Prime Minister: Strives for GDP growth in 2024 of over 7%

On the morning of October 7, Prime Minister Pham Minh Chinh chaired the regular Government meeting for September 2024 online with 63 localities.

Attending the meeting were Politburo members, Party Central Committee Secretaries, Party Central Committee members, Deputy Prime Ministers, leaders of ministries, branches, central agencies, secretaries and chairpersons of People's Committees of provinces and cities, and leaders of state-owned enterprises.

Resolute management, close to practical situation

Reports and opinions at the meeting unanimously assessed the direction and management work and pointed out 13 outstanding results on the socio-economic situation in the first 9 months of the year.

Firstly, the biggest goal was achieved: stabilizing the macro economy, controlling inflation, promoting growth, ensuring major balances of the economy, controlling the budget deficit, public debt, government debt, and foreign debt, and improving the material and spiritual life of the people, and ensuring national defense and security.

Secondly, growth was promoted; each quarter was higher than the previous quarter, 9 months were higher than the proposed scenario: GDP in the first quarter increased by 5.66%, in the second quarter increased by 6.93%, in the third quarter increased by 7.4%, in the total of 9 months increased by 6.82%.

Third, the macro economy is stable; inflation is controlled, and primary balances are ensured. The average consumer price index (CPI) in the first 9 months increased by 3.88% (core inflation increased by 2.69%). Energy and food security are ensured; labor supply and demand balance is ensured.

Fourth, exports continued to increase enormously, with a large trade surplus, contributing to ensuring the balance of payments. Export turnover increased by 15.4% (domestic sector increased by 20.7%; FDI sector increased by 13.4%); imports increased by 17.3%; trade surplus is estimated at USD 20.8 billion.

Fifth, the service and tourism sectors recovered strongly. Total retail sales of goods and consumer service revenue in the first 9 months increased by 8.8% over the same period. The number of international visitors in the first 9 months reached over 12.7 million, an increase of 43.0%.

Sixth, the financial and budget situation of the State continued to improve significantly. The total State budget revenue in the first 9 months reached 85.1% of the annual estimate, up 17.9% over the same period.

Seventh, development investment continued to achieve positive results, creating momentum to promote economic growth. Total social investment capital in the first 9 months increased by 6.8%, of which investment capital of the State sector increased by 4.1%, the non-state sector increased by 7.1%, and the FDI sector increased by 10.7%.

Eighth, business development continued a positive trend, with 183,000 newly established and returning enterprises in the first 9 months, higher than the number of enterprises withdrawing from the market (163,000).

Ninth, administrative reform focuses on cutting and simplifying administrative procedures, promoting national digital transformation, and implementing Project 06. The e-Government Development Index in 2024 increased by 15 places, ranking 71/193.

Tenth, startups and innovation are strongly promoted. The Global Innovation Index in 2024 increased by 2 places compared to 2023, ranking 44/133, up 4 places compared to 2022.

Eleventh, cultural and social fields are focused on, ensuring social security, and improving people's lives. The average workers' income in 9 months reached VND 7.6 million per month, up 7.4% over the same period.

Twelfth, actively supporting people and businesses to respond to, prevent and overcome the consequences of Typhoon Yagi.

Thirteenth, the political and social situation is stable; national defense and security are strengthened; foreign affairs and international integration are promoted.

Commendation for many localities' great efforts and high results

Prime Minister Pham Minh Chinh welcomed and highly appreciated the Ministry of Planning and Investment, the Government Office and relevant ministries and agencies for carefully preparing reports and enthusiastic, responsible and practical comments from delegates; requested the Ministry of Planning and Investment and the Government Office to absorb and complete the report and draft Resolution of the meeting, and submit it to the Prime Minister for promulgation immediately after the meeting.

Regarding the recommendations of localities, the Prime Minister requested ministers and heads of sectors, according to their functions, tasks, and authority, to focus on directing and proactively removing difficulties and obstacles, promptly reporting to competent authorities on issues beyond their authority; the spirit is to be clear about people, work, time, responsibility and products.

The Prime Minister emphasized three main reasons for the achievements: (i) The Government, ministries, branches and localities strictly implemented the resolutions and conclusions of the Central Committee, the Politburo, the Secretariat, the National Assembly, and the directions of the late General Secretary Nguyen Phu Trong in the past and the current General Secretary and President To Lam; (ii) the efforts and struggles of the entire political system, especially with the leadership of Party committees, the participation of the government, the consensus of the people and businesses, and the support and cooperation of international friends; (iii) the close coordination between central and local agencies with better-improved processes, reduced administrative procedures, actively eliminating the mechanism of asking for and giving, preventing corruption and negativity, and strengthening administrative discipline and order.

