The Prime Minister requested the highest and best implementation, striving to achieve and exceed the goals and targets in 2024, especially the growth target, with the spirit of "Year of determination", "Year of assurance" and "Year of promotion" - Photo: VGP/Nhat Bac
On the morning of April 3, Prime Minister Pham Minh Chinh chaired the regular Government meeting for March 2024 and the Government's online conference with localities.
According to the program, the meeting discussed and assessed the socio -economic situation in March and the first quarter of 2024, the disbursement of public investment capital and 3 national target programs; the implementation of Resolution 01 of 2024 of the Government, the direction and administration of the Government in March and the first quarter of 2024; additional assessment report on the implementation results of the 2023 socio-economic development plan; and a number of other important contents.
Delegates focused on assessing the situation in March and the first quarter, the direction and management of the Government and local authorities; achievements, shortcomings and limitations; analyzing causes and lessons learned; assessing the situation in April and the second quarter; proposing key tasks and solutions for the coming time.
Regarding the direction and management work , reports and opinions at the meeting unanimously assessed that in March and since the beginning of the year, the Government, ministries, departments, branches and localities have focused on directing the drastic, flexible and creative implementation of tasks and solutions according to the resolutions and conclusions of the Central Committee, the Politburo, the Secretariat, the National Assembly, the Government and the direction of General Secretary Nguyen Phu Trong.
Accordingly, we have focused on directing the organization of a joyful, healthy, safe, economical, and meaningful Lunar New Year celebration, so that no one will be left without a Tet holiday.
The Government has stepped up the work of building and perfecting institutions, by completing and submitting to the National Assembly for approval the Land Law (amended) and the Law on Credit Institutions (amended) at the 5th extraordinary session; preparing draft laws for the 7th session of the National Assembly; organizing 3 thematic meetings on law making, reviewing and giving opinions on 19 draft laws, ordinances and resolutions.
The Government and the Prime Minister issued 36 legal documents (31 decrees and 5 normative decisions). The Prime Minister issued 10 directives and 27 official dispatches, focusing on handling urgent and newly arising issues.
Along with that, approve, amend, and supplement strategies, programs, plans, projects, and planning; including the Plan to implement the 8th Power Plan. Organize many important conferences with the business community, experts, scientists, international organizations, heads of representative agencies abroad, etc.
Organize the second meeting of the 14th Party Congress Socio-Economic Subcommittee; submit to the Politburo the Report and Outline of the 5-year assessment report on the implementation of the 10-year Socio-Economic Development Strategy 2021-2030, and the directions and tasks for socio-economic development for the 5 years 2026-2030.
Effectively implementing many important foreign affairs and international integration activities; negotiating and signing international treaties and agreements, including upgrading Vietnam-Australia relations to Comprehensive Strategic Partnership and many other important foreign affairs events.
The Prime Minister emphasized: Resolutely not backing down in the face of difficulties, maintaining courage, steadfastly pursuing the set goals with higher determination, greater efforts, and more drastic and effective actions - Photo: VGP/Nhat Bac
'10 positive aspects' stand out in the first quarter
Reports and opinions at the meeting also agreed that, in general, the socio-economic situation in March 2024 continued to show a positive recovery trend; the results in March were better than those in January and February; in general, most sectors achieved better results in the first quarter than in the same period in 2023. The first quarter of 2024 was generally better than 2023, with "10 outstanding positive aspects".
Firstly, GDP growth in the first quarter reached 5.66%, higher than the same period in 2020 and higher than the proposed scenario. All three sectors developed well: Agriculture increased by 2.98%, industry and construction increased by 6.28%, and services increased by 6.12%.
The economic structure has shifted in a positive direction (agriculture now accounts for only 11.77%, industry and construction account for 35.67%, services account for 43.48%, taxes minus product subsidies account for 9.02%).
Some localities have high growth in processing and manufacturing industries compared to the same period (Quang Ninh increased by 39.9%, Phu Tho increased by 27.7%, Bac Giang increased by 24%, Thanh Hoa increased by 18.6%, Ha Nam increased by 17.9%, Ninh Thuan increased by 17.4%, Tay Ninh increased by 14.4%, Hai Duong increased by 12.8%).
