Vietnamese PM Chính Sets Ambitious Growth Target

Hanoi, The Gulf Observer: In a pivotal Government meeting held on Wednesday morning in Hanoi, Prime Minister Phạm Minh Chính urged Việt Nam to steadfastly strive towards achieving a growth target of 6.5 per cent for the year, emphasizing the nation’s commitment to bolstering economic resilience and vitality amidst a backdrop of global uncertainties.

Chairing the regular Government meeting and an online conference with representatives from all 63 provinces and cities, Prime Minister Chính outlined a comprehensive strategy encapsulated by the principles of “five determinations,” “five assurances,” and “five accelerations” to propel Việt Nam towards sustainable growth and development.

The “five determinations” underscored the nation’s resolve to surmount challenges and achieve set goals, enhance the investment environment, and realize optimal outcomes for the year. Meanwhile, the “five assurances” emphasized the imperative of synchronized task implementation, macroeconomic stability, transparent market development, and social security. The “five accelerations” called for concerted efforts to drive economic growth, mobilize resources for investment, advance strategic breakthroughs, bolster international integration, and foster digital transformation.

Prime Minister Chính also highlighted “10 positive results” in economic and social development achieved thus far, including a robust GDP growth of 5.66 per cent in the first quarter of the year, the notable recovery of the stock market, sustained macroeconomic stability, buoyant export performance, and significant improvements in social welfare.

Acknowledging the challenges ahead, participants at the meeting emphasized the imperative of swift action to address persistent issues such as inflationary pressures, financial market risks, and infrastructure constraints, particularly in key transportation routes.

Amidst the challenges, Việt Nam’s economic resilience and prospects have garnered international acclaim, with forecasts from institutions such as the Asian Development Bank and HSBC Bank projecting growth rates of 6 per cent and 6.3 per cent, respectively. Furthermore, Việt Nam’s positive trajectory is underscored by notable advancements in the business environment ranking, the value of the national brand, and the happiness index.

In response to the challenges and opportunities, participants at the meeting proposed expedited approval of major infrastructure projects, streamlining of regulatory processes, and targeted interventions to address pressing issues facing businesses and vulnerable populations.

As Việt Nam charts its course towards economic prosperity, Prime Minister Chính reiterated the government’s unwavering commitment to fostering an environment conducive to sustainable growth, innovation, and social advancement, underscoring the nation’s resolve to overcome challenges and realize its full potential on the global stage.