Gov’t reviews national socio-economic performance in nine months

In his opening remarks, Prime Minister Pham Minh Chinh emphasized that the government has completed three-quarters of the way through 2024, an important year in realizing the 2021-2025 development goals following the lingering impact of the COVID-19 pandemic.

The PM pointed out several global adverse factors affecting the domestic economy, including intense strategic competition, escalating conflicts in Ukraine and the Middle East, fluctuations in the prices of gold, oil, and essential commodities, as well as national disasters.

Domestically, the economy continues to face a ‘double impact’ from unfavourable external factors and persistent internal limitations and shortcomings. In addition, as a developing country, Vietnam is in a transitional phase with a relatively modest scale, a high level of openness, and limited resilience and competitiveness. Notably, Typhoon Yagi has recently wrought havoc across northern localities.

In such context, the PM said the government, along with various ministries, sectors, and localities, has made extraordinary efforts to undertake development tasks decisively, synchronously, effectively.

Accordingly, the national economy has kept growing steadily month on month and quarter on quarter, with statistics showing the economy expanded 7.4% in the third quarter and 6.82% in the past three quarters. It has maintained strong recovery in growth, macroeconomic stability, inflation control and major balances. Vietnam has guaranteed national defense-security, and social order; and promoted foreign relations and international integration.

However, he said the economy still faces many shortcomings, difficulties, and obstacles across various fields due to global uncertainties, the aftermath of the recent Typhoon Yagi, legal and regulatory challenges, and bureaucratic barriers.

The tasks for October and the fourth quarter are still demanding given difficulties and challenges both internationally and domestically, requiring ministries, sectors and localities to closely monitor, accurately assess the situation, and timely and effectively introduce policies, he said.

It’s important to build on the recorded gains, seize development opportunities, tap into various markets, promote growth drivers, address the aftermath of Typhoon Yagi, and resolve institutional difficulties, particularly in mobilizing resources, he added.

The Prime Minister called for greater efforts and more decisive actions to successfully implement the set goals and tasks for this year, with a primary focus on maintaining macroeconomic stability, controlling inflation, promoting growth, ensuring major economic balances, managing debts, while enhancing the material and spiritual well-being of the people and ensuring national defense and security.

He asked delegates to make an in-depth analysis of the situation and draw lessons to address shortcomings and accomplish the set goals and tasks.