PM Pham Minh Chinh frankly pointed out existing problems, difficulties, and limitations such as: the significant pressure in macro-economic management, especially regarding interest rates, exchange rates, and inflation amidst external fluctuations; difficulties in production and business in certain sectors; traditional growth drivers not meeting expectations; volatile gold prices and the need for stricter management and control of the prices of certain commodities; and shortcomings in the implementation of the two-tier local administration model in some places and at certain times.
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Prime Minister Pham Minh Chinh speaks at the Government's regular August meeting. |
He emphasized the steadfast pursuit of the goals of maintaining macro-economic stability, controlling inflation, ensuring major economic balances, and promoting GDP growth of 8.3–8.5%; achieving high yet sustainable growth; ensuring social security; and improving the material and spiritual well-being of the people.
He stressed the need to review the targets for 2025 and the 2021–2025 five-year plan; ensure security, safety, and public confidence; maintain stability for development; and foster development to consolidate stability.
It is also essential to continue implementing proactive, flexible, timely, and effective monetary policies; controlling exchange rates in a timely, flexible, and effective manner; keeping interest rates stable and at the same time lowering lending rates to share the burden with the people, businesses, and the country; and effectively manage gold and USD prices using the available instruments.
The PM noted the need to focus particularly on public investment disbursement; and mobilize and guide social investment. He urged the Ministry of Finance to strengthen the management of state budget revenues and expenditures, strive to increase 2025 state budget revenue by 25% compared to estimates, and ensure 100% disbursement of planned public investment.
The Government leader requested efforts to renew traditional growth drivers and promote new ones, while calling for boosting production and business, exports, negotiations and signing of new free trade agreements (FTAs), especially with the Gulf Cooperation Council (GCC) and the Southern Common Market (Mercosur).
He emphasized thorough preparations for the groundbreaking and inauguration of projects on December 19, including the basic completion of Phase 1 of the Long Thanh International Airport project.
The Prime Minister directed the urgent, timely, and effective implementation of the Politburo’s “pillar” resolutions on science and technology, innovation, digital transformation; law-making and enforcement; private sector development; and international integration. He called for the rapid establishment of an international financial center and free trade zones, urging ministries and relevant agencies to promptly finalize decrees for the immediate implementation of National Assembly Resolution No.222/2025/QH15 on this important enter, to be completed before September 15.
Ministries, sectors, and localities must focus on removing obstacles and difficulties, and effectively implementing the two-tier local administration model, with the overarching principle of further intensifying institutional review and improvement, decentralization, delegation of authority, administrative reform, and digital transformation.
Instructing efforts to solve longstanding, stalled projects and clearly define responsibilities and authority in handling them, the PM required greater attention to the timely and effective implementation of tasks and solutions related to socio-cultural development; environmental protection; natural disaster prevention and climate change response; combating smuggling, trade fraud, and counterfeit goods, especially medicines and food; preventing corruption, wastefulness, and other negative phenomena; strengthening national defense and security; maintaining social order and safety; and enhancing foreign affairs and international integration.
Noting that the nuclear power project must be approved soon, the Government leader assigned Deputy Prime Minister Bui Thanh Son, along with the Ministry of Industry and Trade, the Ministry of Science and Technology, and the Ministry of Agriculture and Environment, to focus on formulating a nuclear power development strategy.
PM Pham Minh Chinh also reminded ministers and sector leaders to focus on law-making; pay close attention to emerging issues and major fluctuations in their respective fields; uphold the highest sense of responsibility; grasp the situation more thoroughly and accurately; conduct in-depth analysis; propose appropriate tasks and solutions; and ensure timely, flexible, and effective policy responses, thereby fulfilling the set tasks and goals.
Delegates at the meeting agreed that the overall domestic situation continues to follow a positive trend, with several key and outstanding results. Macro-economic stability has been maintained, inflation kept under control, and growth promoted across all three sectors of industry, agriculture, and services, while major economic balances have been ensured.
Imports and exports in the first eight months reached nearly 600 billion USD. Industrial production rose 8.9% year-on-year in August, and 8.5% over the first eight months, with the processing and manufacturing industry maintaining double-digit growth at 10%. The average Consumer Price Index (CPI) for the first eight months increased by 3.25%. State budget revenue for the period exceeded 1.74 quadrillion VND (65.9 billion USD), up 28.5%.
Notably, total registered FDI reached over 26.1 billion USD, up 27.3% and the highest in the past five years, while disbursed FDI was about 15.4 billion USD, an increase of 8.8%.
Source: VNA