformation, Project 06, cutting and simplifying administrative procedures, removing difficulties and obstacles for production and business, honoring enterprises.
Focus on ensuring social security, improving people's lives; strengthening response to climate change, resource management, environmental protection, prevention and overcoming consequences of natural disasters, especially storm No. 3.
Consolidate and strengthen national defense and security, firmly protect independence and sovereignty; ensure social order and safety. Promote foreign affairs and international integration, prepare for foreign affairs activities of Party and State leaders, contribute to affirming the role, enhancing the position and prestige of Vietnam, and promoting cooperation with other countries.
A bright spot in the direction and management work is the establishment of working groups to direct and resolve difficult, new, and sensitive issues, using the special envoy mechanism to work with important partners, promoting high efficiency.
Vietnam can have the highest growth in ASEAN+3
Regarding the socio-economic results in October and 10 months of 2024, reports and opinions unanimously assessed that the socio-economic situation continued to trend positively, in general, the results in October were higher than in September and the overall 10 months were better than the same period in 2023 in most areas, notably:
The economy continues to grow positively in all three sectors. The agricultural sector continues to grow steadily. The industrial sector continues to have a positive trend, increasing by 4% in October compared to September and by 7% over the same period; the total increase in 10 months is 8.3% (the same period in 2023 increased by 0.5%). The service sector continues to grow well; total retail sales of goods and consumer service revenue increased by 8.5%. The Purchasing Managers' Index (PMI) in October 2024 reached 51.2 points, showing that production continues to expand.
The macro economy continues to be stable, inflation is under control, major balances are ensured. The consumer price index (CPI) increased by 3.78%. Exchange rates and interest rates are generally stable. Energy and food security are ensured (rice exports reached nearly 7.8 million tons, turnover of nearly 4.9 billion USD, up 10.2% and 23.5% respectively over the same period); the balance of labor supply and demand is basically ensured.
Exports continued to increase, with a large trade surplus. October exports increased by 4.4% compared to September and by 10.1% compared to the same period last year; the total for the first 10 months increased by 14.9% (domestic sector increased by 20.7%, FDI sector increased by 12.8%); imports increased by 16.8%; trade surplus was 23.31 billion USD.
Tourism has recovered strongly. International visitors in October reached 1.42 million, up 27.6%; in the first 10 months, there were 14.1 million, up 41.3%.
State budget revenue increased sharply , total revenue in 10 months reached 97.2% of the estimate, up 17.3% over the same period (while 149.1 trillion VND of taxes, fees, and charges were exempted, reduced, and extended). Public debt, government debt, foreign debt, and budget deficit were lower than the prescribed limit.
Development investment achieved positive results. Disbursement of public investment capital in the first 10 months reached 52.29% of the plan. FDI attraction reached 27.26 billion USD, up 1.9%, the highest since 2019; realized FDI capital reached 19.58 billion USD, up 8.8%, the highest in the past 5 years.
Business development continued to recover . In October, 22.9 thousand enterprises were newly registered and returned to operation, up 29.1% compared to September and up 7% over the same period; in the first 10 months, 202.3 thousand enterprises were newly established and returned to operation, up 9.1% over the same period.
Cultural and social fields are focused on; social security is guaranteed. People have been supported with 21.8 thousand tons of rice. In October, 95.4% of households assessed that their income was stable or higher than the same period last year. Traffic accidents decreased in all three criteria.
Administrative reform, especially cutting and simplifying administrative procedures, digital transformation, Project 06 and preventing corruption, waste and negativity, are promoted.
Political and social stability; national defense and security enhanced; social order and safety ensured; foreign affairs and international integration promoted; the country's prestige and position enhanced. Upgrading relations to Comprehensive Partnership and signing the Comprehensive Economic Partnership Agreement (CEPA) with the UAE.
Many international organizations and experts continue to highly appreciate the results and prospects of Vietnam's economy. Standard Chartered raised its forecast for Vietnam's GDP growth in 2024 from 6% to 6.8%, HSBC raised its forecast from 6.5% to 7%; the ASEAN+3 Macroeconomic Research Office (AMRO) forecasted that in 2024 and 2025, Vietnam could have the highest growth in ASEAN+3.
Respect time, intelligence, thinking must go earlier, vision must be further
In his concluding remarks, Prime Minister Pham Minh Chinh welcomed and highly appreciated the Ministry of Planning and Investment, ministries and branches for carefully preparing reports, and the enthusiastic, responsible and practical opinions of the delegates. Basically agreeing with the reports and opinions, the Prime Minister assigned the Ministry of Planning and Investment and the Government Office to absorb and complete the reports and draft Resolution of the meeting, and submit them to the Prime Minister for early promulgation.
On the occasion of Vietnam Law Day (November 9), the Prime Minister sent his congratulations to the Ministry of Justice and those working in law-making, asking them to continue their efforts and contributions to removing institutional and legal obstacles and bottlenecks in the coming time.
