Prime Minister Pham Minh Chinh and other members of the Government and delegates attending the meeting observed a minute of silence to remember General Secretary Nguyen Phu Trong. Photo: Duong Giang/VNA

The international community continues to highly appreciate the results and prospects of Vietnam's economy .

At the meeting, Government members discussed and assessed the socio-economic situation in July and the first 7 months of 2024; the allocation and disbursement of public investment capital; the implementation of 3 national target programs; and the interest rate of the 120 trillion VND preferential loan package for the development of social housing and workers' housing.

Leaders of ministries and branches also proposed many notable contents such as: urgently building, completing, promulgating and implementing the Semiconductor Industry Development Strategy, Semiconductor Human Resource Development Project; removing difficulties in paying salaries to lecturers when the basic salary increases while the investment mechanism for universities and the collection of tuition fees of universities, especially autonomous universities, still have many shortcomings; perfecting the specific mechanism to implement the project of 1 million hectares of high-quality, low-emission rice in the Mekong Delta; the mechanism to mobilize and operate the National Fund to join hands to eliminate temporary and dilapidated houses for poor and near-poor households...

Concluding the meeting, Prime Minister Pham Minh Chinh emphasized that since the beginning of the year, all levels, sectors and localities have focused on proactively, drastically and flexibly implementing 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 the Prime Minister; in particular, they have closely monitored, grasped the situation, flexibly, promptly and effectively handled issues arising in the short term, ensuring harmony with tasks and solutions in the medium and long term.

In July, 23 Decrees, 20 Resolutions of the Government and 03 decisions, 08 Official Dispatches, 04 Directives of the Prime Minister were issued; in total, 104 Decrees, 153 Resolutions, 812 Decisions, 24 Directives; 71 Official Dispatches were issued in 7 months. The Prime Minister issued many official dispatches and directives on promoting growth, controlling inflation, stabilizing the macro-economy; overcoming the consequences of floods, preventing and combating natural disasters and epidemics; organizing national conferences on promoting public investment, urging the progress of key infrastructure projects, 500 kV line 3, etc.

Thanks to that, the socio-economic situation continued to trend positively, in general, the results in July were higher than in June and the overall 7-month results were better than the same period in 2023 in most areas. In particular, the economy continued to grow positively in all 3 sectors: agriculture continued to grow steadily; industry increased by 8.5% in the first 7 months; services continued to grow well, with total retail sales of goods and consumer service revenue increasing by 8.7% in the first 7 months.

The macro economy continued to be stable, inflation was controlled, major balances were ensured, the average consumer price index (CPI) in the first 7 months increased by 4.12%, up 0.04% compared to June. Exchange rates and interest rates were generally stable. Energy security and food security were ensured. Exports continued to increase, with a large trade surplus, contributing to ensuring the balance of payments, with a total trade surplus of 14.08 billion USD in the first 7 months.

The total state budget in the first 7 months is estimated to reach 69.8% of the annual estimate, up 14.6% over the same period. Public debt, government debt, foreign debt, and budget deficit are controlled below the prescribed limit. International visitors in the first 7 months reached nearly 10 million, up 51% over the same period in 2023 and up 1.9% over the same period in 2019 before the COVID-19 pandemic. Disbursement of public investment capital in the first 7 months reached 34.68% of the plan. FDI attraction reached 18 billion USD, up 10.9%; realized FDI capital reached 12.55 billion USD, up 8.4%, the highest in the past 5 years.

Cultural and social fields are focused on; social security is ensured. Reforming the wage policy from July 2024 has achieved good results. Focusing on building and basically completing the promulgation of decrees guiding the Land Law (amended), Housing Law (amended), Real Estate Business Law (amended), and Credit Institutions Law (amended).

Administrative reform, especially the reduction and simplification of administrative procedures, digital transformation, Project 06 and the fight against corruption and negativity, has been promoted, contributing to strengthening people's trust. Political and social stability; national defense and security have been strengthened; social order and safety have been ensured; foreign affairs and international integration have been promoted; the country's prestige and position have been raised.

Many international organizations and experts continue to highly appreciate the results and prospects of Vietnam's economy. In particular, ADB raised Vietnam's growth forecast for 2024 to 6%; ASEAN+3 Macroeconomic Research Office forecasts an increase of 6.3%; HSBC forecasts an increase of 6.5%...

Pointing out a number of shortcomings, limitations, difficulties, challenges and causes of both achievements and shortcomings, lessons learned, analyzing the situation in the coming time, the Prime Minister requested all levels, sectors and localities to closely monitor and grasp the international and domestic situation to have timely, flexible and effective policy responses and solutions; continue to synchronously and drastically implement the tasks and solutions set out in all fields with the spirit of "high determination, great efforts, drastic actions, focus and key points", assigning "clear people, clear work, clear tasks, clear deadlines, clear results; strengthen inspection and supervision work; timely emulation, rewards and discipline" to achieve socio-economic development results that are better next month than the previous month, better in the next quarter than the previous quarter, more comprehensive, more inclusive in 2024 than in 2023.

