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.
Telegram to Ministers, Heads of ministerial-level agencies, Government agencies; Secretaries of Provincial and Municipal Party Committees of provinces and centrally run cities; Chairmen of People's Committees of provinces and centrally run cities; Chairmen and General Directors of State-owned Corporations and General Companies.
According to the Official Dispatch, in the first 6 months of 2025, the world situation continues to have many new, rapid, complicated, and unpredictable developments, affecting global investment and trade, and the prospect of world economic growth declines.
Domestically, 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 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 Secretaries of Provincial and Municipal Party Committees to continue to lead, directly, organize the drastic, synchronous and effective implementation of 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 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.
The State Bank of Vietnam directs 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 credit growth for the whole year to reach about 16% compared to 2024.
By 2026, credit growth will be managed using market tools and quotas will be eliminated.
The State Bank of Vietnam manages exchange rates in a flexible, harmonious and reasonably balanced manner between interest rates and exchange rates; closely monitors developments in the domestic and international economic situation, financial and monetary markets, especially policy adjustments by the US Federal Reserve (Fed) and central banks, improving the quality of analysis, forecasts and has timely and effective policy responses; diversifies foreign currency supply channels, stabilizes the value of the Vietnamese Dong, and improves the international balance of payments.
The State Bank of Vietnam shall preside over and coordinate with relevant agencies to urgently review, analyze, assess impacts, study international experience, and 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 the risks of each credit institution, develop a set of criteria for credit safety control, ensure proactive, timely, and effective credit capital allocation, contribute to promoting sustainable economic growth associated with macroeconomic stability, safety of the credit institution system, and national financial and monetary security; to be completed in July 2025.
The State Bank of Vietnam fronts over and coordinates with relevant agencies to 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, etc.
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.
Strengthening state budget collection management; continuing to expand the collection base, especially revenue from e-commerce and catering services; modernizing tax management, resolutely implementing regulations on electronic invoices generated from cash registers; striving for state budget collection in 2025 to increase 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.
The Ministry of Finance shall fully and promptly allocate funding sources to pay for 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 state financial and budgetary tasks 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.
The Ministry of Finance builds an effective mechanism to selectively attract foreign investment, focusing on promoting and attracting large-scale, high-tech, environmentally clean FDI projects; promptly grasps and handles difficulties and problems of FDI enterprises, especially cutting administrative procedures to speed up the progress of projects in Vietnam.
The Ministry of Finance shall preside over and coordinate with relevant agencies to 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, and report to competent authorities according to regulations to accelerate the disbursement of public investment capital in 2025.
The Ministry of Finance shall preside over and coordinate with relevant agencies to implement measures as prescribed to upgrade the stock market from a frontier market to an emerging market, and closely coordinate with relevant ministries and agencies to promptly remove difficulties and obstacles to meet the upgrading criteria.
The Ministry of Finance shall urgently submit to the Government draft Decrees detailing the Laws and Resolutions in the financial sector passed by the 15th National Assembly at the 9th session, ensuring that they take effect at the same time as the Laws; submit to the Government a draft Resolution on piloting the crypto-asset market before July 15, 2025.
The Ministry of Finance shall preside over and coordinate with relevant agencies to 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, striving 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, and strengthen public-private cooperation.
Clearly identify the difficulties and causes of slow disbursement of each specific project to promptly direct and resolve them; resolutely focus on site clearance, remove difficulties in supplying construction materials, speed up the progress of key and important national projects; promptly transfer capital from slow-disbursement projects to well-disbursed projects according to regulations; speeding up disbursement must be closely linked to ensure project quality, preventing unexpected, corruption, and waste; promptly handle cadres who are weak in capacity, afraid of responsibility, shirking responsibility, avoiding, and failing to complete disbursement tasks.
The Prime Minister requested ministries, agencies and localities to strive to mobilize total social investment capital to grow by 11-12% compared to 2024; Urgently handle and resolve backlogged and long-standing projects within their authority to free up resources for development and combat waste.
The Prime Minister requested ministries, agencies and localities to focus on developing medium-term public investment plans 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 preparing for investment in important national projects and key projects to be implemented in the 2026-2030 period.
Propose drastic, breakthrough, feasible and effective tasks and solutions for the last 6 months of the year.
Regarding the organization of the preliminary review of the first 6 months of the year and the deployment of work for the last 6 months of 2025, the Prime Minister requested ministries, agencies, localities, corporations and state-owned corporations urgently to organize a 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, contributing to the successful implementation of the national economic growth target of 8% or more in 2025, in which it is important 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).
The Prime Minister requested to promote the sense of responsibility, self-reliance and self-improvement; proactively handle work and remove difficulties and obstacles according to assigned functions, tasks and authority; for issues beyond authority, promptly report and propose to authorize authorities 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://phunuvietnam.vn/thu-tuong-tang-cuong-hieu-qua-dieu-hanh-chinh-sach-tien-te-chinh-sach-tai-khoa-20250706163234901.htm
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