PM orders measures to boost growth, curb inflation in July, Q3

In his July 21 official dispatch to ministers, heads of ministry-level and Government agencies, and Chairpersons of the People's Committees of provinces and centrally-run cities, the Government leader highlighted that under the leadership of the Party and with the support of the National Assembly, the resolute and effective direction and management by the Government and the Prime Minister, concerted efforts by ministries, sectors, and localities, and the support from enterprises and the people, as well as the assistance from international friends, Vietnam’s socio-economic situation in the first six months of this year showed clear signs of recovery, with month-on-month and quarter-on-quarter improvements.

In the face of existing challenges, to fulfil the targets set in the 2024 Socio-Economic Development Plan, he requested extra efforts to promptly address difficulties for businesses and people.

The Ministry of Finance was asked to effectively implement policies on extending payment deadlines of taxes and land use fees, reducing value-added tax rates, and lowering fees and charges; while urgently study the impact, complete and propose to the Government a decree on the registration fee rates for domestically manufactured and assembled automobiles in July.

The State Bank of Vietnam (SBV) must effectively utilise policy tools to regulate exchange and interest rates in line with macroeconomic developments and set targets, thereby meeting capital needs for the economy; strengthen inspections and controls over bad debts; and effectively carry out measures to handle bad debts and improve credit quality.

The central bank was also required to coordinate with relevant agencies to boost the implementation of the VND120 trillion (US$4.7 billion) social housing credit package and the VND30-trillion credit support package for the agriculture-forestry-fishery sector.

The Prime Minister ordered the acceleration of public investment disbursement, requiring ministries, agencies, and localities to consider it a key political task, address shortcomings to speed up the disbursement and effectively use official development assistance (ODA), and resolutely handle cases of deliberate delay in capital allocation, implementation, and disbursement, and those causing losses and wastefulness.

It is necessary to strengthen State budget and finance discipline, and continue to cut regular expenses, spending more on development investment and social welfare, Chinh stressed.

The leader also asked for more efforts to promote production and export, develop the domestic market, ensure energy and food security; and at the same time strengthen measures to respond to climate change and natural disasters, continue to promote the development of green energy and clean energy, and soon complete the carbon market development project in Vietnam.

More attention should be paid to cultural and social fields, promptly and fully implementing social welfare policies, supporting policy beneficiaries and people living in difficult circumstances, Chinh stress, asking for the completion of institutions, mechanisms, laws and policies to immediately remove difficulties and obstacles and unleash resources to promote socio-economic development; and speed up reform, reduction, simplification of administrative procedures, digital transformation, and improvement of the business and investment environment to remove difficulties, create convenience, and reduce costs for people and businesses.