Prime Minister Pham Minh Chinh: There is a scientific and practical basis to confidently achieve the growth target.

One of the main drivers is public investment.

Prime Minister Pham Minh Chinh stated that our country is still a developing country with a transitional economy , modest economic scale, high openness, and limited resilience to external shocks; however, our economy is still strong enough to withstand external shocks.

Prime Minister Pham Minh Chinh spoke to clarify a number of issues of concern to National Assembly deputies. Photo: Quang Khanh

“Over the past 5 years, National Assembly delegates have clearly understood that external shocks are very large, but we have clearly overcome them.” Affirming this, the Prime Minister also emphasized that thanks to that, we have been able to stabilize the macro-economy, control inflation, promote growth, ensure major balances, improve people’s lives, and the happiness index has increased 39 places compared to the beginning of the term.

Regarding national security and defense, the Prime Minister affirmed that the national security and defense potential has been strengthened. Never before has our country invested in strengthening its national defense and security potential like this term. Therefore, in the recent 80th National Day celebration, we were able to have weapons and equipment products bearing the Vietnamese brand. "There are types of weapons and equipment that we have been able to make in just 4-5 years. We have also shortened the time to build a regular, elite, and modern revolutionary armed force," said the Prime Minister.

Regarding social security, the Prime Minister said that our country has never invested so much in this field and has never had to do so much social security. During the Covid-19 pandemic, the State spent 1.1 quadrillion VND, equivalent to 17% of the country's GDP, to ensure social security for 68 million people.

The Prime Minister emphasized that the achievements are very valuable in the difficult context; creating momentum, strength, and confidence for the people and the country to enter a new era. Besides, there are still many difficulties, obstacles, and shortcomings that the Government has recognized and the National Assembly deputies have expressed very correctly and accurately.

View of the meeting. Photo: Quang Khanh

Stating that, "on the basis of fully identifying the difficulties and challenges that the country is facing, it is necessary to come up with suitable and feasible solutions and ensure resources for implementation to achieve the set goals", the Prime Minister affirmed that during this term, many outstanding issues have been resolved. For example, 12 loss-making projects that have lasted for decades have been basically resolved, many projects have begun to operate effectively and profitably.

Regarding infrastructure development, closely following the goals of the National Party Congress, there are two very important goals: with a total highway length of 3,000 km, we are exceeding the target of 3,000 km and the coastal road has completed 1,711 km, exceeding the plan by 1,700 km.

Regarding the disbursement of public investment capital, the Prime Minister said that the total investment capital in this term is 3.4 million billion VND, an increase of 55% compared to the previous term. Meanwhile, the number of projects receiving public investment in previous terms was over 10,000 projects, but in this term it has decreased to about 4,760 projects. Thanks to that, we have the resources to invest in implementing the expressway systems in the Mekong Delta, the expressway system to the northern mountainous region, expressways in the Central region, expanding previously built expressways, investing in ports, expanding airports, high-speed railways, standard gauge railways, etc.

The Prime Minister added that, excluding the Covid-19 pandemic in 2021, in the remaining four years of the 2021-2025 term, we will grow by an average of 7.2%, exceeding the set target of 6.5-7%. "One of the main driving forces behind this growth is public investment," the Prime Minister stated.

Delegates attending the meeting. Photo: Pham Thang

Regarding the difficulties in disbursing public investment capital, the Prime Minister said: difficulties related to institutions, resettlement site clearance, land, and investment capital adjustment have been gradually resolved by the Central Government. In addition, objective factors such as natural disasters, storms, floods, and erratic weather conditions have made it difficult to implement the project.

Regarding key solutions in the coming time, the Prime Minister emphasized that decentralization and delegation of power must go hand in hand with resource allocation, improving enforcement capacity and strengthening supervision and inspection.

Regarding budget revenue and expenditure, the Prime Minister frankly acknowledged that although some National Assembly deputies are still concerned about the budget revenue estimates not being close to reality, the biggest goal in state budget management is to ensure that revenue is sufficient for expenditure, ensure national financial security and increase investment for development. Along with that, it is necessary to ensure social security, ensure spending for people with meritorious services and spending for unexpected issues such as the Covid-19 pandemic, natural disasters, etc.

The Prime Minister pointed out that in this term, we have achieved the target of revenue covering expenditure. In difficult conditions, national financial security is still good, public debt has decreased, budget deficit has decreased, and development investment expenditure has increased. This shows that we have applied revenue increase and expenditure savings very effectively.

The Prime Minister said that it is necessary to learn from previous terms to estimate appropriate revenue and expenditure. In spending, it is necessary to ensure priorities, first of all focusing on the following goals: first , ensuring regular spending, spending on people, spending on the operation of the apparatus; second, ensuring spending on national defense potential to maintain independence, sovereignty, territorial integrity, political stability, social order and safety; third, ensuring spending on social security... "We must have priority goals, we cannot solve all goals at the same time in a difficult context," said the Prime Minister. In addition, the Prime Minister also emphasized the need to manage risks, and operations must be based on risk forecasts.

Good macroeconomic policy management is also a growth driver.

Regarding the direction and tasks for 2026, the Prime Minister stated that the growth target for 2026 is set at 8% or more. To achieve the two 100-year strategic goals (by 2030, becoming a developing country with modern industry and high average income; by 2045, becoming a developed country with high income), a breakthrough is needed. The Prime Minister also said that "the growth target of 10% is very difficult but must be done and there is a basis for it to be achieved".

Delegates attending the meeting. Photo: Quang Khanh

Analyzing the bases for achieving the above growth target, the Prime Minister stated: first is the strength of our nation; second is growth based on three very important factors: people, nature and cultural and historical traditions; third is growth based on science, technology, innovation and digital transformation.

The Prime Minister also said that monetary policy and macroeconomic policy are also growth drivers. Good macroeconomic policy is a growth driver. Along with that, we rely on the digital economy, green economy, and creative economy. Fiscal policy, monetary policy, especially fiscal policy still has a lot of room.

The Prime Minister also stated that the goal of breakthrough growth is very difficult, but there is a scientific and practical basis for us to confidently achieve it. “I am confident that we can do it in the current atmosphere: the people are very confident, the National Assembly is united, the Government is determined and trying; businesses are supportive; international friends are helping,” the Prime Minister affirmed.

Source: https://daibieunhandan.vn/thu-tuong-pham-minh-chinh-co-co-so-khoa-hoc-va-thuc-tien-de-tu-tin-thuc-hien-duoc-muc-tieu-tang-truong-10393708.html