The Prime Minister requested to direct policy...

In the context of a volatile global economy and increasing risk pressure, Prime Minister Pham Minh Chinh has just issued an important dispatch, requesting ministries, branches,...

In the context of a volatile global economy and increasing risk pressure, Prime Minister Pham Minh Chinh has just issued an important telegram, requesting ministries, branches, localities and state-owned enterprises to strengthen coordination, focus on drastic solutions to manage monetary and fiscal policies, promote public investment disbursement and support economic growth to reach the target of 8% in 2020.

Prime Minister Pham Minh Chinh has just signed Official Dispatch No. 104/CD-TTg dated July 6, 2025 on enhancing the effectiveness of monetary and fiscal policy management and organizing a preliminary review of the work in the first 6 months of 2025.

The telegram stated that in the first 6 months of 2025, the world situation continued to have many new, rapid, complicated and unpredictable developments, affecting global investment and trade, and the world economic growth prospect declined. In the country, under the leadership of the Party, headed by General Secretary To Lam, the accompaniment of the National Assembly, the drastic, timely and effective direction of the Government, the Prime Minister, all levels, sectors and localities, and the unanimous support of the entire political system, people and businesses, our country's economy in the first 6 months of 2025 has achieved positive results in most areas.

However, in the context of more difficulties and challenges than opportunities and advantages, in order to successfully achieve the economic growth target of 8% or more in 2025 and double digits in the following years, the Prime Minister requested the Ministers, Heads of ministerial-level agencies, Government agencies, Chairmen of People's Committees of provinces and centrally run cities, Chairmen and General Directors of State-owned Corporations and Corporations and requested the Secretaries of Provincial and Municipal Party Committees to continue to lead, directly, organize the drastic, synchronous and effective implementation of the tasks and solutions set out in the Resolutions and Conclusions of the Party, Resolutions of the National Assembly, the Government, and directive documents of the Prime Minister; focusing on implementing the following key tasks and solutions:

Actively, flexibly, promptly and effectively manage monetary policy

Regarding monetary policy, the Prime Minister requested the State Bank of Vietnam to preside over and coordinate with relevant agencies to closely monitor developments and the world and domestic economic situation to proactively, flexibly, promptly and effectively manage monetary policy, in line with macroeconomic developments and monetary policy objectives in accordance with the main tasks and solutions in Resolution No. 154/NQ-CP dated May 31, 2025 of the Government, Resolutions of regular Government meetings and directions of the Prime Minister, closely coordinated with fiscal policy and other macroeconomic policies, promote growth, control inflation, stabilize the macro economy, and ensure major balances of the economy.

Direct credit institutions to continue to reduce costs, simplify administrative procedures, promote digital transformation... to reduce lending interest rates, support production and business of enterprises and people in the spirit of "harmonized benefits, shared risks"; direct credit to priority areas, traditional growth drivers of the economy (investment, export, consumption) and new growth drivers (science and technology, innovation, digital economy, green economy, circular economy...); strengthen measures to handle bad debts, limit bad debts arising; strive for annual credit growth of about 16% compared to 2024. By 2026, manage credit growth according to market tools and eliminate quotas.

Manage exchange rates in a flexible, harmonious and reasonable balance between interest rates and exchange rates; closely monitor developments in the domestic and international economic situation, financial and monetary markets, especially policy adjustments by the FED and central banks, improve the quality of analysis and forecasting and have timely and effective policy responses; diversify currency supply channels, stabilize the value of the Vietnamese Dong, and improve the international foreign balance of payments.

Urgently review, analyze, assess impacts, study international experience, urgently consider removing administrative tools in credit growth management through allocating credit growth targets to each credit institution; transfer credit growth management to market mechanisms and assess risks of each credit institution, develop a set of criteria for credit safety control, ensure proactive security, timely and effective credit capital allocation, contribute to promoting sustainable economic growth associated with macroeconomic stability, safety of the credit institution system, national financial and monetary; to be completed in July 2025.

Promote credit programs for young people under 35 years old to buy, rent, and lease-purchase social housing; a VND500,000 billion credit program for enterprises investing in infrastructure, science, technology, innovation, and digital transformation; a credit program to support the linkage of production, processing, and consumption of high-quality and low-emission rice products in the Mekong Delta region...

Strengthen appropriate, timely and effective gold market management measures; urgently submitted to the Government a Decree amending Decree No. 24/2012/ND-CP on gold trading management before July 15, 2025.

Continue to operate a reasonable, focused and key expansionary fiscal policy

Regarding fiscal policy, the Prime Minister assigned the Ministry of Finance to preside over and coordinate with relevant agencies to continue to operate a reasonable, focused, and key expansionary fiscal policy, closely, harmoniously, and effectively coordinated with monetary policy and other macroeconomic policies. Strengthen the management of state revenue budget; continue to expand the revenue base, especially revenue from e-commerce and food services; modernize tax management, resolutely implement regulations on electronic invoices generated from cash registers; strive to increase state budget revenue in 2025 by at least 20% compared to the estimate. Thoroughly save regular expenditures, including saving an additional 10% of the regular expenditure estimate for the last 7 months of 2025 according to the direction of the Government and the Prime Minister to support social security and build boarding and semi-boarding schools for students in remote, border, special economic zones, and islands.

