The unfavorable and unpredictable developments of the world geopolitical situation along with the pressure of increasing exchange rates, domestic inflation and the difficult situation of the business community are factors that are putting great pressure on the work. macroeconomic management and socio-economic development in the remaining quarters of 2024.
In that context, the Prime Minister issued Directive No. 12/CT-TTg on key tasks and solutions to promote socio-economic development to urge ministries, branches and localities to make efforts. Overcome challenges, perform at the highest and best levels, strive to achieve and exceed set goals and targets, especially growth and inflation control targets.
Although the first quarter of 2024 started off well with GDP growth results higher than the operating scenario, new external factors have also appeared that have adverse impacts on the domestic situation. That is a situation of security and political instability in many countries and regions, leading to instability in the global market, disrupting the supply chain and reducing demand for Vietnamese goods. This fact can directly affect the recovery of export activities – one of the main growth drivers of the economy.
Regarding inflation, the pressure is also getting greater and greater as exchange rates continuously increase due to the stressful impact of the world situation, combined with the domestic situation from the application of a new salary regime from January 1. /7, the ability to adjust prices of some essential goods managed by the State… Therefore, to achieve the growth target of 6-6.5% and control inflation, ensuring major balances of the economy , ministries, branches and localities need to continue to consistently and steadfastly implement the set goals, perspectives, and development orientations and strive to overcome difficulties and overcome challenges to effectively deploy the technology. assigned job.
With that spirit, the first content of Directive No. 12/CT-TTg is to emphasize the task of continuing to promote growth associated with macroeconomic stability, controlling inflation and ensuring major balances. of the economy. Hot and new emerging issues such as exchange rate fluctuations and rising gold prices have been mentioned in the Directive along with specific solutions assigned to the State Bank of Vietnam.
That is, timely, flexible, harmonious and reasonable management of interest rates and exchange rates; Timely and effectively implement solutions and intervention tools to manage the domestic gold market to ensure healthy competition, openness and transparency, and immediately overcome the high difference between domestic gold bar prices. and international. The focus of executive policies is also aimed at removing difficulties for the business community when the Prime Minister requested to promote cuts, simplify administrative procedures, create a favorable business and investment environment, and continue to remove difficulties for production and business, create jobs and livelihoods for people.
Along with that is the request to continue reducing lending interest rates; increase the economy’s access to capital; Absolutely do not let there be a shortage of electricity, a shortage, or a disruption of the petroleum supply in any situation… Notably, there are tasks assigned by the Prime Minister to the ministries to present in May, such as the new decree replacing replace decrees on petroleum business; extending tax payment deadlines, reducing registration fees for domestically produced and assembled cars, reducing land and water surface rent… to meet the urgent requirements being posed.
Bringing the economy gradually back to a high growth trajectory in the current context is a very heavy task but also an imperative to complete the 5-year socio-economic development plan 2021-2025 with the goal of average growth of 6.5-7%. Therefore, 2024 is determined by the Government as the year of acceleration and breakthrough, and the economic growth target becomes the most important task, in addition to the task of maintaining macroeconomic stability, controlling inflation and ensuring economic growth. great balances. Directive No. 12/CT-TTg once again reiterates the key tasks that need to be prioritized to urge ministries, branches and localities to make joint efforts and determination to implement effectively.
