The government has just issued Resolution No. 20/NQ-CP during the regular government meeting in January 2024. According to this resolution, the government agrees that the world situation in January 2024 continues to be complex; strategic competition between major countries is intense, conflicts in Ukraine and the Gaza Strip persist; conflicts in the Red Sea are escalating, threatening maritime safety in the region and the international supply chain; political, economic, and social instability risks are increasing in many regions and globally; natural disasters, droughts, storms, and climate change are increasingly unpredictable… In the country, the opportunities, conveniences, difficulties, and challenges are intertwined, but the difficulties and challenges are greater; the tasks and workload are increasing, becoming more complex and the goals and requirements are higher.
Regular government meeting in January 2024
In this context, under the consistent, timely, and practical leadership of the Party Central Committee’s Executive Committee, with direct and regular involvement of the Politburo, led by General Secretary Nguyen Phu Trong, the participation of the entire political system; consensus and active participation of the people and business community and the support and assistance of international friends; right from the beginning of the year, the government, the Prime Minister has directed all levels, sectors, and localities to continue to promote solidarity, unity, and close coordination with agencies in the political system; closely follow the practical situation, promptly react with appropriate, accurate, timely policy responses; focus on resolute, coordinated, efficient, and prioritized management and completion of work; ensure close, smooth coordination between agencies; urgently deploy tasks and solutions in all areas from the early days, the first month of 2024. As a result, the socio-economic situation in January continues the positive recovery trend and achieves important results, creating momentum for the successful implementation of the goals and tasks of socio-economic development set for 2024.
“Accelerating innovation, sustainable efficiency”
The macroeconomy is basically stable, inflation is under control, and growth is stimulated, ensuring the major balances of the economy. The consumer price index (CPI) in January increased by 3.37% compared to the same period last year. The foreign exchange market and exchange rates are stable; interest rates for loans continue to decrease; credit supply is promoted right from the beginning of the year, ensuring liquidity of the banking system and meeting the payment and cash needs of the people and businesses before the Lunar New Year.
The import and export turnover in January increased by 5.5% compared to the previous month and increased by 37.7% compared to the same period; of which, exports increased by 42%, imports increased by 33.3%; achieving an export surplus of $2.92 billion. The disbursement of public investment is estimated to reach 2.58% of the annual plan, higher than 0.77% compared to the same period; investment in strategic infrastructure projects, especially expressway projects and key infrastructure projects, continues to be accelerated; in January, the Dong Dang – Tra Linh expressway project was started; national target programs continue to be promoted from the early days of the year.
The main sectors and areas of the economy continue to recover and develop positively. Agricultural production is stable and continues to develop well; livestock and aquaculture output has increased. The industrial sector is recovering strongly; the industrial production index (IIP) increased by 18.3% compared to the same period, of which, processing and manufacturing industry increased by 19.3%. The service sector maintains a relatively strong growth momentum; in January, the total retail sales of goods and revenue from consumer services increased by 8.1% compared to the same period; supply of goods is abundant, avoiding shortage and price spikes. The tourism sector recovers rapidly, with international visitors to Vietnam reaching over 1.5 million, an increase of 10.3% compared to the previous month and 73.6% compared to the same period.
Overall production and business activities continue to show positive trends; in January, over 13.5 thousand new businesses were established with registered capital of 151.5 trillion VND and over 103.4 thousand laborers. The total foreign direct investment (FDI) registered in January reached over $2.36 billion, an increase of 40.2% compared to the same period, of which registered FDI increased by 66.9% and realized FDI reached $1.48 billion, an increase of 9.6%. Many international organizations continue to have positive evaluations of the situation and prospects for Vietnam’s socio-economic development.
Cultural and social sectors continue to receive attention; actively preparing cultural and artistic programs to celebrate the Party, celebrate the New Year, welcome Tet, and serve the spiritual needs of the people, contributing to promoting and promoting the traditional cultural values of the nation and attracting domestic and international tourists. The policies for people with meritorious services to the revolution, social protection, and social security are well attended, implemented promptly, adequately, innovatively; early payment of allowances, organizing visits, New Year’s wishes, and gifts for the right subjects. 3,545 tons of rice were provided to over 59,000 households, ensuring that people are not hungry.
National defense and security are strengthened, national independence and sovereignty are firmly maintained; political security and social order and safety are guaranteed. Focus on resolutely deploying peak attack and crime prevention, ensuring security and order before, during, and after Tet; enhancing fire and explosion prevention, anti-smuggling, commercial fraud, and counterfeit goods during the Tet holiday. Foreign affairs are proactively, actively, promptly deployed and achieved many practical results, leaving many positive marks in the international community… contributing to enhancing the reputation and position of Vietnam in the international arena, deepening relations with countries, partners, especially in economics, trade, investment, science, technology, innovation, digital transformation, green transformation…
Identifying shortcomings and limitations
In addition to the basic achievements, our country still faces limitations, shortcomings, and continues to face many difficulties and challenges. Inflation pressure is still high, especially with fluctuations in crude oil prices and global food prices. Production and business activities in some industries and sectors are still difficult; bad debts tend to increase. State budget revenues decrease compared to the same period. The number of businesses withdrawing from the market is still high. Disbursement of ODA and foreign concessional loans still faces many difficulties.
