Vietnam: Key tasks for promoting economic and social development in 2024

Vietnam: Key tasks for promoting economic and social development in 2024 (Internet image) 

On April 21, 2024, the Prime Minister of Vietnam issued Directive 12/CT-TTg on key tasks and solutions to promote economic and social development.

Vietnam: Key tasks for promoting economic and social development in 2024

Under the leadership of the Party, with regular and direct guidance from the Politburo, headed by Party General Secretary Nguyen Phu Trong, close supervision from the National Assembly, resolute and timely direction and administration from the Government and the Prime Minister, the efforts of ministries, central authorities, and localities, the support of businesses and the people, and the assistance of international friends, the socio-economic situation of our country in the first three months of 2024 continued to recover positively, achieving positive results and laying an important foundation for striving to successfully fulfill the targets and indicators of economic and social development for the whole year of 2024.

However, as a developing country with a transitioning economy and a high degree of openness, our country is facing certain difficulties and challenges, especially from external factors. The global and regional situation continues to evolve rapidly, intricately, and unpredictably. There is increasing political tension and competition among major powers, the recovery of major trading partners remains slow; and there are risks of supply chain disruptions and global production chains. Domestically, the exchange rate issue and inflationary pressure tend to rise. Business operations in certain industries and sectors are still facing difficulties. Industrial production has not fully recovered as expected. Financial and monetary markets need careful monitoring and appropriate solutions to avoid affecting the effectiveness of capital supply for the economy. Some regulations and administrative procedures are slow to be revised, causing difficulties and inconveniences for businesses and people. There is a lingering fear of making mistakes and avoiding responsibility; discipline and administrative order have not always been strictly enforced in some places.

To overcome the aforementioned shortcomings and limitations, and contribute to the consistent implementation of the priority direction to promote growth associated with macroeconomic stability, inflation control, and ensuring major balances of the economy, with a focus on social welfare; to take full advantage of favorable and timely opportunities to overcome emerging difficulties and obstacles; to strive for the highest and best achievement of targets and indicators in 2024, especially in terms of growth and inflation control, the Prime Minister requests the Ministers, Heads of Ministerial-level Agencies, Government Agencies, and other central and local authorities, along with the Chairpersons of the People's Committees of provinces and centrally-run cities (hereafter referred to as ministries, agencies, and localities) to vigorously and effectively implement the Resolutions and Conclusions of the Party Central Committee, the Politburo, the National Assembly, the Government, and the Prime Minister, based on their functions and tasks, delegated powers, focusing on the following tasks and solutions:

- Continue to promote growth in conjunction with macroeconomic stability, inflation control, and ensuring major balances in the economy.

- Strengthen the disbursement of public investment capital, with public investment leading the way, activating and attracting all social resources.

- Develop the domestic market, expand and diversify export markets, and diversify the supply chain.

- Intensify the reduction and simplification of administrative procedures, create a favorable environment for investment and business, continue to remove difficulties for production and business, and create employment and livelihoods for the people.

- Effectively implement social welfare work.

- Focus on perfecting institutions and implementing plans resolutely and effectively.

- Continue to address lingering and protracted issues with tangible results.

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

- Enhance information and communication work.

More details can be found in Directive 12/CT-TTg, issued on April 21, 2024.

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