From Institutions to Growth Targets: Actions to Breakthrough

A powerful shift in executive thinking

With the consistent spirit of drastic action and taking effectiveness as a measure, one of the highlights of the Government's work in the first months of the year is focusing on reorganizing the apparatus and organizing local governments at two levels in accordance with the spirit of Resolution 18/NQ-TW and the conclusions of the Central Committee and the Politburo; thereby streamlining the apparatus, reducing intermediate levels, strengthening decentralization, reducing administrative procedures, opening up new development space and most importantly strengthening the grassroots, shifting from a passive to a proactive state of serving the people and businesses.

In addition, the Government continues to place institutional improvement at the center of its long-term development strategy. In just the past 4 months, a "huge" number of nearly 1,200 documents (decrees, resolutions, decisions, directives, telegrams) have been issued by the Government and the Prime Minister, reflecting administrative reform efforts to serve development. In particular, regarding the improvement of mechanisms, policies, and laws, the Politburo and the National Assembly have issued resolutions on the "strategic quartet": Science and technology, innovation, national digital transformation (Resolution 57), international integration (Resolution 59), law making and enforcement (Resolution 66), private economic development (Resolution 68); Presenting 44 draft laws and resolutions to the National Assembly at the ongoing 9th Session... All of this shows a drastic, methodical, and fundamental institutional step towards liberating resources and opening up new development space.

Despite the difficult domestic and international context, the socio-economic situation still recorded consecutive bright spots. The economy continued to maintain positive growth momentum in all three sectors: agriculture, industry and services. Notably, industrial production in April increased by 1.4% compared to March and by 8.9% compared to the same period last year; the total increase in the first 4 months was 8.4% (same period increased by 6.3%), of which the manufacturing and processing industry increased by 10.1% (same period increased by 6.5%). Meanwhile, the service sector continued to grow strongly. Total retail sales of goods and consumer service revenue increased by nearly 10%. Tourism revenue skyrocketed by 24.5% thanks to the new visa policy and a series of major anniversary events. Vietnam also welcomed nearly 7.7 million international visitors, an increase of 23.8% - a record high in many years, affirming the appeal and attractiveness of Vietnam as a destination on the global tourism map.

More importantly, the macro economy is stable, inflation is controlled, and major balances of the economy are ensured. The consumer price index (CPI) in the first 4 months increased by an average of 3.2%; State budget revenue reached over 944 trillion VND, equal to 48% of the year's estimate, up 26.3%. Total import-export turnover of goods reached over 276 billion USD, up 15.7%, the trade balance of goods had a surplus of nearly 3.8 billion USD. Foreign investment attraction continued to increase with total registered FDI capital in the first 4 months reaching nearly 13.8 billion USD, up 39.7%; realized FDI capital reached over 6.7 billion USD, the highest in the same period in the period 2020 - 2025, showing that investor confidence has been strengthened and consolidated. Another bright spot is that the business situation has shown signs of positive recovery. Nationwide, over 51,600 new businesses were established, and nearly 38,300 businesses returned to operation. The total number of businesses entering the market exceeded 89,000, an increase of nearly 10% - an encouraging figure in the context of global instability.

Source: General Statistics Office, Ministry of Finance

Seize the opportunity to restructure the economy

Although the results achieved are fundamental and important, Prime Minister Pham Minh Chinh said that to achieve growth of 8% or more in 2025, the pressure on management in the coming time is very large, especially when the global context continues to fluctuate and the economy is affected by new tariff policies.

In addition, there are still shortcomings and limitations in the country, such as the pressure on macroeconomic management and direction is still high, especially in terms of interest rates, exchange rates, and inflation control in the face of external fluctuations. Production and business activities in many fields are still difficult, and the number of enterprises ceasing operations is still large. Traditional growth drivers have not met expectations; the promotion of new growth drivers is in the early stages, and it takes time to be effective...

Regarding the future direction, the Prime Minister pointed out that difficulties, challenges and opportunities, advantages are intertwined, but difficulties and challenges are more numerous and global risks and instabilities are increasing sharply. However, this is also a great opportunity for us to restructure the economy, restructure and diversify markets, products, supply chains, and open up new markets; at the same time, it is both a "measure" and an opportunity, gaining more experience to enhance self-reliance, self-reliance, self-improvement, building an independent and self-reliant economy, associated with active, proactive, deep, substantial and effective integration.

Clear direction, decisive action

The Government and the Prime Minister determined to continue to adhere to the goal of macroeconomic stability, inflation control, ensuring major balances; at the same time, promoting growth in a substantial and effective manner. In the spirit of perseverance, steadfastness, proactiveness, flexibility, and creativity in leadership, direction, and administration to achieve major goals, the Prime Minister has identified 15 groups of key tasks and solutions.

In particular, the Prime Minister requested to effectively implement the "strategic quartet" according to the four resolutions of the Politburo; urgently submit to the National Assembly the Resolution and submit to the Government the action program to implement the Politburo's resolutions 66 and 68.

Priority is given to strongly promoting growth in conjunction with maintaining macroeconomic stability, controlling inflation, and ensuring major balances of the economy. Fiscal and monetary policies must be operated flexibly, proactively, closely coordinated, and harmoniously. The State Bank of Vietnam maintains exchange rates and regulates interest rates reasonably. The Ministry of Finance controls revenue and expenditure, saves regular expenditure, increases expenditure for development investment; effectively implements policies on tax, fee, and charge exemption, reduction, and extension; develops a healthy, transparent, and sustainable capital and corporate bond market.

Promote public investment disbursement. The Ministry of Finance shall take the lead in striving to disburse 100% of the planned public investment capital; promote the role of working groups and task forces to urge, remove difficulties and obstacles, and promote public investment capital disbursement; report to the Government and the Prime Minister to take strict measures to handle ministries, branches and localities that have not fully allocated the capital plan by March 15, 2025.

Along with that, the Government will continue to simplify administrative procedures, promote startups, innovation, and develop digital, green, circular, cultural, and entertainment industries. Social security, national defense - security, and foreign affairs will continue to be maintained, contributing to creating a solid foundation for long-term development.

The Prime Minister pointed out 15 groups of key tasks and solutions.

1. Review functions and tasks, overcome shortcomings, and improve management efficiency.

2. Thoroughly grasp and seriously implement resolutions and directions of the Central Committee, Politburo, National Assembly and Government.

3. Effectively implement administrative boundary arrangement, build 2-level local government, promote decentralization and delegation of power.

4. Implement the "strategic quartet" and resolutions of the Politburo, develop the Government's action program.

5. Effectively respond to the US's reciprocal tax policy, promote market and product diversification.

6. Prioritize promoting growth associated with macroeconomic stability, controlling inflation and ensuring major balances.

7. Renewing traditional growth drivers, promoting new drivers such as digital transformation and innovation.

8. Promote disbursement of public investment capital, remove difficulties for large projects and high-tech FDI.

9. Expand visa policies, attract tourists, promote services and amend the Nationality Law.

10. Resolve outstanding issues and expedite the implementation of thousands of delayed projects.

11. Develop culture and entertainment industry, organize major anniversary events well in 2025.

12. Resolutely implement the program to build 1 million social housing apartments and eliminate temporary housing.

13. Ensuring social security, environmental protection, responding to natural disasters and climate change.

14. Strengthen national defense and security, maintain order, promote integration and foreign affairs activities.

15. Strengthen information and policy communication, replicate good models, and create social consensus.

Source: https://thoibaonganhang.vn/tu-the-che-den-muc-tieu-tang-truong-hanh-dong-de-but-pha-163907.html