Hanoi-Vietnam: Key tasks and solutions for promoting growth, controlling inflation and stabilizing the macro economy

Hanoi-Vietnam: Key tasks and solutions for promoting growth, controlling inflation and stabilizing the macro economy (Image from the internet)

On June 18, 2024, the Government of Vietnam issued Resolution 93/NQ-CP on key tasks and solutions for promoting growth, controlling inflation and stabilizing the macro economy.

Key tasks and solutions for promoting growth, controlling inflation and stabilizing the macro economy

To overcome existing issues and limitations, contributing to the successful implementation of the objectives and targets of the 2024 socio-economic development plan, the Government of Vietnam requests the Ministers, Heads of ministerial-level agencies, agencies under the Government of Vietnam, other central agencies, Chairmen of the People's Committees of provinces and centrally-run cities (hereinafter referred to as ministries, agencies, and localities) based on assigned functions, tasks, and powers, to decisively, promptly, and effectively implement the Resolutions and Conclusions of the Central Committee, the Politburo, the National Assembly, the Government of Vietnam, and the directives of the Prime Minister of the Government of Vietnam. The focus should be on performing tasks and taking solutions for promoting growth, controlling inflation, and stabilizing the macro economy.

The objectives outlined in Resolution 93/NQ-CP for 2024 are as follows:

- Continue to prioritize promoting growth associated with consolidating and maintaining macroeconomic stability, controlling inflation, and ensuring the major balances of the economy. Harmoniously, effectively, and reasonably balance growth and inflation control; strive to achieve the upper range of GDP growth targets assigned by the National Assembly (6 - 6.5%) and control the CPI growth rate at the lower range of the targets assigned by the National Assembly (4 - 4.5%).

- Implement a reasonable, focused, and targeted expansionary fiscal policy; coordinate actively, flexibly, promptly, and effectively with a monetary policy; remove obstacles and promote production and business activities of people and enterprises.

- Strictly control budget deficits, public debt, Government of Vietnam debt, and national foreign debt within the permissible limits according to the Resolutions and Conclusions of the Central Committee and the National Assembly.

At the same time, key tasks and solutions for promoting growth, controlling inflation, and stabilizing the macro economy are specified as follows:

- Focus on completing institutions, laws, mechanisms, and policies to promptly remove difficulties and obstacles, releasing resources to promote socio-economic development.

- Continue to prioritize growth; operate a proactive, flexible, prompt, and effective monetary policy; coordinate harmoniously, closely, and effectively with a reasonable, focused, and targeted expansionary fiscal policy; continue to remove difficulties for the people and enterprises.

-  Promote public investment disbursement, using public investment to activate and lead private investment, and promote public-private partnerships. Focus on renewing traditional growth drivers (investment, export, consumption) and strongly promoting new growth drivers (green economy, digital economy, circular economy, knowledge economy, and emerging fields such as chips, semiconductors, AI...).

- Focus on strongly developing major sectors and fields.

- Simultaneously and effectively implement measures to control inflation.

- Pay attention to cultural, social, and environmental sectors; ensure social security and the people’s livelihood.

- Ensure national defense, security, social order, safety, and promote foreign relations and international integration.

- The Ministry of Information and Communications to focus on directing; Vietnam Television, Voice of Vietnam, Vietnam News Agency, the Government of Vietnam Portal, and press agencies to perform well in information and communication work, especially policy communication, promptly, objectively, and honestly reflect the developments, situations, and leadership, management of the Government of Vietnam, and the Prime Minister of the Government of Vietnam, in the spirit of "promoting the good, eliminating the bad", "pushing the positive, repelling the negative", contributing to creating social consensus, consolidating trust, inspiring, creating a new atmosphere, new motivation, and determination to successfully implement the set objectives and tasks.

See detailed content at Resolution 93/NQ-CP issued on June 18, 2024

Nguyen Ngoc Que Anh

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