Prime Minister Pham Minh Chinh highlighted the need for unwavering determination and drastic actions in the face of current difficulties, during the Government’s monthly meeting in Hanoi on May 4.

PM Pham Minh Chinh speaks at the meeting (Photo: NDO)

The 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.

At the meeting (Photo: NDO)

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 32 trillion VND (1.33 billion USD) 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 Dien Bien Phu 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 Vietnam's economic performance in the first four months of this year. The State budget revenue reached 43.1% of the yearly projection, reflecting a 10.1% year-on-year increase; and the total export-import turnover hit 238.88 billion USD, up 15.2% year on year, with a trade surplus of 8.4 billion USD. Meanwhile, the disbursement of public investment capital improved, reaching 17.46% of the plan assigned by the Prime Minister, which was 1.81% higher than the same period last year.

The total registered foreign direct investment neared 9.3 billion USD, marking a 4.5% rise, of which 6.3 billion USD was disbursed, up 7.4%. Major global technology companies are seeking large-scale investment opportunities in Vietnam'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%. The number of foreign arrivals in Vietnam reached 6.2 million, representing a 68.3% increase compared to the same period in 2023 and a 3.9% rise from 2019.

Several international organisations offered optimistic outlook for Vietnam’s economic growth this year. Among them, the Asian Development Bank (ADB) predicted a growth rate of 6% while HSBC and Standard Chartered Bank forecast growth of 6.3% and 6.7%, respectively. Vietnam's business environment ranking improved by 12 places, and the Global Innovation Index ranked Vietnam 46th out of the 132 countries, up 2 spots.