During the regular government meeting for November, held on the morning of December 7, Prime Minister Chinh highlighted the continued positive recovery trends in Vietnam’s socio-economic landscape.

He noted that monthly growth has been consistently improving, with quarterly growth surpassing previous quarters. Over the first 11 months of the year, significant achievements were recorded across most sectors, outpacing last year’s performance.

In outlining 11 key tasks and solutions, the Prime Minister emphasized the importance of synchronously and effectively implementing resolutions, conclusions, and directives issued by the Central Party Committee, the Politburo, the Secretariat, the National Assembly, and the Government.

Among the critical objectives are plans to restructure the government into a leaner, more effective entity. By the end of 2024, all ministries and agencies must reduce their internal units by at least 15%. Prime Minister Chinh directed immediate prioritization of these restructuring efforts, with schedules set for Deputy Prime Ministers to convene meetings with ministries on specific tasks.

The Prime Minister stressed that this effort aligns with the broader goals of fostering unity, enhancing governance efficiency, and preparing for national strategies extending into 2026-2030.

The government aims to achieve all 15 socio-economic targets for 2024, including a GDP growth rate of approximately 7.5% in Q4 and over 7% for the entire year. The momentum is expected to drive growth to 8% in 2025, laying the groundwork for double-digit growth in subsequent years.

To achieve these goals, policies promoting business expansion and addressing systemic challenges are critical. Prime Minister Chinh called for forward-thinking and bold initiatives to unlock production and business potential, emphasizing that increased business activity leads to higher revenue streams.

The State Bank of Vietnam was instructed to stabilize exchange rates and foreign exchange markets, streamline credit access procedures, and focus on priority sectors. A year-long credit growth target of 15% and lower lending interest rates are also priorities.

Meanwhile, the Ministry of Finance was tasked with maximizing revenue, cutting expenditures, and further digitizing public financial management. Key initiatives include implementing e-invoices and reducing value-added tax by 2%, as approved by the National Assembly.

Plans for 2025 include expanding efforts to save an additional 10% in regular expenditures and redirecting these funds toward critical infrastructure, such as the Lao Cai–Hanoi–Hai Phong railway project.

The Prime Minister underscored the importance of accelerating strategic infrastructure projects. Goals include completing 3,000 km of expressways and 1,000 km of coastal roads by the end of 2025, alongside advancements in high-speed rail, urban railway systems, and digital and innovation infrastructure.

The government also aims to establish a National Data Center and enhance logistics hubs like airports and seaports.

Resolving long-standing issues remains a priority. The State Bank was tasked with finalizing a comprehensive plan to address systemic weaknesses, including solutions for handling the SCB Bank. Additionally, the Ministry of Public Security was instructed to investigate land auction violations and market manipulation, ensuring accountability and transparency.

As the year-end approaches, the Prime Minister called for measures to stabilize essential goods and energy supplies, particularly for the upcoming Lunar New Year. He also urged efforts to ensure a festive, safe, and vibrant holiday season for all citizens.

Tran Thuong