PM urges focus on economic growth in Government’s meeting

Prime Minister Phạm Minh Chính chairs the Government’s regular November meeting. VNA/VNS Photo Dương Giang

HÀ NỘI – Prime Minister Phạm Minh Chính has called on ministries, sectors and localities to prioritise promoting growth while ensuring macroeconomic stability, controlling inflation and maintaining the overall economic balance.

Notably, he emphasised the importance of concentrating efforts on economic growth, addressing challenges in production activities, and striving to attain the unmet targets outlined in the 2023 plan.

PM Chính made these remarks on Wednesday at the Government’s regular November meeting to assess the socio-economic situation of the past 11 months, the implementation of the socio-economic recovery and development programme, the allocation and disbursement of public investment capital, and the implementation of the three national target programmes.

The meeting also drafted a resolution on the key tasks and solutions for implementing the socio-economic development plan and the State budget estimate for 2024.

During the meeting, Government members proposed priorities for economic growth, continued solutions to overcome difficulties in the real estate market, increased access to credit for people and businesses, and a focus on growth drivers such as investment, exports, consumption, and new growth engines like science and technology, semiconductor technology, and hydrogen.

PM Chính agreed with the opinions presented, stating that the macroeconomic situation continues to be stable with the average inflation rate for the first 11 months increasing by 3.22 per cent.

The growth in exports and imports is quite positive, with a relatively high trade surplus of US$25.83 billion over the first 11 months. Planning work is progressing rapidly, with 108 out of 111 plans completed for formulation, appraisal and approval.

Public debt, government debt, external debt and budget overspending are under control. These are important factors, providing room to boost growth, he said.

According to the Prime Minister, international organisations continue to assess Việt Nam’s economic growth prospects positively. The Asian Development Bank (ADB) acknowledges Việt Nam’s highest GDP growth in the Southeast Asia region, and the International Monetary Fund (IMF) forecasts Việt Nam to rank 20th in the world with a growth rate of 5.8 per cent in 2024.

To effectively implement key tasks and solutions to accomplish the goals of 2023, setting the momentum for the tasks in 2024, PM Chính urged leaders of ministries, sectors and localities to focus on the implementation of resolutions and conclusions of the Party Central Committee, as well as laws and resolutions regarding the socio-economic development plan, the State budget, and public investment in 2024.

He stressed the need for close coordination with the National Assembly agencies to finalise the amended Land Law, the amended Credit Institutions Law, and resolutions to be presented to the upcoming extraordinary session of the National Assembly.

PM Chính emphasised the vigorous promotion of growth drivers, particularly in investment, exports and consumption. He also noted a strong focus on developing the six socio-economic regions according to the Politburo’s Resolution and the Government’s programmes.

The Government leader asked ministries, sectors and localities to capitalise on new opportunities arising from global and regional shifts in production, trade and investment chains, attracting investments, and developing semiconductor and electronic component industries.

Additionally, he added that green financial resources, preferential green credits for the development of renewable energy, and hydrogen should be paid attention to.

In particular, the Prime Minister urged the establishment and development of the regional and international financial centre in Việt Nam. He also highlighted the importance of organising the International Rice Festival in Hậu Giang 2023 and various activities to promote investment, trade and tourism.

In terms of removing obstacles for production activities, PM Chính requested ministries, sectors and localities to timely issue decrees reducing value-added tax rates in line with the National Assembly’s resolution, complete the land valuation work and issue it in this December to alleviate difficulties and promote the implementation of real estate projects.

Simultaneously, the Prime Minister stressed the reduction and simplification of administrative procedures, improvement in the quality of public services, and further utilisation of the role of credit guarantee funds to support businesses’ access to capital, especially for small and medium-sized enterprises.

The Prime Minister reiterated the importance of industrial production development, especially processing and manufacturing industries.

He urged ministries, sectors and localities to focus on visa-free tourism and potential service sectors that leverage high technology.

At the meeting, PM Chính provided specific instructions and assigned tasks to each ministry, sector and locality. – VNS