Vietnam steadfast in development goals with GDP to expand over 7% in 2024: PM

Chinh praised ministries, sectors and localities for their great efforts in overcoming difficulties and challenges and obtaining encouraging results during the past months of the year.

Accordingly, the national economy grew by 7.4% in the third quarter and 6.82% in the past three quarters of the year. The nine-month consumer price index rose by 3.88%, while export turnover increased by 15.4%, with a trade surplus estimated at US$20.8 billion. The tourism industry recovered strongly, with international arrivals reaching more than 12.7 million, a 43% increase. Nine-month foreign direct investment totaled US$24.78 billion, up 11.6%, and disbursed FDI hit US$17.3 billion, marking an 8.9% increase and the highest level in five years.

With these results, many international organizations have revised their forecasts and provided positive outlooks for the Vietnamese economy. Among them, the International Monetary Fund, the World Bank, and the Asian Development Bank all raised their growth forecasts for Vietnam in 2024 to 6% and beyond.

However, the PM 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.

In his view, the ultimate goal is to promote growth, control inflation, ensure major balances, and manage public debt, government debt, external debt, and the budget deficit.

The Government leader directed the State Bank to maintain stable exchange rates, strive to reduce lending interest rates and increase access to credit, focusing on priority sectors, aiming for an overall credit growth of about 15% for the year while controlling bad debt risks.

He asked the Ministry of Finance to increase revenue and reduce spending, effectively implement tax reduction policies, maintain market stability, especially for fuel and essential goods, and to develop a suitable roadmap for price adjustments for state-managed services such as electricity and health care.

He directed ministries, sectors, and localities to make breakthroughs in disbursing public investment capital, expedite the progress of important national projects, including highways, and prepare for investment in key railway projects.

Ministries, sectors, and localities should review and promptly formulate appropriate and effective mechanisms and policies to promote new growth drivers, while focusing on digital transformation, green transition, circular economy, sharing economy, knowledge economy, and emerging high-tech sectors such as semiconductor chips, AI, and cloud computing, Chinh said.

The PM emphasized the need to enhance the institutional and legal framework, reform administrative procedures, and accelerate national digital transformation.

It is urgent to issue comprehensive regulations and instructions for all laws that have been passed, to significantly cut down and simplify administrative procedures, and to improve the investment and business environment, he said, adding it is crucial to resolve legal and procedural obstacles to expedite social housing projects, review the conditions for purchasing social housing, and accelerate the credit package for social housing loans.

The government leader reminded the designated ministries and agencies to listen to opinions and recommendations of the public, businesses, and international organizations in order to introduce timely solutions and implement them effectively and appropriately.