Prime Minister Phạm Minh Chính issued a directive on the key tasks and solutions to promote socio-economic development.
Prime Minister Phạm Minh Chính has just signed Directive No. 12/CT-TTg dated April 21, 2024 on the key tasks and solutions to promote socio-economic development.
The Directive states: The socio-economic situation of our country in the first quarter of 2024 continued to recover positively and achieved many encouraging results, creating an important premise for striving to successfully fulfill the targets and indicators of socio-economic development for the whole year of 2024.
However, as a developing country with a transforming economy and a high level of openness, our country is facing a number of difficulties and challenges, especially external factors.
Domestically, the issue of exchange rates and inflationary pressure tend to increase; production and business activities in some sectors and fields are still facing difficulties; financial and monetary markets need to be closely monitored and appropriate solutions should be taken to avoid affecting the effectiveness of capital supply for the economy…
In order to overcome the aforementioned shortcomings and limitations, contributing to the consistent implementation of the priority orientation of promoting growth in association with macroeconomic stability, controlling inflation and ensuring the major balances of the economy, focusing on social security; taking full advantage of opportunities and favorable conditions, promptly removing difficulties and obstacles, making efforts to overcome challenges in order to achieve the highest and best results, strive to meet and exceed the targets and indicators in 2024, especially the indicators on growth and inflation control; Prime Minister requests the Ministers, Heads of ministerial-level agencies, agencies under the Government, and other agencies at the central level, Chairmen of the People’s Committees of provinces and centrally-run cities (hereinafter referred to as ministries, agencies, and localities) based on their assigned functions, tasks, and authorities to drastically and effectively implement the Resolutions and Conclusions of the Central Committee, the Politburo, the National Assembly, the Government, and the Prime Minister, focusing on the following tasks and solutions:
Continue to promote growth in association with macroeconomic stability, control inflation, and ensure the major balances of the economy
The Prime Minister requests that ministries, agencies, and localities closely monitor the international and regional situation, policy adjustments of economies, major partners, especially policies on monetary, fiscal, trade, and investment… Keep a firm grasp of the market situation, supply and demand, and commodity prices to come up with appropriate and effective solutions to stabilize the market and prices, especially for petrol, oil, essential goods, housing, and food.
The Ministry of Planning and Investment shall take the initiative in analyzing, forecasting, and timely updating reports, advising the Government and the Prime Minister on response scenarios and appropriate directives to promote growth while maintaining macroeconomic stability, controlling inflation, and ensuring the major balances of the economy, supporting production and business activities of enterprises and people.
Focus on promoting and attracting large-scale FDI projects, especially high-tech projects in digital economy development, green economy, circular economy, processing and manufacturing industries, electronics, semiconductors, hydrogen, etc.
The Ministry of Finance shall strengthen financial discipline and order, drastically implement digital transformation and regulations on electronic invoices, especially promote the application of digital transformation in revenue and expenditure management, enhancing the effectiveness and efficiency of state budget revenue and expenditure management; ensure correct, sufficient, and timely revenue collection, expand the tax base and prevent tax losses, especially for services such as catering, restaurants, e-commerce, and cross-border platform trading…; drastically and resolutely cut regular expenditures and non-urgent spending tasks.
Promote and control the healthy, safe, and effective development of financial, stock, and corporate bond markets; promptly detect and strictly handle violations.
Urgently implement necessary measures to upgrade Vietnam’s stock market from a frontier market to an emerging market in 2025.
The State Bank of Vietnam shall conduct timely, flexible, and harmonious adjustments between interest rates and exchange rates in accordance with the market situation, macroeconomic developments, and monetary policy targets.
Strictly implement the provisions of Decree No. 24/2012/ND-CP on the management of gold trading activities; take the initiative in implementing timely and effective solutions and tools to intervene and regulate the domestic gold market to ensure a healthy competitive gold market, stable, open, transparent, and effective operation; strictly manage and control activities and transactions on the market, promptly and effectively address the high gap between domestic and international gold bar prices.
Inspect, investigate, and strictly handle cases of negativity, smuggling, and gold price inflation. At the same time, regulate the supply of foreign currency in a timely and effective manner to meet the foreign currency demands of businesses and people.
Promote public investment disbursement, using public investment as a catalyst, activating and attracting all social resources
The Prime Minister requests ministries, agencies, and localities to urgently allocate in detail the state budget capital investment plan for 2024 in accordance with regulations, avoiding further delays, ensuring focus and priorities, avoiding scattering, and complying with legal regulations on public investment.
Resolutely clear the ground, disburse public investment capital, accelerate the progress of construction of key projects and works, and expedite the implementation of national target programs in the spirit of leveraging public investment to catalyze, activate, and attract all social resources.
加强公共投资资金审批的纪律和秩序，对故意拖延资金拨付、执行和使用公共投资资金的组织和个人依法从严处理。
The Ministry of Planning and Investment shall regularly report to the Government and the Prime Minister on the situation, results, and propose appropriate solutions to promote the disbursement of public investment capital, national target programs, and ODA capital.
The Ministry of Finance shall expedite the progress of settlement, payment, and expenditure control to simplify procedures, shorten the time frame, and facilitate the disbursement of public investment capital; promote the application of digital transformation and payment through the online public services of the State Treasury.
The Ministry of Natural Resources and Environment shall continue to monitor the situation, provide timely guidance, and promptly remove difficulties and obstacles related to the exploitation of construction materials to ensure adequate supply of construction materials for key traffic works, especially in the Mekong Delta region and southern provinces.
Economic corporations and state-owned corporations shall focus on reforming governance, strengthening research and development, reducing costs, and improving operational efficiency; at the same time, promoting investment development, especially large-scale projects that are effective and have high spillover effects.
Developing the domestic market, expanding and diversifying the export market, diversifying the supply chain
Ministries, agencies, and localities shall focus on developing the domestic market, promoting trade promotion, stimulating local consumption, actively responding to the campaign “Vietnamese people prioritize using Vietnamese goods”; promoting the distribution of goods through digital platforms and e-commerce.
At the same time, urgently implement solutions to boost exports, especially to large and potential markets, and leverage the effectiveness of signed trade agreements and deals.
The Ministry of Industry and Trade shall take the lead, coordinate with the Ministry of Foreign Affairs, and relevant ministries and agencies to support businesses in effectively utilizing the commitments made in signed FTAs; and promote the negotiation and signing of new FTAs.
Provide timely information to businesses on adjustments to policies and regulations of countries on export and import of goods, especially key agricultural products such as rice, coffee, etc.
Promoting administrative procedure reduction and simplification, creating a favorable investment and business environment, continuing to remove difficulties for production and business, creating jobs and livelihoods for people
The Prime Minister requests ministries, agencies, and localities to tighten administrative discipline and order and enhance the effectiveness and efficiency of directives and management.
Focus on promptly handling and resolving difficulties and obstacles, especially in terms of mechanisms, preferential policies, legal procedures, land, infrastructure, and human resources to enhance the attraction of social investment, public-private partnership investment, and selective foreign investment.
