PM urges resolve in face of challenges to achieve set goals

VIETNAM, May 4 - HÀ NỘI – Prime Minister Phạm Minh Chính highlighted the need for unwavering determination and drastic actions in the face of current difficulties, during the Government’s monthly meeting in Hà Nội on May 4.

The Government leader called for a steadfast pursuit of the goals set, urging relevant authorities to redouble their efforts. Specific tasks were outlined, including thorough preparation for the National Assembly’s upcoming seventh session, with a particular focus on finalising draft laws, resolutions, reports, and proposals.

Economic policies received significant attention during the meeting. The PM advocated for an active and flexible approach to the monetary policy, ensuring its effectiveness in tandem with a reasonably expansive fiscal policy. To increase the State revenue, he called for accelerated digital transformation, including the application of e-invoicing, and the development of robust and safe markets for securities, bonds, real estate, and gold.

He requested continuing to renew traditional growth drivers and step up new ones, and hastening the disbursement of public investment capital, including the three national target programnes, with VNĐ32 trillion (US$1.33 billion) yet to be allocated.

Decrees and circulars guiding the implementation of the laws on land, credit institutions, and real estate business and housing must be submitted to the legislature soon for realisation from July, he said, adding that administrative procedures must be further simplified to contribute to a more favourable business environment.

The Government leader also gave further directions regarding socio-economic and cultural affairs, firstly making thorough preparations for the upcoming 70th anniversary of the Điện Biên Phủ Victory in localities.

Ministries, agencies, and localities were assigned to continue with their fight against corruption and other negative practices, rearrange administrative units, and develop cultural industry.

The meeting provided a positive outlook on Việt Nam's economic performance in the first four months of this year. The State budget revenue reached 43.1 per cent of the yearly projection, reflecting a 10.1 per cent year-on-year increase; and the total export-import turnover hit $238.88 billion, up 15.2 per cent year on year, with a trade surplus of $8.4 billion.

Meanwhile, the disbursement of public investment capital improved, reaching 17.46 per cent of the plan assigned by the Prime Minister, which was 1.81 percentage points higher than the same period last year.

The total registered foreign direct investment neared $9.3 billion, marking a 4.5 per cent rise, of which $6.3 billion was disbursed, up 7.4 per cent. Major global technology companies are seeking large-scale investment opportunities in Việt Nam's electronics, semiconductor, and renewable energy sectors.

Growth in industrial production was also observed across 54 out of the 63 localities, with a year-on-year increase of 6 per cent. The number of foreign arrivals in Việt Nam reached 6.2 million, representing a 68.3 per cent increase compared to the same period in 2023 and a 3.9 per cent rise from 2019.

Several international organisations offered optimistic outlook for Việt Nam’s economic growth this year. Among them, the Asian Development Bank (ADB) predicted a growth rate of 6 per cent while HSBC and Standard Chartered Bank forecast growth of 6.3 per cent and 6.7 per cent, respectively.

Việt Nam's business environment ranking improved by 12 places, and the Global Innovation Index ranked Việt Nam 46th out of the 132 countries, up 2 spots. — VNS