Second, the macro economy continues to be maintained stable, inflation is controlled, major balances are ensured (enough export-import surplus of 8.08 billion USD; enough food-export of over 2 million tons of rice, worth 1.37 billion USD; energy security, food, labor supply and demand are ensured).
The consumer price index in March decreased by 0.23% compared to February; the average in the first quarter increased by 3.77% (the same period in 2023 was 4.18%; the National Assembly's target is about 4-4.5%). Exchange rates are actively and flexibly managed; interest rates continue to decrease.
Third, exports continued to increase, continued to have a large trade surplus, contributing to ensuring the balance of payments. Import-export turnover in March reached 65 billion USD, up 35.6% compared to the previous month and 12% compared to the same period. The total in the first quarter reached 178 billion USD, up 15.5%; of which exports increased by 17% (domestic sector increased by 26.2%, higher than FDI sector increased by 13.9%), imports increased by 13.9%, trade surplus of 8.08 billion USD.
The Prime Minister assigned the Government Office to synthesize and classify local recommendations for ministries, branches and agencies to handle according to their authority - Photo: VGP/Nhat Bac
Fourth, the service and tourism sectors recovered strongly. Total retail sales of goods and consumer service revenue in March increased by 9.2% over the same period; the first quarter as a whole increased by 8.2%. The number of international visitors in March reached nearly 1.6 million, up 78.6% over the same period; the first quarter as a whole reached over 4.6 million, up 72% (up 3.2% over the same period in 2019 before the COVID-19 pandemic).
Fifth, the state financial and budget situation continued to improve significantly. State budget revenue in the first quarter reached 31.7% of the annual estimate, up 9.8% over the same period. Public debt, government debt, national foreign debt and budget deficit were well controlled, much lower than the prescribed limits. The stock market recovered positively, with the VNIndex increasing by over 13%, transaction value increasing by 28.2%, and market capitalization by 12.2% compared to the end of 2023.
Sixth, development investment continued to achieve positive results, creating momentum to promote economic growth. Total social investment capital in the first quarter increased by 5.2% over the same period (in the first quarter of 2023, it increased by 3.7%). Disbursement of public investment capital reached 13.67% of the annual plan, higher than the same period (10.35%), the absolute number was 16,500 billion VND higher. FDI attraction reached 6.17 billion USD, up 13.4% over the same period; realized FDI capital reached 4.63 billion USD, up 7.1% (the highest in the past 5 years).
Seventh, business development continues to increase with a positive trend. In March 2024, 14,100 new businesses were registered, up 64.3% compared to February; in the first quarter, 36,200 new businesses were registered, up 6.9%, and 23,600 businesses resumed operations, up 2.4% over the same period.
Results of the survey on business trends of manufacturing and processing enterprises: 82% of enterprises assessed that the second quarter is expected to be stable and better than the first quarter of 2024; in particular, 82.9% of enterprises assessed that export orders in the second quarter will be stable and increase compared to the first quarter of 2024.
Regarding issues with different opinions among ministries and branches, the Prime Minister assigned Deputy Prime Ministers to work directly with ministries and branches in their assigned fields to handle them. If they are beyond their authority, they will report to competent authorities for consideration and decision - Photo: VGP/Nhat Bac
Eighth, cultural and social fields are focused on; social security is ensured; people's lives are improved. In the first quarter, 93.6% of households assessed that their income was stable or higher than the same period. The average income of workers in the first quarter of 2024 reached 7.6 million VND/month, an increase of 7.8% over the same period.
According to reports from localities, the total amount of money spent on visiting, encouraging and giving gifts to social protection beneficiaries was 8,100 billion VND; poor and near-poor households was over 2,400 billion VND; meritorious people and their relatives was 9,200 billion VND; more than 27.1 million free health insurance cards were issued to beneficiaries. More than 17,700 tons of rice were supported on the occasion of Tet and the crop gap. Cultural, festival and sports activities were widely organized, especially on the occasion of Lunar New Year.
Ninth, administrative reform is focused on, especially cutting and simplifying administrative procedures; preventing corruption and negativity is promoted, with no forbidden areas and no exceptions.
