Stimulating economic growth given priority in 2024-2025, says PM

The PM made the request at a regular monthly Cabinet meeting held in Hanoi on September 7 that reviewed socio-economic development in August and the opening eight months of the year.

It was reported at the meeting that the national economy continued to maintain its upward trajectory in August, with agriculture securing steady growth, industry increasing by 2% compared to July, and total retail sales and consumer service revenue rising by 7.9%.

The past eight months witnessed macroeconomic conditions remain stable and inflation kept under control. Statistics indicate that the eight-month consumer price index edged up by 4.04%, while core inflation rose by 2.71%. Total import-export revenue surpassed the US$500 billion mark, thereby reaching US$511 billion, with the trade surplus amounting to nearly US$20 billion.

The number of international visitors to Vietnam during the eight-month period hit nearly 11.4 million, up 45.8% from the corresponding period in 2023 and up 1% compared to the same period from 2019.

The economy is gathering full steam, creating momentum for development in the year ahead and into 2025, said the PM.

He also pointed out difficulties and challenges ahead given the nature of rapid, complex, and unpredictable changes occurring in the world, stressing that challenges outnumber opportunities.

He therefore requested that ministries, agencies, and localities closely monitor situations both at home and abroad in order to proactively introduce appropriate policies and effective solutions.

The most important task is to promote growth, maintain macroeconomic stability, control inflation, and ensure major economic balances, with priority being given to accelerating economic growth in both 2024 and 2025 to compensate for the previous three years of the term, said the PM.

The national economy bore the brunt of the COVID-19 pandemic, slowing to 2.58% in 2021, before then expanding 8.02% in 2022 and falling to 5.05% in 2023. It aims to secure a 6.5% rate this year and reach more than 7% next year to meet the growth target of between 6.5 - 7% for the whole 2021 - 2025 period.

The focus should also be on boosting the production of food and agricultural products whilst ensuring an adequate supply of raw materials and energy for production and consumption, he added.

The Government leader asked the central bank to maintain exchange rate stability, further reduce lending interest rates, and increase credit accessibility, with an emphasis placed on priority sectors.

He asked for more efforts to be made to revitalise traditional growth drivers and strongly promote new ones such as digital transformation, innovation, and science – technology. He stressed the need to accelerate public investment disbursement, boost private investment, enhance public-private partnerships, and attract high-tech and high-value-added foreign direct investment.

Among other things, the PM reminded relevant ministries and localities to effectively tap into large, traditional markets and actively pursue new, high-potential markets; support businesses in marketing their products; boost domestic market development; and stimulate greater consumer demand.