Government prioritises promoting macroeconomic stability in 2024

The Government prioritises promoting growth associated with maintaining macroeconomic stability, controlling inflation, and ensuring major balances of the economy, Deputy Prime Minister Le Minh Khai told the 15th National Assembly (NA)’s seventh plenary session on May 20, stressing that the goal is to coordinate macroeconomic management policies closely, effectively and harmoniously this year.

Khai, authorised by the Prime Minister, presented a report on supplementary assessment of the implementation of the socioeconomic development plan and state budget in 2023 and in the first months of 2024.

The Government will focus on renewing traditional growth drivers and promoting new ones, and continue to implement policies related to the exemption and reduction of interest rates, debt payment extension, postponement and restructuring. The Government will also take on the exemption reduction and extension of payment of taxes, fees, and land rent to remove difficulties for production and business.

Attention will be paid to continuing to improve the quality of building and promulgation of legal documents, promoting decentralisation, further simplifying administrative procedures and improving the single-window mechanism, Khai stated.

The Government will accelerate the progress of important national and inter-regional transport infrastructure projects. This includes the construction of 1,000 kilometres of expressways towards the goal of putting into use 3,000 kilometres by 2025, thus creating a new development driving force, increasing the added value of the land fund, and reducing logistics costs.

Other tasks include developing high-quality human resources associated with promoting research, development and application of science and technology, and implementing comprehensive reforms in education and training, he added.

More efforts will be made to synchronously develop culture, and harmoniously link economic development with culture and society, strengthen resources management and environmental protection, respond to natural disasters and climate change, and ensure water security.

The Government will strive to completion of the arrangement of district- and commune-level administrative units for the 2023 - 2025 period in September 2024.

It will also effectively implement military and defence strategies and projects, enhance defense and security strength to firmly protect independence, sovereignty and territorial integrity. Another goal is to effectively carry out foreign affairs and international integration activities, maintain a peaceful and stable environment, and create favourable conditions to attract resources for national development, and enhance Vietnam's international position and reputation, Khai said.

He reported that the GDP growth in the first quarter of 2024 reached 5.66%, the highest in the 2020 – 2023 period. The four-month average CPI rose by 3.93% over the same period last year. He added that the Government is facing great pressure in macro-economic administration, especially in inflation control and foreign exchange rate management. Credit growth remains slow while gold prices are strongly fluctuating. Despite the positive economic growth, business and production activities are still facing many difficulties.