On October 7, at the government’s regular meeting for September 2024, Minister of Planning and Investment Nguyen Chi Dung reported that Vietnam’s GDP growth reached 7.4% in the third quarter and 6.82% in the first nine months of 2024. Based on these results, the Ministry of Planning and Investment proposes to strive for growth of 7.6-8% in the fourth quarter of 2024, aiming to achieve an annual growth rate of 7% or higher.
Minister Nguyen Chi Dung emphasized that the government is focusing on improving institutions and the business investment environment, addressing existing issues and shortcomings, promoting investment in strategic and important infrastructure projects, and fostering new growth drivers for the economy.
Concurrently, macroeconomic fundamentals remain stable, inflation is under control, and major balances are maintained. Overspending, public debt, government debt, and external debt are kept within permissible limits.
The Minister noted that agricultural production continues to grow, meeting domestic consumption and export demands. The service sector maintains a positive momentum month-over-month, with each quarter outperforming the previous one. Industrial production continues to recover rapidly, serving as a driving force for economic growth.
The Ministry of Planning and Investment also proposed 10 key tasks and measures for the fourth quarter of 2024. These include emphasizing post-typhoon reconstruction and recovery efforts to restore production and business activities, and capitalizing on consumption trends during the year-end and Lunar New Year periods.
Additionally, resources will be concentrated on refining policies and regulations to create a favorable and open environment for attracting large-scale, high-tech investment projects. Traditional growth drivers such as investment, consumption, and exports will continue to be promoted and updated.
The Ministry outlined solutions to promote new growth drivers including the digital economy, digital transformation, and green transition. It also emphasized enhancing regional connectivity and improving the effectiveness of regional coordination committees.
Minister Nguyen Chi Dung stressed the importance of strengthening cooperation and economic dialogue with comprehensive strategic partners. He advocated for continued effectiveness of working group mechanisms with individual businesses and investors to attract multinational corporations and strategic investors in fields such as chips, semiconductors, and artificial intelligence. Furthermore, he proposed studying sufficiently large and feasible policy packages to support enterprise development and promote new growth drivers.
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