On July 6, Prime Minister Pham Minh Chinh chaired the regular July Government meeting and the Government’s online conference with localities to assess the socio-economic situation, public investment disbursement, and the implementation of three national target programs for the first half of the year, as well as key tasks and solutions for the remaining six months.
In his opening remarks, the Prime Minister highlighted the positive economic developments, including a GDP growth rate of 6.93% in the second quarter and 6.42% in the first half of 2024, surpassing the set scenario and ranking high among regional and global economies. Macroeconomic stability was maintained, with inflation controlled at around 4%.
Prime Minister Pham Minh Chinh delivers the opening speech. Photo: Nhat Bac
The Prime Minister also mentioned that approximately 700 trillion VND has been saved to implement a salary increase from July 1st, and appropriate solutions have been proposed to fulfill Resolution 27 of the Central Committee while considering the country’s conditions and ensuring balance and equality among beneficiaries.
Alongside the achievements, the Government leader also pointed out existing shortcomings, challenges, and bottlenecks, such as persistent inflationary pressures, difficulties in production and business in certain sectors, and a lack of discipline and consistency in some areas, including cases of officials and civil servants avoiding responsibility due to fear of making mistakes.
Robust recovery with potential to surpass targets
Assessing that the economy has recovered, Minister of Planning and Investment Nguyen Chi Dung predicted that if the growth momentum is sustained and strengthened, the growth rate for 2024 could reach or even exceed the National Assembly’s target of 6.5%.
Minister of Planning and Investment Nguyen Chi Dung presents two growth scenarios for the last six months. Photo: Nhat Bac
Based on the second-quarter, six-month, and full-year projections, the Minister of Planning and Investment presented two growth scenarios at the meeting:
Scenario 1: Annual growth reaches 6.5%; with third-quarter growth at 6.5% and fourth-quarter growth at 6.6% (as per Resolution No. 01/NQ-CP, the targets are 6.7% and 7.0%, respectively).
Scenario 2: Annual growth reaches 7%; with third-quarter growth at 7.4% and fourth-quarter growth at 7.6% (surpassing the targets set in Resolution No. 01/NQ-CP by 0.7% and 0.6%, respectively).
Minister Nguyen Chi Dung recommended adopting a growth range of 6.5-7% for the year, striving to attain a growth rate of 7%. He justified this recommendation by citing positive trends in various economic sectors, the rapid recovery of private and state-owned enterprise investments, sustained growth in FDI, and the expected upturn in tourism and consumption. Additionally, new policies and legal regulations are set to be issued and come into force.
Fighting Cross-Ownership: Impossible to “Take Tangibles to Treat Intangibles”
The recent amendment to the Credit Institutions Act, passed by the National Assembly during an extraordinary session, has introduced several measures to address cross-ownership, manipulation, and domination of credit institutions. However, it is challenging to “make the intangible tangible”! To prevent cross-ownership, it is crucial to enhance the effectiveness of inspections and supervision.
Avoid Out-of-Stock, Hoarding, and Disruptions in Supply Chain Leading to Price Surges
In line with the 2024 mission directive, the Government has set a goal to prevent shortages, hoarding, and disruptions in the supply chain that result in sudden price surges.
Keyword Policy – Boosting Support for the Economy
In the past year of 2023, the issuance and implementation of key economic policy measures have garnered consensus, support, and high evaluation from the business community and citizens. These efforts have contributed to assisting businesses and individuals in overcoming difficulties and stabilizing their production and business activities, thus making positive contributions to economic and social development outcomes.
