During a regular government meeting on 4/7, Deputy Prime Minister Nguyen Van Thang assessed that the socio-economic situation in the first half of the year achieved many positive results, laying a foundation to meet the year's overall objectives.

According to data from the General Statistics Office, second-quarter GDP is estimated to have increased by 8,39% compared to the same period last year. Cumulatively for the first six months, GDP grew by 8,18%, surpassing the 7,63% growth recorded in the same period last year.

The Deputy Prime Minister noted that the economic growth in the first half of the year reached its highest level in many recent terms, placing Vietnam among the top-growing economies globally. Several targets were exceeded, including state budget revenue, agricultural growth, and foreign direct investment (FDI) attraction, with some indicators reaching unprecedented highs. Many among the 34 localities reported double-digit gross regional domestic product (GRDP) growth.

However, the Deputy Prime Minister acknowledged that these results still fall short of expectations. Some localities remain significantly distant from their growth targets, while the disbursement of public investment capital continues to be slow. He cited calculations indicating that if the public investment disbursement rate for the first six months had reached approximately 50% instead of the current nearly 35%, public investment alone could have contributed an additional 0,4 percentage points to GDP growth.

"If all sectors and fields made greater efforts, it would be entirely possible to move closer to the growth target," he stated, suggesting that the fact some localities achieve very high growth under similar development conditions indicates limitations in implementation and organization in certain areas, which need to be addressed promptly.

Deputy Prime Minister Nguyen Van Thang speaks at a regular government meeting on 4/7. Photo: VGP

Deputy Prime Minister Nguyen Van Thang speaks at a regular government meeting on 4/7. Photo: VGP

Addressing future tasks, the Deputy Prime Minister emphasized the need to maximize growth potential amidst the ongoing complex global economic developments. Policy decisions aimed at institutional improvement and removing bottlenecks will help businesses and individuals reduce costs and time, thereby stimulating investment and production.

Regarding solutions, the Deputy Prime Minister stressed that achieving high growth requires adequate and timely financial resources at reasonable costs. Fiscal and monetary policies must be closely coordinated to ensure capital for production, business, and priority sectors, preventing businesses from facing capital shortages.

He noted that bank credit will continue to play a primary role in economic growth in the immediate future, while capital markets will be further developed to meet medium and long-term capital demands.

The Deputy Prime Minister also urged ministries and sectors to adopt faster and more decisive policy responses to promptly assist businesses, citizens, and localities.

Following the meeting, the Government will organize discussions with domestic and foreign businesses to resolve issues, and will work with the State Bank of Vietnam and commercial banks to ensure capital for the economy. Concurrently, government leaders will meet with 34 provinces and cities to promote growth.

At the conference, various ministries proposed solutions to boost growth in the latter half of the year: Construction Minister Tran Hong Minh stated that the ministry will prioritize resolving bottlenecks in planning, standards, and infrastructure, and accelerate key projects. Industry and Trade Minister Le Manh Hung indicated that his sector will focus on institutional improvement, addressing challenges for energy and industrial projects, while also ensuring electricity and petrol supply and expanding export markets. Meanwhile, Culture, Sports and Tourism Minister Lam Thi Phuong Thanh proposed promoting tourism as a key economic sector. Agriculture and Environment Minister Trinh Viet Hung called on localities to promptly complete land databases and resolve difficulties for agricultural product exports.

Phuong Dung