Tenth, socio-political stability, national defense and security are maintained, social order and safety are ensured. Foreign affairs and international integration are promoted, many foreign affairs activities of Party and State leaders are successfully organized; economic diplomacy is promoted; the country's prestige and position continue to be enhanced.
Many international organizations and experts continue to highly appreciate the results and prospects of Vietnam's economy. ADB forecasts Vietnam's growth in 2024 at 6%, HSBC Bank forecasts a growth of 6.3%, Standard Chartered Bank forecasts a growth of 6.7%, S&P forecasts a growth of 6.8%...
The 2023 business environment ranking increased by 12 places. The 2023 global innovation index ranked 46/132, up 2 places. The human development index (HDI) increased by 8 places, from 115 to 107. The value of Vietnam's national brand reached 431 billion USD, ranked 32/100 strong national brands in the world. The 2024 happiness index ranked 54, up 11 places compared to 2023...
Deputy Prime Minister Tran Hong Ha speaks at the meeting - Photo: VGP/Nhat Bac
Many difficulties and limitations need to continue to be resolved
Concluding the meeting, Prime Minister Pham Minh Chinh basically agreed with the assessments at the meeting; assigned the Ministry of Planning and Investment and the Government Office to filter and absorb opinions, complete reports and draft Resolutions of the meeting, and soon submit them to the Prime Minister for promulgation.
The Prime Minister pointed out that although the results achieved are basic, our country still has many shortcomings, limitations, difficulties and challenges.
Firstly, the pressure to direct and manage the macro economy, especially inflation, interest rates, and exchange rates, is still high due to strong fluctuations in crude oil prices, food prices, interest rates, and exchange rates on the world market; risks in the world financial, monetary, and real estate markets; and the trend of political, economic, and social instability continues to increase. It should be noted that the USD/VND exchange rate tends to increase and the difference in domestic and world gold prices needs to continue to be monitored, managed flexibly, promptly, and appropriately.
Second, some industrial production sectors are recovering slowly; the food and beverage and entertainment services sectors have not yet recovered clearly. Note that the number of commercial aircraft operating by the end of March 2024 is lower than the same period in 2023, while demand will increase during the April 30 holiday and the upcoming summer.
Third, production and business activities in some sectors are still difficult; the number of enterprises withdrawing from the market is still large. Although the lending interest rate has decreased, the interest rate for current outstanding loans is still high; access to capital is still difficult. The implementation of the VND120,000 billion credit package for social housing is still slow. Difficulties and obstacles in the real estate market are gradually being resolved, but the recovery of transactions is still slow.
Fourthly, regarding public investment, there is still 32,000 billion VND unallocated; there is a risk of lack of sand for leveling the ground for transportation projects, key works, especially in the Mekong Delta and the southern provinces. The work of issuing plans and implementing approved plans is still slow.
Fifth, social order and security in some areas and crime, especially cybercrime, are complicated. Traffic accidents are increasing; there are still serious accidents and explosions. The risk of drought, water shortage, and saltwater intrusion, especially in provinces and cities in the Mekong Delta, and the possibility of outbreaks of human diseases such as measles, whooping cough, and rabies are increasing rapidly.
Deputy Prime Minister Tran Luu Quang speaks at the meeting - Photo: VGP/Nhat Bac
The Prime Minister stated that the reasons for the results achieved were the close leadership and direction of the Central Committee, the Politburo, the Secretariat, headed by General Secretary Nguyen Phu Trong, the participation of the entire political system; the participation and support of the people and businesses; and the cooperation and assistance of international friends and partners.
Regarding limitations and shortcomings, the objective cause is that the world situation continues to be difficult, while our country is a developing country, the economy is in the process of transformation, starting from a low point, the scale is still modest, openness is large, resilience and competitiveness are limited - just a small external fluctuation can have a big impact on the internal.
As for subjective causes, the organization of law and policy implementation is still a weak link; the self-reliance of some agencies and units is not high; the capacity and responsibility of a number of cadres and civil servants do not meet requirements; the decentralization and delegation of power in some areas still have institutional problems, especially for newly arising issues; a number of cadres and civil servants avoid, shirk, and are afraid of responsibility; policy advice and response in some cases are still passive and unexpected...
