Vietnam strives for 6.5% growth this year: PM Chinh

To achieve the target, PM Chinh urged relevant ministries to implement the "five determinations", "five assurances", and "five accelerations" in the coming time.

Viet Nam News

Viet Nam News



Prime Minister Phạm Minh Chinh chairs the regular Government meeting and the Government's online conference with 63 provinces and cities on the morning of April 3 in Hanoi. PHOTO: VNA/ VIET NAM NEWS

April 4, 2024

HANOI – Prime Minister Phạm Minh Chính ordered Việt Nam to strive to achieve the 6.5 per cent growth target this year.

He made the statement while chairing the regular Government meeting and the Government’s online conference with 63 provinces and cities on Wednesday morning in Hà Nội.

To achieve the target, he urged relevant ministries to implement the “five determinations”, “five assurances”, and “five accelerations” in the coming time.

The “five determinations” consist of determination to overcome all difficulties and challenges; determination to achieve set goals; determination to protect officials who dare to think and act for the common goals; determination to improve the investment environment and promote business production; and determination to achieve the best results this year.

The “five assurances” consist of ensuring the synchronised and effective implementation of tasks and solutions according to the Conclusions of the Party Central Committee, the Politburo, and Resolutions of the National Assembly and the Government; ensuring macroeconomic stability, major economic balances and inflation control; ensuring healthy and transparent development of markets such as real estate and capital markets; ensuring full conditions for deploying the new salary policy from July 1, 2024; and ensuring social security and people’s safety.

The “five accelerations” consist of accelerating economic growth in all sectors; accelerating the mobilisation of all social resources for development investment, solving difficulties, creating favourable conditions for business production, creating jobs and livelihoods for people; accelerating three strategic breakthroughs in institutional perfection, infrastructure system and human resources to serve the development of a new era; accelerating foreign activities, international integration, consolidating and enhancing Việt Nam’s position on the international stage; and accelerating the application of science, technology, innovation, entrepreneurship and national digital transformation.

At the meeting, he also mentioned “10 positive results” in economic and social development over the past time.

Among them, GDP growth in the first quarter of this year reached 5.66 per cent, higher than the same periods since 2020; and the stock market had positively recovered, with the VN Index increasing by over 13 per cent, trading value up by 28.2 per cent, and market capitalisation up by 12.2 per cent compared to the end of last year.

Macroeconomic stability continued to be maintained, inflation was controlled, major balances were ensured; exports continued to increase, maintaining a large trade surplus, contributing to ensuring the balance of payments; service and tourism sectors had shown strong recovery, State budget continued to improve significantly; and development investment continued to achieve positive results, creating momentum to promote economic growth.

Along with that, social security was ensured, people’s lives were further improved, he said.

Participants at the meeting assessed that the Prime Minister had directed ministries, agencies and localities to vigorously and timely implement measures, focus on solving existing and emerging problems over the past time.

Therefore, the socio-economic development situation in March 2024 continued to recover positively. The situation was better than January and February.

Generally, in the first quarter of this year, most sectors achieved better results than in the same period last year.

Many international organisations highly appreciate the results and prospects of Việt Nam’s economy.

The Asian Development Bank (ADB) forecasts Việt Nam’s growth to be 6 per cent this year. HSBC Bank predicts a growth of 6.3 per cent.

The business environment ranking in 2023 increased by 12 places. The value of Việt Nam’s national brand reached US$431 billion, ranking 32nd out of 100 strong national brands in the world.

The happiness index in 2024 ranks 54th, up 11 places over 2023.

The participants also pointed out that alongside achievements, there were still many challenges.

For example, businesses still faced many difficulties. Inflation pressure and exchange rates remained issues of concern. The financial market, currency and banking system still had hidden risks. Many expressway projects and key transportation routes, especially in the Mekong Delta and southern region, were lacking sand for ground filling, affecting the progress of construction. The lives of a portion of the population are still difficult.

The participants proposed the Government, the Prime Minister and relevant ministries soon approve major projects, especially infrastructure development projects, land transfer and land use conversion, continue to specify programmes and projects, including the handling of procedures for projects under three national target programmes, and social housing projects; as well as improving regulations on marine aquaculture.

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