Fully and promptly arrange funding sources for payment of policies and regimes according to Decree No. 178/2024/ND-CP and Decree No. 67/2025/ND-CP and tasks serving the arrangement of administrative units and the implementation of two-level local government. Immediately issue guiding documents and remove difficulties and obstacles for localities (especially at the commune level) in implementing tasks related to state finance and budget when operating the two-level local government model, ensuring timeliness, smoothness, efficiency, and no interruptions.

Effectively implement policies on tax, fee, land rent exemption and extension and other mechanisms and policies to facilitate people and businesses, promote production and business, create jobs and livelihoods for people.

Build an effective mechanism to selectively attract foreign investment, focusing on promoting and attracting large-scale, high-tech, environmentally clean FDI projects; promptly grasp and handle difficulties and problems of FDI enterprises, especially cutting administrative procedures to speed up the progress of projects in Vietnam.

Effectively advise the Prime Minister's Working Groups to strengthen inspection and urge the disbursement of public investment capital at ministries, agencies and localities. Continue to review and synthesize proposals from ministries, agencies and localities on adjusting the public investment capital plan for 2025, report to competent authorities according to regulations to accelerate the disbursement of public investment capital in 2025.

Implement measures as prescribed to upgrade the stock market from a frontier market to an emerging market, closely coordinated with relevant ministries and agencies to promptly remove difficulties and obstacles to meet the upgrading criteria.

Urgently submitted to the Government draft Decrees detailing the Laws and Resolutions in the financial sector approved by the 15th National Assembly at the 9th session, ensuring that they take effect simultaneously with the Laws; submit to the Government a draft Resolution on piloting the crypto-asset market before July 15, 2025.

Review and assess the impact of the US reciprocal tax policy on Vietnam; develop support policies for businesses and workers in industries and sectors affected by the US tariff policy, and report to competent authorities before July 15, 2025.

The Prime Minister requested ministries, agencies and localities, according to their assigned functions and tasks, to proactively grasp developments in the international and domestic situation, respond with appropriate, timely and effective policies, proactively develop response scenarios, and avoid being passive or surprised.

Implement more drastic, strongly and effectively the tasks and solutions to promote the disbursement of public investment capital, strive to disburse public investment capital in 2025 to reach 100% of the plan assigned by the Prime Minister; use public investment to lead private investment, strengthen public-private cooperation. Clearly identify the difficulties and causes of slow disbursement of each specific project to directly and promptly resolve them; focus on resolutely implementing site clearance, removing difficulties in supplying construction materials, speeding up the progress of key and important national projects; promptly transfer capital from slow-disbursement projects to good-disbursement projects according to regulations; speeding up disbursement must be associated with ensuring the quality of the project, preventing hopeless, corruption and waste; promptly handle officials who are weak in capacity, afraid of responsibility, shirking responsibility, avoiding, and failing to complete disbursement tasks.

Strive to mobilize total social investment capital to grow by 11-12% compared to 2024.

Urgently handle and resolve pending and long-standing projects within authority to free up resources for development and combat waste.

Focus on developing a medium-term public investment plan for the 2026-2030 period, allocating concentrated capital, focusing on key areas, and resolutely not spreading out; ensure that the total number of central budget projects for the 2026-2030 period does not exceed 3,000 projects; actively prepare investment in important national projects and key projects to be implemented in the 2026-2030 period.

Clarifying achievements, limitations, difficulties and obstacles in the first 6 months of the year

Regarding the organization of the preliminary review of the first 6 months of the year and the implementation of the work for the last 6 months of 2025, the Prime Minister requested ministries, agencies, localities, corporations and state-owned corporations to urgently organize the preliminary review of the first 6 months of 2025 and set out key tasks and solutions for the last 6 months of the year for ministries, agencies, localities, corporations and state-owned corporations to successfully implement the set goals and targets for 2025, contributes to the successful implementation of the national economic growth target of 8% or more in 2025, in which it is necessary to carefully assess the situation, clarify the results achieved, the limitations, difficulties and obstacles in the first 6 months of the year; carefully analyze the causes (objective, subjective); draw lessons; on that basis, proposes drastic, breakthrough, feasible and effective tasks and solutions in the last 6 months of the year.

Based on the assigned goals, functions, tasks and authorities, ministries, branches, agencies, units and localities must have high determination, great efforts, and drastic actions, while assigning specific tasks to relevant agencies and units in the spirit of 6 clear (clear people, clear work, clear time, clear authority, clear responsibility, clear products).

Promote the spirit of responsibility, self-reliance and self-improvement; proactively handle work and remove difficulties and obstacles according to assigned functions, tasks and authority; promptly report and propose to competent authorities for issues beyond authority according to regulations.

Time to organize preliminary review and assessment and propose tasks and solutions for the last 6 months of the year no later than July 15, 2025.

Source: https://baolamdong.vn/thu-tuong-chinh-phu-yeu-cau-dieu-hanh-chinh-sach-chu-dong-linh-hoat-de-dat-muc-tieu-tang-truong-8-381368.html