At a meeting of the standing committee of the government on 3/8, Prime Minister Pham Minh Chinh stated that the state budget needs to ensure timely and sufficient revenue collection, while management agencies need to combat revenue loss and increase savings in spending.

The prime minister also said that new requirements for public investment in the coming period demand a change in thinking and approach. Capital allocation needs to be focused and prioritized, avoiding fragmentation and waste, and concentrating on projects that can "change the game and shift the status quo."

Prime Minister Pham Minh Chinh speaks at the meeting of the standing committee of the government on 3/8. Photo: VGP

Prime Minister Pham Minh Chinh speaks at the meeting of the standing committee of the government on 3/8. Photo: VGP

This year, the government aims for a GDP growth rate of over 8%, creating a foundation for double-digit growth in the next phase.

Public investment has been identified as one of the key solutions and drivers for economic and social recovery and growth. According to calculations, for the 2021-2025 period, a 1% increase in public investment disbursement could add 0.058 percentage points to the GDP.

Vietnam plans to complete 3,000 km of expressways and 1,000 km of coastal roads this year, inaugurate phase 1 of Long Thanh international airport, and commence construction on the Hanoi - Lao Cai - Hai Phong railway line. To mark the 80th anniversary of the August revolution and the 2/9 national day, the country simultaneously commenced and inaugurated 250 key projects with a total investment of approximately 1.28 quadrillion dong.

Since the beginning of the year, Prime Minister Pham Minh Chinh set a target for state budget revenue in 2025 to increase by at least 10% compared to last year. At the same time, agencies must "maximize savings in spending, especially recurring expenditures, to allocate resources for development investment and social security."

In addition to public investment, the prime minister also requested ministries and sectors to continue reviewing all targets for 2025 and the 5-year plan, promoting growth drivers, and completing assigned projects and tasks. He emphasized the lessons learned about grasping the situation, implementing timely and effective policies, and improving communication, advocacy, innovation, and creativity.

Phuong Dung