Basically agreeing with the lessons learned in the report and comments, the Prime Minister emphasized 5 lessons:
(1) Must have a firm grasp of the practical situation, proactively, promptly, flexibly, timely and effectively respond to policies.
(2) It is necessary to strengthen solidarity and unity within each agency and unit, solidarity within the entire political system, and solidarity among the entire people.
(3) Actively and proactively handle work according to functions, tasks, and authority, without avoiding or shirking responsibility; ensuring comprehensiveness, inclusiveness, comprehensiveness, substance, and effectiveness.
(4) Resolutely, effectively, and focusedly manage, completing each task thoroughly; closely coordinate among ministries, branches, and localities to promptly handle and quickly and effectively implement issued mechanisms and policies.
(5) Maintain discipline and order; strictly implement legal regulations; at the same time creatively apply the Party's policies and guidelines, the Resolutions of the Central Committee, the Politburo, the Secretariat, the National Assembly, and the Government.
The Prime Minister gave an example: 99.96% of petrol retail stores nationwide have used electronic invoices, which was completed within 3 months instead of 2 years as reported by ministries and sectors. Similarly, the 500kV line 3 project has been delayed for many years but is now basically on schedule to be completed by June 2024. These two examples show the need for high determination and innovative approaches to promote work.
'Year of determination', 'Year of assurance' and 'Year of promotion' in the coming time
Regarding the viewpoint of direction and management , the Prime Minister requested to continue to closely follow the Resolution of the 13th National Party Congress, the leadership of the Central Committee, the Politburo and key leaders, the Socio-Economic Development Strategy 2021-2030, the 5-year Plans for the period 2021-2025, the resolutions and directives of the Government and the Prime Minister.
Resolutely not retreating in the face of difficulties, maintaining the spirit, steadfastly pursuing the set goals with higher determination, greater efforts, more drastic and effective actions. Taking internal strength as fundamental, strategic, long-term, decisive, external strength as important and breakthrough. Promoting the spirit of solidarity, self-reliance, self-reliance, considering difficulties and challenges as motivation to strive to rise up. Focusing on removing difficulties, promoting production and business, creating jobs and livelihoods for the people.
Grasp the developments in the domestic and international situation; improve the capacity for analysis and forecasting; mobilize and effectively use all resources; harmoniously and closely combine internal and external resources, between the central and local levels, between national strength and the strength of the times, between the strength of domestic and foreign enterprises and the strength of the people. Promote decentralization, delegation of authority, and allocation of resources, improve implementation capacity in conjunction with strengthening inspection and supervision.
Strengthen solidarity and unity; maintain discipline and administrative order; promptly overcome limitations in policy responses of some agencies and units; maintain the principles of action, and at the same time, based on practical developments, be proactive, flexible and creative in direction and management. Timely remove bottlenecks, difficulties and obstacles; proactively resolve within authority, do not rely on others and promptly propose and recommend issues beyond authority.
In all cases, it is necessary to ensure socio-political stability; strengthen national defense and security; promote the fight against corruption and negativity, enhance foreign affairs and international integration, and promote information and propaganda to create social consensus.
Regarding the main tasks and solutions, the Prime Minister emphasized the highest and best implementation, striving to achieve and exceed the goals and targets in 2024, especially the growth target of about 6.5%, with the spirit of "Year of determination", "Year of assurance" and "Year of promotion".
The Prime Minister requested to promote the spirit of "Five Determinations" including:
(1) Determined to overcome all difficulties and challenges.
(2) Be determined to do it, don't say no, don't say it's difficult, don't say yes but don't do it; don't be subjective, negligent, or lose vigilance with the motto "don't be arrogant when you win, don't be discouraged when you lose".
(3) Determined to protect cadres who dare to think and act for the common good; at the same time promote the prevention of corruption, negativity, and group interests.
(4) Determined to improve the investment and business environment, remove difficulties, strengthen decentralization, reduce administrative procedures, and reduce compliance costs for people and businesses.
(5) Determined to make the greatest efforts to promote growth drivers, prevent natural disasters and epidemics, and respond to climate change.