Resolve 4 outstanding issues that will last for a long time in August

The Prime Minister requested each ministry, agency, and locality, according to their functions, tasks, and authority, to synchronously, resolutely, and effectively implement the Party's resolutions; conclusions and directions of the Central Committee, the Politburo, the Secretariat, and key leaders; resolutions of the National Assembly; and directions and administration of the Government and the Prime Minister.

Prime Minister Pham Minh Chinh concludes the regular Government meeting in July 2024. Photo: Duong Giang/VNA

Ministries and sectors continue to prioritize promoting growth associated with maintaining macroeconomic stability, controlling inflation, ensuring major balances of the economy, striving for higher surpluses; controlling well public debt, government debt, and foreign debt; operating monetary policy proactively, flexibly, promptly, and effectively; coordinating synchronously, harmoniously, and closely with a reasonable, focused, and key expansionary fiscal policy and other macroeconomic policies; maintaining stable exchange rates and foreign exchange markets; increasing access to credit capital, focusing on priority areas, striving for annual credit growth of about 15%; continuing to reduce lending interest rates; having solutions to accelerate the implementation of the 120 trillion VND social housing credit package.

Ministries, branches and localities strive to increase revenue and save State budget expenditure; resolutely implement digital transformation, apply electronic invoices in revenue management; thoroughly save regular expenditure, with the principle that saved capital is focused on investing in a specific project; effectively implement policies to extend, exempt and reduce taxes, fees and charges; synchronously implement solutions to control inflation according to the set targets; ensure market stability, prices of essential goods, gasoline, oil, food, housing, electricity; carefully prepare, assess impacts, have a roadmap to adjust prices appropriately for services managed by the State such as education and health; resolutely not allow shortages, ensure adequate supply of electricity, gasoline, oil, meeting production and consumption requirements in all situations...

The Prime Minister focuses on renewing traditional growth drivers and strongly promoting new growth drivers. In particular, accelerating the implementation of public investment projects and 03 national target programs, with the principle that central capital only focuses on large projects, avoiding dispersion; promoting private investment, strengthening public-private partnership, selectively attracting FDI; consolidating large, traditional markets, expanding new markets, supporting businesses to access potential markets and anti-dumping investigations on Vietnamese goods; developing markets, stimulating domestic consumption, the campaign "Vietnamese people prioritize using Vietnamese goods", e-commerce, non-cash payments, etc.

The Prime Minister directed to soon have effective mechanisms and policies to strongly promote the latest growth drivers in terms of institutions, mechanisms, policies; regional economic development, regional and urban linkages; digital transformation, green transformation, circular economy, sharing economy, knowledge economy, value-added industries and fields, technologies such as semiconductor chips, AI... Including building and perfecting the legal framework for green economic development; researching a policy package with a large enough scale, suitable and feasible to support businesses, promote new growth drivers such as semiconductor chips, AI...

The Prime Minister pointed out that ministries and branches, according to their functions, tasks and authority, must speed up the construction progress of important and key national infrastructure projects such as the 500KV project of circuit 3 Quang Trach - Pho Noi, the expressway system, etc.; and urgently allocate the remaining 26.5 trillion VND of public investment capital.

The Head of Government requested to accelerate the improvement of institutions and laws, reform administrative procedures, promote national digital transformation; focus on the fields of culture, society and environment; ensure social security and people's lives; closely monitor the developments of natural disasters, storms and floods, respond promptly and effectively, and minimize damage; do a good job of supporting people to overcome the consequences of natural disasters; ensure timely rice distribution and timely support, so that no one is homeless, no one is hungry or cold; do not let there be a shortage of medicine, equipment and medical supplies; prepare well for the new school year; ensure hygiene and safety at schools; prevent drowning in children.

“Ministries and branches focus on thoroughly handling outstanding and long-standing issues, including thoroughly handling outstanding issues at the Vietnam Development Bank, SCB Bank, the Phuong Nam Pulp Mill Project, and Vietnam Airlines Corporation in August 2024,” the Prime Minister directed.

The Prime Minister requested to accelerate administrative procedure reform, improve the investment and business environment; promote national digital transformation, complete the construction of the Digital Transformation Project connected with Project 06 in August 2024; strengthen national defense and security; promote the fight against corruption and negativity; improve the effectiveness of foreign affairs and international integration, especially ensuring security and order, preventing crimes, especially high-tech crimes, cyber crimes, and drug crimes.

Ministries and sectors well organize foreign affairs activities of senior leaders, effectively implement high-level agreements; effectively exploit signed free trade agreements (FTAs) and promote negotiations of new FTAs; strengthen information and communication work, especially policy communication, contributing to creating social consensus and enthusiasm, striving efforts of the whole society; actively implement the tasks of the Socio-Economic Subcommittee serving the 14th National Congress of the Party, ensuring progress and quality; carefully prepare to serve Party Congresses at all levels, towards the 14th National Congress of the Party; prepare to ensure the quality and progress of Projects reported to the Politburo, the Secretariat and carefully prepare documents serving the Central Conference and the 8th Session of the 15th National Assembly.

Assigning specific tasks to each ministry, branch, and member of the Government, Prime Minister Pham Minh Chinh requested that if difficulties or problems arise during the implementation of tasks and solutions, the Ministers and Heads of branches must directly coordinate to handle them to achieve the set goals.

According to baotintuc.vn