Prime Minister Pham Minh Chinh has initiated a three-fold strategy aimed at accelerating the pace of development, instructing all levels of government, ministries, and local authorities to enhance total social investment, hasten the disbursement of public funds, and work to eliminate inadequate housing in order to achieve an economic growth goal of at least 8%.
During the June cabinet meeting and an online gathering between the Government and local leaders on July 3—the first held since the introduction of a two-tier local government system—PM Chinh emphasized the necessity for an 11–12% year-over-year rise in total social investment.
Additionally, there is a strong emphasis on fully disbursing public investment by December 31, alongside a target for the elimination of substandard housing for those with commendable service by July 27, and aiming for countrywide completion by August 30.
The Prime Minister recognized significant socio-economic achievements in the first half of the year, with GDP growth recorded at 7.31%, the highest in ASEAN, positioning Vietnam as a leading global economy.
This sector also reported a trade surplus of 7.63 billion USD, stable industrial growth, and robust public investment disbursement.
He highlighted the importance of diligently implementing the resolutions and directives from the Politburo, Government, and Prime Minister concerning administrative reforms and operations within the new two-tier local government structure, stressing that authorities ensure effective public services, healthcare, and welfare initiatives.
He instructed ministries, sectors, and localities to be proactive and adaptable in response to the U.S.’s tariff policies, viewing this as a chance to diversify markets, products, and supply chains. Continued efforts to cultivate an independent and self-reliant economy that is well-integrated into global markets were also underscored.
Maintaining macroeconomic stability, controlling inflation, and achieving key balances were identified as essential, leading him to mandate effective, flexible, and timely execution of monetary and fiscal policies. He emphasized reasonable credit growth, reducing interest rates, better management of state budget collection and expenditures, and cutting regular spending to focus on social welfare programs.
PM Chinh stressed the necessity to maintain growth priorities, aiming at revitalizing traditional growth engines and accelerating new economic drivers. He called for decisive action to resolve ongoing obstacles, notably the 2,365 stalled projects, in order to free up resources and prevent waste. Moreover, institutional reforms should advance, with enhanced decentralization, simplified administrative processes, and a drive toward digital transformation.
Preparations for significant national celebrations were also called for, including the launch of 80 projects in honor of the 80th anniversaries of the August Revolution, National Day, and the People’s Public Security Force. In parallel, it is crucial to strengthen environmental protection, disaster preparedness, and climate resilience.
Further focal points include bolstering defense and security, maintaining social order, fostering international integration, and communicating new policies regarding the two-tier local government system, he concluded./.VNA