Analyzing the domestic and international situation in the coming time, the Prime Minister stated that we have identified opportunities, advantages, difficulties, and challenges intertwined. Still, the difficulties and challenges are more significant. The Government and the Prime Minister requested ministries, branches, and localities to closely monitor the international and domestic situation to have appropriate policy responses, timely, flexible, and effective solutions, and continue synchronously and resolutely carrying out tasks.

Regarding the 12 key tasks and solutions, the Prime Minister requested to first focus on preventing and overcoming the consequences of natural disasters, storms and floods, stabilizing people's lives, promoting production and business recovery, resolutely and effectively implementing Resolution 143/NQ-CP on key tasks and solutions to overcome the consequences of Typhoon Yagi urgently.

Second, carefully prepare and ensure the progress and quality of reports and projects at the 8th Session of the 14th National Assembly in the spirit of proactively implementing assigned functions and tasks, closely coordinating with agencies of the National Assembly and agencies in the political system, proactively and promptly handling difficulties, creating high consensus among the people and between agencies.

Third, prioritize promoting growth associated with maintaining macroeconomic stability, controlling inflation, and ensuring major balances of the economy. Strive to achieve a GDP growth rate of over 7% for the whole year and a 7.5-8% growth rate in the fourth quarter.

Fourth, focus on promoting and creating breakthroughs in the disbursement of public investment capital, strongly promoting three national target programs, striving to achieve a disbursement rate of at least 95%. Promote the activities of the Prime Minister's working groups and 26 working groups of Government members to work with localities immediately after the meeting.

Fifth, focus on renewing traditional growth drivers (investment, export, consumption) and strongly promoting new growth drivers such as regional economy, regional linkage, urban areas; digital transformation, green transformation, circular economy, sharing economy, knowledge economy, and new industries and fields, high technology (such as semiconductor chips, AI, cloud computing, etc.).

Sixth, promote the completion of institutions and laws, remove legal obstacles, reform administrative procedures, promote national digital transformation, and improve the investment and business environment. Promote national digital transformation Project 06 to build a National Data Center.

Seventh, continue to handle problems thoroughly, backlog projects, prolonged projects, weak banks, handling plans for SCB Bank, investment projects to build facilities 2 of Bach Mai and Viet Duc Hospitals; Urgently remove difficulties and obstacles for projects and land in the inspection, examination and judgment conclusions stated in Project 153.

Eighth, focus on culture, society, and environment; ensure social security, improve people's lives, and invest in cultural institutions. Closely monitor the developments of natural disasters, storms, and floods, respond promptly and effectively, and minimize damage.

Ninth, strengthen national defense and security; promote anti-corruption and anti-negativity; improve the effectiveness of foreign affairs and international integration. Organize the foreign affairs activities of senior leaders well, promote economic diplomacy, and negotiate new FTAs.

Tenth, information and communication, especially policy communication, should be strengthened, contributing to creating social consensus and promoting the enthusiasm and efforts of the whole society to strive for progress.

Eleventh, the Ministry of Finance urgently submits to the National Assembly Standing Committee the principles, criteria, and norms for allocating regular state budget expenditures in 2026 and state budget investment expenditures for the 2026-2030 period.

Twelfth, actively implement the tasks of the Socio-Economic Subcommittee; carefully prepare for the Party Congresses at all levels towards the 14th National Party Congress.

The Prime Minister requested that ministers, heads of sectors, secretaries, and chairpersons of provinces and centrally-run cities pay special attention to leading and directing the effective implementation of the following five essential and urgent groups of tasks and solutions.

First, prioritize growth, promote traditional growth drivers, and boost new ones.

Second, do not let food, foodstuff, electricity, gasoline, water, medicine, medical supplies, and input materials for production, business, and people's lives be in short supply.

Third, coordinate with the National Assembly Standing Committee and National Assembly committees to carefully prepare laws and resolutions to submit to the National Assembly to increase decentralization, reduce administrative procedures, manage and create development, and mobilize all development resources.

Fourth, complete housing support for households affected by natural disasters, deploy a VND140 trillion credit package to develop social housing and respond to the emulation movement to eliminate temporary and dilapidated houses nationwide.

Fifth, promote production and business, promote public investment disbursement, create jobs and livelihoods, and improve people's spiritual and material lives.

The Prime Minister also stated that the Government, ministries, branches and localities, based on their functions, tasks and powers, need to pay attention to listening to opinions and recommendations from people, businesses, socio-political organizations, international organizations, investors, and others, be receptive, and have timely, appropriate and effective solutions and tasks.