The real estate and corporate bond markets have seen some changes, but they are still difficult and need to continue to be monitored to proactively respond in a timely manner.
Extreme weather conditions, severe cold, frost damage, riverbank and coastal erosion, unpredictable climate change. The lives of a part of the people are still difficult, especially in remote areas, faraway areas, areas of ethnic minorities, border areas, islands. The security situation and social order in some localities still have inherent complex factors…
In the coming time, the world situation is forecasted to continue to face many difficulties and challenges; conflicts in some regions are still protracted; many major economies are forecasted to slow down, posing many risks… In the country, our economy continues to be subject to “dual impact” from external unfavorable factors and many years of internal limitations and shortcomings, creating challenges and great pressure on the work of directing and managing the development of socio-economy, especially in early 2024.
In the face of this situation, the government and the prime minister require the ministers, heads of central agencies, heads of agencies under the government, chairmen of provincial people’s committees, and centrally-run cities with the theme of Steering in 2024 “Strengthening responsibility, proactive and timely response, accelerating innovation, sustainable efficiency”…
Accordingly, localities proactively develop plans and timely and effectively implement Laws and Resolutions that have been passed by the National Assembly at the 6th and 5th extraordinary sessions, in which promulgation of full and consistent guidance documents for the Land Law (amended), the Credit Institutions Law (amended), and Laws effective from 2024 is ensured at the same effective time of laws. Accelerate the preparations and implementation of Laws and Resolutions of the National Assembly in the Program to build Laws, Ordinances in 2024, ensuring quality, especially the laws in the Plan No. 81/KH-UBTVQH15 dated November 15, 2021, of the National Assembly’s Standing Committee on amending and supplementing the Government Organization Law, the Local Government Organization Law, the Law on Promulgation of Legal Normative Documents…
Closely follow the market supply-demand situation, prices, especially essential goods; proactively deploy market stabilization programs, prices during the Lunar New Year. Strengthen inspection and ensure food safety and hygiene, anti-smuggling, commercial fraud, and counterfeit goods. Focus on regulating and tightly managing transportation activities to serve the travel needs of people and goods transportation, strengthen inspections of the implementation of declaration and posting of transportation fares according to regulations; organize smooth cargo transportation before, during, and after Tet, especially in remote areas, farawy areas, areas of ethnic
minorities, and islands.
Rigorously implement active, flexible, timely, effective monetary policies in combination with an expanded and reasonable, focused, and prioritized fiscal policy. Implement adjustment of electricity prices, healthcare services, education… at an appropriate level and time, minimize impacts on inflation, production and business activities, people’s lives.
Promote industrial production development, construction, ensure progress in implementing projects; resolutely do not let power shortage, shortage of petroleum products for production, business, and consumption. Strongly develop service sectors with potential, advantages, applied technology, high added value; implement synchronous solutions to strive for reducing logistics costs; focus on improving service quality, strongly attract international and domestic tourists. Accelerate capital disbursement for public investment; promote the start of new construction of urgent and important projects that have positive impacts on the recovery and development of socio-economy.
Thoroughly and resolutely perform the task of restructuring, rearranging, equitizing state enterprises, divesting state capital from enterprises, improving operational efficiency, promoting state enterprise investment… Focus on implementing decisively, effectively breakthrough solutions to develop a synchronized infrastructure system, especially strategic transport infrastructure projects. Encourage, inspire, and require construction contractors to work through Tet, “3 shifts, 4 teams”, “overcome the heat, overcome the rain” to strive to achieve and exceed the progress of key projects and works…
Regarding the allocation and disbursement of public investment capital, the government requests ministries, central agencies, and localities to direct the implementation of decisive, synchronous, and effective tasks and solutions to promote the disbursement of public investment capital in 2024.
The Ministry of Planning and Investment takes the lead in coordinating with relevant agencies to consolidate the situation of allocating investment plans of state budget capital in 2024 of ministries, central agencies, and localities, summarizing and proposing solutions for handling the remaining funds that have not been allocated in detail for tasks and projects, reporting to the government at the regular meeting in February 2024.
Complete the payment of overdue debts of basic construction, refund the pre-paid capital not yet recovered; concentrate on arranging capital to accelerate progress, complete projects under the Program of Economic Recovery and Development, national target programs, national important projects, expressway projects, key projects, coastal roads, inter-regional roads with radiation effects, creating motivation for socio-economic development…
