Prime Minister Pham Minh Chinh chairs regular monthly Government meeting for July

At the regular monthly Government meeting for July held on August 5 under his chair, Prime Minister Pham Minh Chinh demanded all-level authorities, sectors, and localities take timely, flexible, and efficient moves to achieve better and more inclusive socio-economic development in 2024 compared to last year, according to a report from the Vietnam News Agency.

Highlighting the sustained positive trend in the socio-economic situation, the PM said results in July and the first seven months were better than the previous month and the same period last year in almost all areas.

According to the PM, growth was maintained in the three sectors of agriculture, industry, and services. The macro-economy remained stable, inflation under control, and major balances guaranteed. The seven-month consumer price index (CPI) rose 4.12%, foreign exchange rates and interest rates were generally stable, energy and food security was ensured while exports kept increasing, resulting in a seven-month trade surplus of $14.08 billion and helping ensure the balance of payments.

Besides, Vietnam welcomed nearly 10 million international arrivals during January – July period, up 51% year on year and 1.9% from the same period of 2019, before the COVID-19 pandemic broke out. The country attracted about $18 billion in foreign direct investment (FDI), up 10.9%, and recorded $12.55 billion of FDI capital disbursed, representing an 8.4% increase and also a five-year high.

Due attention was paid to cultural and social aspects, with social security guaranteed. The wage policy reform since July resulted in just a slight rise in inflation, the Government leader was quoted by the news agency as saying, pointing out progress in administrative reforms, digital transformation, corruption combat, political and social stability, defense and security, along with external affairs and integration into the world.

He also cited many international organizations and experts as speaking highly of Vietnam’s economic results and prospects. The Asian Development Bank (ADB) forecast the country’s economic growth this year at 6%, the ASEAN+3 Macroeconomic Research Office 6.3%, and HSBC 6.5%.

The PM asked all-level authorities, sectors, and localities to keep close monitoring of both domestic and international situation so as to carry out timely, flexible, and efficient solutions, comprehensively and strongly implement the set tasks and solutions, while enhancing examination and supervision to ensure that socio-economic development results get better month over month, quarter over quarter, and year over year.

They need to continue giving priority to promoting growth in parallel with maintaining macro-economic stability, controlling inflation, ensuring major balances of the economy, and keeping good control over public, government, and foreign debts. They should maintain a proactive, flexible, timely, and effective monetary policy that is coordinated harmoniously and closely with a reasonably expanded and focus-driven fiscal policy as well as other macro-policies.

It is also necessary to maintain stable foreign exchange rates, boost credit access, especially in priority areas, to reach this year’s credit growth target of about 15%, further cut lending interest rates, and facilitate the disbursement of the credit package worth VND120 trillion (nearly $4.8 billion) for social housing development, according to the PM.

The Government leader instructed that efforts should be made to renew the traditional growth drivers, namely investment, exports, and consumption, while strongly promoting new ones, including digital transformation, green transition, circular economy, sharing economy, knowledge-based economy, semiconductor, and artificial intelligence.

He asked for stepping up institutional perfection, administrative reforms, and national digital transformation; giving due heed to cultural, social, and environmental affairs; keeping a close watch on natural disasters to take timely and effective response measures; and preventing the shortages of medicine and medical supplies; among others.

The PM also urged further improving the investment and business climate, strengthening defense - security, strongly fighting against corruption and negative phenomena, and promoting external relations and integration into the world.

Ministries and sectors need to capitalize on the signed free trade agreements and boost the negotiation of new ones, boost communications to secure social consensus, and make thorough preparations for all-level Party congresses ahead of the 14th National Party Congress, the Government leader added.