Regarding the results achieved in October and the first 10 months of the year, Prime Minister Pham Minh Chinh summarized and emphasized that the greatest achievement is that the macro economy is stable, inflation is controlled, growth is promoted, and major balances are ensured. The socio-economic situation continues to trend that each month is better than the previous month, each quarter is better than the previous quarter, and this year is better than last year. If the GDP growth for the whole year reaches over 7%, we will achieve and exceed all 15/15 targets for 2024.
In particular, a bright spot is the decisive direction, quick handling of the situation, overcoming the consequences of natural disasters, storms and floods, strongly promoting the spirit of mutual love, national affection, and compatriotism, ensuring that no one goes hungry, cold, or lacks shelter, students can go to school, and the sick are treated.
The Prime Minister expressed his excitement that 40 new houses in Lang Nu have been built; at the same time, he praised the State Bank for quickly providing capital to farmers and businesses affected by the storm, and the Ministry of Agriculture and Rural Development and the Ministry of Finance for promptly handling issues related to seeds for the people.
In addition to the basic achievements, in terms of shortcomings, limitations, difficulties and challenges , the Prime Minister noted that the regional and international situation still has many uncertainties and risks; the pressure on macroeconomic management is still great, especially in terms of managing exchange rates, interest rates, supply and prices of domestic goods and services.
The production and business situation in some sectors is difficult, especially input spending for production; the pressure to repay corporate bonds due is high. Access to credit capital is still difficult; bad debt tends to increase. Difficulties and problems in the real estate market are slow to be resolved. Disbursement of public investment capital and implementation of the 145 trillion VND credit package for social housing have not met expectations.
Legal regulations are still overlapping; some detailed regulations are slow to be issued; administrative procedures are still cumbersome. Digital transformation is not uniform among ministries, branches and localities.
The lives of a segment of the population are difficult. Natural disasters, storms, floods, saltwater intrusion, landslides, and subsidence cause damage and affect people's lives. The crime situation, especially cybercrime, is still complicated.
The Prime Minister pointed out that the results achieved were thanks to the close leadership and direction of the Central Executive Committee, directly and regularly by the Politburo and the Secretariat, headed by the General Secretary; the close and active coordination and support of the National Assembly and agencies in the political system; the participation and support of the people and businesses; the cooperation and assistance of international friends; the efforts of the Government, the Prime Minister and all levels, sectors and localities.
Regarding limitations and shortcomings, in addition to objective causes, subjective causes are that institutions, decentralization, and delegation of power in some areas are still entangled; discipline is not strict in some places; a number of cadres and civil servants avoid, shirk, and are afraid of responsibility; policy responses in some cases are not timely and effective; the spirit of self-reliance and self-improvement of some agencies and units is not high...
Basically agreeing with the lessons learned that the delegates pointed out, the Prime Minister emphasized 3 contents:
First, grasp the domestic and international situation, respond to feasible, timely and effective policies at all levels, sectors and especially at ministries.
Second, for new, difficult, and sensitive tasks, one must have political will with high determination, great effort, drastic action, focus, key points, clear people, clear work, clear time, clear responsibilities, clear products, regular inspection and supervision, and timely handling of problems.
Third, respect time, respect intelligence, innovative thinking, strategic vision, thinking must go earlier, vision must be further, action must be decisive and effective, say is do, only discuss doing, do not discuss backing down.
10 key tasks and solutions for the coming time
Assessing that the situation in the coming time will continue to have more difficulties and challenges than opportunities and advantages due to the trend of separation and fragmentation in the world, strategic competition, changes in policies of countries, disruptions in supply chains, production, markets, etc., the Prime Minister requested all levels, sectors and localities to resolutely implement the tasks and solutions set out, striving to achieve and exceed all 15/15 main targets of 2024, creating momentum for 2025.
Specifying 10 groups of key tasks and solutions, the Prime Minister first requested the synchronous, drastic and effective implementation of resolutions, conclusions and directions of the Central Committee, the Politburo, the Secretariat, the General Secretary, the National Assembly, the Government and the Prime Minister. In particular, it is noted to continue to carefully prepare documents for the 8th Session of the 15th National Assembly, and that Government members fully attend the Questioning Session.
Second, continue to prioritize promoting growth associated with maintaining macroeconomic stability, controlling inflation, ensuring major balances of the economy with the target: GDP growth rate in the fourth quarter is about 7.4-7.6%, the whole year reaches over 7%, controlling inflation below 4.5%; credit growth is about 15%; state budget revenue increases by at least 15%.
The Prime Minister requested to continue to operate monetary policy proactively, flexibly, promptly and effectively; coordinate synchronously, harmoniously and closely with a reasonable, focused, key expansionary fiscal policy and other macroeconomic policies.
The Ministry of Finance continues to strive to increase revenue and save state budget expenditures; promote digital transformation, apply electronic invoices; thoroughly save regular expenditures. Effectively implement policies on extension, exemption and reduction of taxes, fees and charges; at the same time, summarize and evaluate effectiveness to study and propose the issuance of policies to continue exemption, reduction and extension of taxes, fees and land rents to implement from the beginning of 2025, including VAT reduction to stimulate domestic consumption and production.
