Government chief orders combined efforts to fulfill targets set for 2024

PM Chinh chaired an October regular cabinet meeting on November 9 to review and assess the socio-economic situation in October and the past 10 months, as well as outlining orientations and tasks ahead for the remaining months of this year.

As part of his opening remarks at the event, the PM stated that last month witnessed the Government focus on directing ministries, sectors, and localities to carry out conclusions of the Party Central Committee’s 10th session; deal with the consequences of storms and floods, especially Typhoon Yagi; and prepare for the National Assembly’s eighth session whilst handling projects with poor performance.

It also devised solutions aimed at keeping inflation in check, ensuring macro-economic stabilisation, growth, and maintaining major balances of the national economy; as well as reviewing the implementation of the annual and five-year goals.

Assessing the socio-economic situation shows that this month is better than last month, this quarter is better than the previous quarter, whilst this year is better than last year. The Government chief therefore asked participants to focus on discussing and clarifying the achieved results, limitations, difficulties, and challenges; analyzing the causes and lessons learned from direction and management; forecasting the situation, including the impact of the US election results; and proposing mechanisms, policies, and solutions for the coming time.

He also requested for continued proactive and prompt response to policies and governance scenarios for all situations. He emphasized the tasks and solutions that are needed to complete all goals for the year, especially the GDP growth target, noting that if the GDP growth reaches around 7.5% in the fourth quarter, the entire year’s figure will surpass 7%, nearly doubling the averages of ASEAN and the wider world.

If institutional bottlenecks are removed, then GDP growth could reach double digits annually over the coming decades, PM Chinh stressed.

During the reviewed period, remarkable progress has been seen in culture, social affairs, politics, along with national defence and security, while foreign affairs and international integration have also been promoted, thereby raising the country's prestige and position.

Most notably, many international organisations and experts have continued to highly appreciate the results and prospects of the Vietnamese economy. Standard Chartered raised its forecast for the nation's GDP growth this year from 6% to 6.8%; HSBC raised its forecast from 6.5% to 7%; the ASEAN+3 Macroeconomic Research Office (AMRO) predicted that this year and into 2025 would see Vietnam record the highest growth in ASEAN+3.

The Government leader also underlined the necessity for breakthrough mechanisms, policies, and solutions in a bid to promote science and technology, innovation, renew old growth drivers, and accelerate new ones.

Accentuating the importance of solutions to stimulate domestic consumption, PM Chinh requested relevant agencies study and propose tax-related measures to submit to the legislative body.

He also urged a review of the work serving the 15th NA’s eighth session, including the preparation of documents regarding the investment policy for the North-South high-speed railway project; and the organisation of forth coming major holidays, especially the 80th founding anniversary of the Vietnam People's Army at the end of 2024, as well as major events ahead in 2025.

In his conclusion, PM Chinh basically agreed with the reports and opinions given by ministries and competent agencies, assigning the Ministry of Planning and Investment and the Government Office to complete the reports and draft resolution of the meeting for submission to him for early promulgation.