The Prime Minister also requested determination to complete the 500 kV line 3 by June 30 and the two expressway projects Cam Lam-Vinh Hao and Dien Chau-Bai Vot by April 30.
The Prime Minister requested to well implement the "Five Guarantees" including:
(1) Ensure synchronous, drastic and effective implementation of tasks and solutions according to the conclusions of the Central Committee, Politburo, key leaders, and resolutions of the National Assembly and Government.
(2) Ensuring macroeconomic stability, major economic balances and controlling inflation, creating the foundation and favorable conditions to promote rapid and sustainable growth and development.
(3) Ensure healthy, public and transparent development of all types of markets, including goods and services markets; labor markets; real estate markets, capital markets (banks, securities, bonds); science and technology markets...; promote the development of new types of markets such as carbon credit markets, data...
(4) Ensure full conditions for implementing the new salary regime from July 1, 2024.
(5) Ensure political stability, social security, security, safety and public safety; firmly protect independence, sovereignty, unity and territorial integrity.
More specifically, regarding solutions to stabilize the macro economy, major balances of the economy and control inflation, the Prime Minister requested to operate monetary policy proactively, flexibly, promptly and effectively; coordinate synchronously, harmoniously and closely with a reasonable, focused and key expansionary fiscal policy and other policies; ensure adequate supply of credit capital to serve the economy; closely monitor the bad debt situation, ensure system safety; continue to take strong measures to reduce lending interest rates; improve the effectiveness of bad debt handling, capacity, operational efficiency, stability and safety of the banking system; maintain stability in the foreign exchange market and the gold market, and prevent adverse fluctuations; narrow the gap between domestic and international gold prices; strive to continue increasing state foreign exchange reserves.
At the same time, strive to increase revenue and save state budget expenditures: Focus on implementing the use of electronic invoices, especially in food and beverage, service, and gasoline retail businesses. Create a clear change in preventing revenue loss and tax arrears (strive to reduce arrears to 3-4%). Urgently research and submit to competent authorities for consideration and promulgation of regulations on tax extension, reduction of land and water surface rents; promulgate under authority a policy on reducing fees and charges in 2024.
Resolutely carry out tasks and solutions to upgrade the Vietnamese stock market as soon as possible. Strengthen the security and safety of financial, banking and securities information systems. Strengthen price and market management; absolutely do not let there be power shortages.
The Prime Minister requested to focus on implementing the "Year of Promotion", including:
(1) Promote economic growth in all areas, including continuing to renew traditional growth drivers (investment, consumption, export) and supplementing and promoting new growth drivers (green transformation, digital economic development, circular economy, knowledge economy, sharing economy and emerging industries and fields such as semiconductor chips, artificial intelligence, hydrogen, etc.).
(2) Promote the mobilization of all resources to promote production and business, create jobs and livelihoods for people, and create a driving force for rapid and sustainable growth.
Accelerate national digital transformation; effectively implement Project 06 and the National Data Center. Accelerate the resolution of difficulties and obstacles, absolutely do not create more barriers for people and businesses; handle and resolve long-standing issues and projects.
(3) Promote three strategic breakthroughs in institutional improvement; building a synchronous and modern strategic infrastructure; training high-quality human resources. In particular, strive to complete in April the development and promulgation of documents guiding the implementation of the Land Law, the Law on Credit Institutions, the Law on Real Estate Business, the Housing Law, etc.; well prepare the draft laws to be submitted to the 7th session of the 15th National Assembly.
(4) Promote foreign affairs and international integration, consolidate and enhance Vietnam's position and prestige in the international arena. Urgently concretize and effectively exploit international treaties and agreements of high-ranking leaders into specific programs and projects.
(5) Promote the application of science and technology, innovation and start-ups at all levels and sectors.
Assigning specific tasks to ministries, branches and localities with specific completion deadlines, the Prime Minister assigned the Government Office to synthesize and classify local recommendations for ministries, branches and agencies to resolve according to their authority; for issues with different opinions among ministries, branches, Deputy Prime Ministers in assigned fields will work directly with ministries to handle, if beyond their authority, they will report to competent authorities for consideration and decision.
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