The Government of Vietnam's instruction on striving to achieve import-export turnover targets for the year 2024 of approximately USD 750 – 800 billion.

The Government of Vietnam's instruction on striving to achieve import-export turnover targets for the year 2024 of approximately USD 750 – 800 billion (Internet image)

On August 13, 2024, the Office of the Government of Vietnam issued Announcement 375/TB-VPCP regarding the conclusions of Prime Minister of the Government of Vietnam Pham Minh Chinh at the meeting on monetary policy administration.

The Government of Vietnam's instruction on striving to achieve import-export turnover targets for the year 2024 of approximately USD 750 – 800 billion.

According to Announcement 375/TB-VPCP dated August 13, 2024, the Prime Minister of the Government of Vietnam directed the Ministry of Industry and Trade to preside, cooperate with relevant agencies:

- Urgently implement measures to boost exports, striving to achieve the target export-import turnover in 2024 of approximately 750 – 800 billion USD, higher trade surplus than in 2023; cooperate with the State Bank of Vietnam to study the expansion of payments in local currency in areas such as import-export, tourism, services...

- Implement policies, programs to stimulate demand, increase domestic consumption, strengthen the campaign for Vietnamese people to prioritize using Vietnamese goods, contributing to promoting economic growth; increase inspection and examination to promptly detect, prevent, strictly handle acts of smuggling, counterfeit goods, low-quality goods, and other legal violations.

- Urgently complete the legal system, build mechanisms and policies to promote border trade development; build and upgrade infrastructure, distribution systems, border gates, warehouses, logistics...; cooperate with the Ministry of Finance to simplify and modernize customs, import-export procedures to promote and facilitate trading and business activities in border areas.

- Continue effectively implementing free trade agreements (FTA) that Vietnam has participated in; focus on implementing programs to enforce new-generation FTAs, promoting deeper foreign economic relations; continue seeking, negotiating, and signing FTAs with new partners, diversifying export markets, and supply chains.

After hearing the report of the State Bank of Vietnam in document 263/BC-NHNN dated August 5, 2024, and the opinions of delegates at the meeting, in Announcement 375/TB-VPCP dated August 13, 2024, the Prime Minister of the Government of Vietnam requested the Ministry of Finance to preside, cooperate with relevant agencies to implement the following tasks:

- Effectively implement policies of exemption, reduction, extension of tax, fees, charges, and land levy payment deadlines that have been issued; improve the effectiveness and efficiency of state budget revenue and expenditure management, ensure correct, sufficient, and prompt collection, expand the revenue base; strictly save regular expenditures and non-urgent tasks. Firmly enforce regulations on electronic invoices; closely monitor and regularly check the issuance and use of electronic invoices.

- Promote the disbursement of public investment capital, using public investment to activate, lead private investment, and attract all social resources. Study plans to issue government bonds to mobilize investment capital for national key projects, strategic infrastructure, growth drivers, digital transformation, and green transformation...

- Urgently implement measures as prescribed to upgrade the stock market from a frontier market to an emerging market, focusing on resolving difficulties and obstacles to meet upgrading criteria.

- Urgently submit for the competent authority's consideration and issuance of a Decree on financial policies of credit institutions, branches of foreign banks, and financial supervision, evaluating the effectiveness of state capital investment in credit institutions wholly owned by the state and credit institutions with state capital, ensuring promptness, consistency, synchronization, quality, effectiveness, and efficiency, avoiding delays and creating legal voids. Report to the competent authority before August 15, 2024.

More details can be found in Announcement 375/TB-VPCP issued on August 13, 2024.

>> CLICK HERE TO READ THIS ARTICLE IN VIETNAMESE