PM Chính emphasises new growth drivers for 2024

Prime Minister Phạm Minh Chính issues directives at the national teleconference on Friday to assess the performance of the Government and local administrations in 2023 and to discuss strategies for implementing their tasks in 2024. — VNA/VNS Photo

HÀ NỘI — Prime Minister Phạm Minh Chính on Friday emphasised the need to promote new growth drivers to meet economic development goals for 2024.

These included regional connectivity, science and technology, innovation, digital transformation, green transition, and emerging sectors like semiconductor chips and hydrogen, in addition to traditional drivers such as investment, exports and consumption.

He made the statement while chairing the national teleconference to assess the performance of the Government and local administrations in 2023, and to discuss strategies for implementing their tasks in 2024.

The conference heard reports on the socio-economic situation in 2023, as well as directions, tasks and solutions from central and local levels and experts to achieve greater efficiency in 2024.

Addressing the event, PM Chính underlined that amid impacts from outside factors and internal difficulties in 2023, Việt Nam still achieved positive socio-economic recovery, completing the overall target of ensuring macro-economic stability, controlling inflation, promoting growth, maintaining major economic balances, ensuring social welfare, improving people’s living conditions, intensifying corruption prevention and combat, and reinforcing security-defence. 

Investment in development continued to yield positive results, serving as a crucial driver for economic growth. The expansion of transportation infrastructure stood out as a highlight of the year 2023. The business investment environment and competitive capabilities have been enhanced, he said.

Comprehensive achievements were made in external relations and international integration, while the reputation and position of the country, as well as people’s confidence in the Party and State, were reinforced and enhanced, the Government leader noted.

Outstanding attainments in the year included the disbursement of US$23.18 billion in foreign investment, the completion of 95 per cent of the public investment capital disbursement plan, and the State budget collection surpassing the plan by 8.2 per cent. 

He attributed the results to the close leadership of the Party and the National Assembly, the firm management and direction of the Government and local administrations, as well as the strong efforts and support of the people and the business community, and the cooperation of international partners. 

The Prime Minister pointed out the existence of constraints and challenges. Inflationary pressure remains high due to fluctuations in crude oil prices, significant volatility in food prices, and global interest rates persisting at elevated levels. Order volumes and international markets are narrowing, credit access remains challenging, and non-performing loans are on the rise. The real estate market and corporate bond market still face persistent risks.

Regarding tasks and key solutions, PM Chính outlined priorities for promoting growth, maintaining macro-economic stability, controlling inflation, and ensuring the major balances of the economy. He emphasised the continued proactive, flexible, timely and effective management of monetary policies.

He stressed the consolidation of traditional markets, along with the exploration of new markets such as the UAE, Africa and Latin America.

The accelerating disbursement of public investment capital, increasing revenue and budgetary savings were highlighted. There was strict control on overspending, public debt, government debt and foreign national debt.

The Prime Minister demanded a strong focus on developing high-quality human resources linked to science and technology, fostering entrepreneurship and innovation, with the goal of having 50,000-100,000 high-quality personnel for semiconductor chip production by 2030, and another 100,000 personnel for overall economic and social development.

He instructed ministries, sectors and localities to concentrate on the robust development of industries, particularly processing, manufacturing and semiconductor chip production. The target for industrial production in 2024 was set to increase by 7-8 per cent, with high-tech product exports accounting for over 50 per cent of total export value.

PM Chính also highlighted agricultural restructuring, with the implementation of a project on developing one million hectares of high-quality, low-emission rice linked with green growth.

The Prime Minister called for the effective implementation of the initiative to build at least one million social housing units, with a target of completing at least 130,000 in 2024. Wage policy reforms for the public sector according to Resolution 27, starting from July 1, 2024, would be also in the plan.

Regarding resource management and environmental protection, PM Chính urged ministries, sectors and localities to invest in projects to combat landslides, subsidence and flooding in the Mekong Delta, implement action programmes to fulfil commitments at COP28, and the Just Energy Transition Political Declaration. He also noted the completion of the national marine spatial planning.

The head of the Government required a review and improvement of the mechanisms, policies and regional connectivity to promote regional economic development. He also stressed the continued comprehensive foreign affairs and international integration efforts, including the implementation of the signed free trade agreements. — VNS