Deputy Prime Minister Le Minh Phat presents a government report at the 7th session of the 15th National Assembly (Photo: VOV)

According to the report, Vietnam’s macroeconomy was stable, inflation was controlled, and major balances were maintained during the first months of this year despite the many difficulties facing the regional and global economies. In the first quarter Vietnam’s GDP grew 5.66%, the best growth in the 2020-2023 period, while the consumer price index (CPI) increased 3.93%. International organizations continued to be optimistic about the country’s growth prospects in 2024. Vietnam's human development index jumped 8 places to rank 107 of 193 while its happiness index increased 11 places to rank 54 of 143.

Amid complex and unpredictable developments worldwide, which will create problems for macroeconomic management and socio-economic growth, the Vietnamese government is determined to make greater efforts, act more decisively, and encourage acceleration and breakthroughs to successfully complete its development goals.

Consistent with set targets

Adhering to resolutions of the Party and National Assembly, the Government will focus on promoting dynamism and innovation; ensuring flexible, timely, and effective management; improving analysis and forecasting capacity; and guaranteeing timely responses to effectively implement the 10-year socio-economic development strategy until 2030 and the 5-year socio-economic development plan until 2025.

Deputy Prime Minister Le Minh Khai said: “We’re are determined not to back down in the face of difficulties, to remain steadfast with set goals, and to take full advantage of opportunities for development. We will focus on removing difficulties, promoting production and business, and creating jobs and livelihoods. We need to ensure political and social stability, strengthen national defense and security, enhance foreign affairs and international integration, promote information and communications, create social consensus, and arouse the patriotic spirit and aspirations of businesses, people, and the entire society.”

The government report emphasized that strengthening solidarity and consensus is a key factor in improving government administration. It’s also essential to decentralize, delegate power, allocate resources, improve enforcement, strengthen inspection and oversight, maintain discipline, and promptly remove blockages.

Prioritizing growth and macro economic stability

The Deputy Prime Minister is confident that the Government will overcome all challenges and seize all opportunities to boost socio-economic development and achieve the targets for 2024 and the 2021-2025 period.

The Government’s key tasks include controlling inflation, ensuring the major balances of the economy, coordinating macroeconomic management policies, renewing traditional growth drivers, and promoting new growth drivers. The Government will continue to implement policies on exemption and reduction of interest rates and relaxing and restructuring debts, and adopt flexible monetary policies in coordination with fiscal and other policies.

Deputy Prime Minister Le Minh Khai said: “It’s important to strengthen trade promotion, boost exports to major markets, exploit potential markets, and enhance the effectiveness of signed trade agreements. We will also accelerate negotiations and sign free trade agreements with the United Arab Emirates (UAE), the South American Common Market, strengthen the domestic market, stimulate consumer demand, accelerate the development of the digital economy, the green economy, the circular economy, the sharing economy, and emerging industries and fields, and promote new business models.

To fulfill socio-economic goals set for this year, Deputy Prime Minister Khai stressed the need to develop ecological, green, organic, high-tech, and climate change adaptive and responsive agriculture. He also called for comprehensive, fast, and sustainable tourism development and achieving the goal of attracting 18 million foreign visitors. 

Mr. Khai said: “We need to effectively implement foreign affairs and international integration activities, maintain a peaceful and stable environment, create favorable conditions to attract resources for national development, and enhance Vietnam's international reputation and position.”

“We will submit for promulgation a new resolution on international integration. It’s important to promote campaigning for election to multilateral agencies and forums, prepare to host important events, strengthen economic diplomacy, cultural diplomacy, and people-to-people diplomacy, and improve overseas Vietnamese affairs and protection of Vietnamese citizens,” said Khai.

The Deputy Prime Minister is confident that the Government will overcome all challenges and seize all opportunities to boost socio-economic development and achieve the targets for 2024 and the 2021-2025 period.