Directive on boosting demand, supporting production, business, and domestic market development in Vietnam

Directive on boosting demand, supporting production, business, and domestic market development in Vietnam (Internet image)

On August 27, 2024, the Prime Minister of the Government of Vietnam issued Directive 29/CT-TTg on boosting demand, supporting production, business, and domestic market development in Vietnam

Directive on boosting demand, supporting production, business, and domestic market development in Vietnam

Under the leadership of the Communist Party, especially the Politburo and the Secretariat, the companionship of the National Assembly, the decisive and close direction and administration of the Government of Vietnam and the Prime Minister, the efforts of ministries, sectors, and localities, the support of businesses and people, and the assistance of international friends, the socio-economic situation of our country in the first seven months of 2024 has shown clear signs of positive recovery, with each month performing better than the previous one, and each quarter higher than the last; achieving many important results, better than the same period in 2023 in most areas. The macroeconomy continues to stabilize, inflation is controlled, the major balances of the economy and social security are ensured, wages are increased according to the schedule. Essential sectors and fields of the economy are showing good growth.

However, our socio-economic situation still faces many difficulties and challenges. The world and regional situation continues to evolve rapidly, complexly, and unpredictably; geopolitical tensions and major power competition are increasing, recovery of major trading partners remains slow, global interest rates in USD remain high to control inflation, risks of disruption in global supply and production chains persist, and global economic growth in 2024 might be lower than the 3.1% growth rate of 2023. Domestically, the economy faces a mix of opportunities, favorable conditions, and challenges, with challenges being more predominant; inflationary pressures and exchange rates remain volatile; financial and monetary markets still entail risks; production and business activities in some sectors are still challenging; natural disasters, droughts, landslides, storms, and climate change evolve complexly...

To promptly remove difficulties for production and business activities, stimulate consumption, promote domestic market development, contribute to growth promotion, maintain macroeconomic stability, control inflation, and ensure the major balances of the economy, the Prime Minister of the Government of Vietnam requests the ministers of ministries, heads of ministerial-level agencies, agencies under the Government of Vietnam, chairpersons of the People's Committees of provinces and centrally-run cities, industry associations, and enterprises to focus on implementing the following general tasks:

- Promptly put into operation investment projects that create new production capacity. Focus on reviewing and prioritizing solutions to remove difficulties in disbursing public investment capital, credit packages, land, and policies to attract social resources to participate in projects appropriate to market scale and signals.

- Facilitate the domestic market by implementing policies to encourage consumption and investment in areas where domestic production has advantages and the domestic market has demand.

- Review and have policies to support domestic businesses participating in the supply chain of supporting industrial products for foreign-invested production and export enterprises in Vietnam.

- Implement regional connectivity solutions to reduce transportation costs, create favorable conditions for the circulation of goods among regions; support enterprises to shift their investments to regions with advantages in factors such as business premises, abundant labor supply, and low labor costs to reduce production costs.

- Ministries, agencies, and localities implement the application of digital transformation technology, artificial intelligence (AI), big data, and blockchain technology to continue promoting administrative reform and simplification of administrative procedures.

- Promote domestic market trade promotion activities, connect supply and demand, support the provision of market information, and legal advice for small and medium enterprises.

- Continue to strictly implement Directive 03-CT/TW dated May 19, 2021, of the Secretariat on enhancing the leadership of the Communist Party towards the campaign “Vietnamese people prioritize using Vietnamese goods” in the new situation and Directive 28/CT-TTg dated October 26, 2021, of the Prime Minister of the Government of Vietnam on enhancing the implementation of the campaign “Vietnamese people prioritize using Vietnamese goods” in the new situation.

More details can be found in Directive 29/CT-TTg dated August 27, 2024.

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