Continue to control inflation according to the target. Promote the exploitation and processing of coal, oil and minerals. Resolutely ensure adequate supply of electricity and gasoline to meet production and consumption requirements; at the same time, develop and implement a plan to ensure long-term electricity supply.
Third, focus on renewing traditional growth drivers and strongly promoting new growth drivers, especially national digital transformation.
Accelerate the implementation of public investment projects and three national target programs; promote private investment; strengthen public-private partnership; selectively attract FDI, have support policies to attract science and technology, innovation, proactively and actively attract multinational corporations, strategic investors in the fields of chips, semiconductors, artificial intelligence, etc.
Regarding exports, trade promotion will be enhanced; large, traditional markets will be consolidated; new markets will be expanded (Middle East, Halal, Latin America). The Minister of Industry and Trade will be the Head of the negotiating team for free trade agreements, and the Minister of Planning and Investment will be the Head of the negotiating team for investment protection agreements with Middle Eastern countries, Pakistan, and Egypt.
Regarding consumption, promote domestic market development, stimulate consumption, the campaign "Vietnamese people prioritize using Vietnamese goods", e-commerce, and cashless payments. The Ministry of Industry and Trade presides over, researches, and reports to the Prime Minister on solutions to promote the market and stimulate domestic demand.
The Ministry of Culture, Sports and Tourism coordinates with localities to develop policies to attract tourists; the Ministry of Public Security and the Ministry of Foreign Affairs research and implement visa policies, including unilateral visa exemptions for some countries to attract tourists.
Effectively implement the Semiconductor Industry Development Strategy and the Semiconductor Industry Human Resource Development Program. Focus on researching, building and completing the Project of the International and Regional Financial Center, the Project of developing the carbon market and free trade zones in localities.
Fourth, promote the disbursement of public investment capital and three national target programs. Continue to promote the role of the Prime Minister's working groups. The Ministry of Transport, the State Capital Management Committee at Enterprises, and enterprises quickly and resolutely implement tasks to start the Lao Cai - Hanoi - Hai Phong railway project in 2025 and then continue to start the Lang Son - Hanoi route.
Fifth, with the view that institutions are the "breakthrough of breakthroughs", the Prime Minister requested to accelerate the improvement of institutions, laws, and administrative procedure reform. Continue to resolutely remove legal obstacles, promote decentralization, and resolutely eliminate the mechanism of asking and giving, in the spirit of local decision, local action, and local responsibility.
Thoroughly overcome the situation of arrears and slow issuance of detailed regulations and guidance on law implementation. Promptly issue a Decree on the establishment, management and use of the Investment Support Fund and a project on developing high-quality human resources to serve high-tech development.
Establish a Steering Committee and Working Group on streamlining the Government apparatus in accordance with Resolution No. 18-NQ/TW of the Central Committee on continuing to innovate and reorganize the apparatus of the political system to be streamlined, operate effectively and efficiently, and under the direction of the Politburo. Promote digital transformation, Project 06, and build a National Data Center.
"We cannot achieve the development goals by 2030 and 2045 without achieving double-digit growth each year in the coming decades. And we can achieve double-digit growth if we remove institutional barriers and bottlenecks and unleash the resources of the whole society. Ministers, Deputy Prime Ministers, and the Prime Minister must focus on directing this work," the Prime Minister emphasized.
Sixth, continue to focus on thoroughly handling outstanding and long-standing issues, effectively implementing Conclusion No. 77-KL/TW of the Politburo. The State Bank of Vietnam urgently submits a plan for compulsory transfer of the remaining specially controlled banks; completes a plan for handling SCB. The Ministry of Health urgently thoroughly handles problems related to the Investment Project to build the second facility of Bach Mai and Viet Duc hospitals. The Ministry of Industry and Trade presides over and coordinates with the Government Inspectorate and relevant agencies to urgently complete documents on solutions to remove difficulties and problems for renewable energy power projects.
Seventh, focus on the fields of culture, society, and environment; ensure social security and people's lives. Build a social security net covering all subjects; ensure social progress and equality, leaving no one behind. Resolutely deploy the emulation movement "Join hands to eliminate temporary and dilapidated houses nationwide by 2025". Strengthen situational awareness; proactively take solutions to ensure balance between labor supply and demand, especially in industrial parks and emerging industries.
Eighth, strengthen national defense and security; promote the fight against corruption, waste, and negativity; improve the effectiveness of foreign affairs and international integration; organize well foreign affairs activities of senior leaders. Ensure security and order, and prevent crime.
Ninth, strengthen information and communication work, especially policy communication, using beauty to eliminate ugliness, using positivity to push back negativity, contributing to creating social consensus and an enthusiastic atmosphere, striving to rise up of the whole society.
Tenth, actively and effectively implement the work of the 14th Congress Economic and Social Subcommittee.
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