Prime Minister Le Minh Hung issued this directive at a regular government meeting on 3/9, recognizing the limited time remaining in the year and the ambitious growth targets set.

According to the Prime Minister, ministries, agencies, and localities must regularly review and update growth scenarios on a monthly and quarterly basis. Bottlenecks hindering growth targets need to be identified and resolved, especially in key sectors and localities with significant growth potential.

The Prime Minister emphasized that promoting growth must be accompanied by maintaining macroeconomic stability and controlling inflation. Agencies should proactively manage the prices of essential goods and services, enhance market supervision, and address speculative behavior or unreasonable price increases.

Prime Minister Le Minh Hung speaking at the government meeting on 3/9. Photo: VGP

At the meeting, the Prime Minister also urged the State Bank of Vietnam to continue flexible monetary policy management, directing credit towards priority sectors and key projects while controlling high-risk areas. They are tasked with assessing the "balancing point" between inflation control and growth support, identifying warning thresholds, maintaining liquidity stability, and working to reduce lending interest rates.

Regarding fiscal policy, the Ministry of Finance is required to continue implementing policies for tax, fee, and charge exemptions, reductions, and extensions to support citizens and businesses. The value-added tax (VAT) refund process for exported goods also needs to be reviewed to enhance risk classification and expedite the processing of compliant businesses' applications, thereby reducing time and costs.

Public investment remains a crucial growth driver. The Ministry of Finance is tasked with accelerating disbursement to ensure 100% completion of allocated capital plans. Capital markets, corporate bonds, and stock markets also need continued development to supplement resources for the economy and reduce reliance on credit.

After eight months, public investment disbursement reached nearly 510 trillion VND, equivalent to 49,8% of the plan. The Prime Minister noted that progress in some ministries and key projects has not shown positive improvement, still facing issues with site clearance, material and labor supply, and rising costs.

Furthermore, ministries and agencies are required to implement synchronized solutions to boost exports, control trade deficits, and move towards balanced trade to achieve "double-digit" growth targets.

The Ministry of Industry and Trade is assigned to analyze declining export product groups and large import deficits to devise appropriate solutions. This agency must accelerate trade agreement negotiations with new partners and increase trade promotion in markets such as Halal, Latin America, and Africa. Orders for high-demand global products, including electronics, machinery, and agricultural and aquatic products, should be leveraged.

The Ministry must also monitor gasoline and energy prices, ensuring sufficient electricity for production, business, and daily life. The industry and trade sector needs to expedite key power and oil and gas projects and promptly restore operations of bio-ethanol production plants.

According to the report at the meeting, macroeconomic stability in the first eight months of the year was largely maintained. State budget revenue reached 2,03 trillion VND, achieving 80% of the estimate. Total import-export turnover reached 770,14 billion USD, an increase of 28,7% compared to the same period.

Industrial production continued to grow, with the Industrial Production Index (IIP) in August 14,4% higher than the same period last year, and an average increase of nearly 12% over eight months. Registered foreign direct investment (FDI) reached 40,63 billion USD, up 55,4%, while disbursed capital reached 17,25 billion USD, an increase of 12%.

The Prime Minister acknowledged that the remaining time until the end of the year is limited, while the demands are significant. He urged government members to demonstrate responsibility, proactivity, and flexibility to achieve the set objectives.

Phuong Dung