Prime Minister Phạm Minh Chính gives instruction at the conference. — VNA/VNS Photo Dương Giang

HÀ NỘI — Prime Minister Phạm Minh Chính on Wednesday said that the growth rate target of 8.3-8.5 per cent will be challenging, but it is not an impossible goal and must be reached.

He made the statement while chairing an online national conference between the Government and localities on economic growth this year, as well as solutions to achieve the target.

The conference found that in the first six months of the year, the country's economy saw many outstanding results.

Economic growth exceeded 7.5 per cent during this period, the highest rate in nearly 20 years.

Exports increased by 14.4 per cent, while State budget revenue reached 67.7 per cent of the estimate, up 28.3 per cent.

Registered foreign direct investment (FDI) capital was over US$21.5 billion, representing a 32.6 per cent increase.

The number of enterprises registered to enter and re-enter the market exceeded 152,000, 20 per cent higher than the number of withdrawals from the market.

However, economic growth still faces many challenges.

Although traditional growth drivers have been effective, they have not met expectations. The pressure to disburse public investment capital during the remainder of the year is very high. Domestic purchasing power is recovering slowly. Exports are being adversely affected by US tariff policies, while the macro economy is under tremendous pressure.

Aside from these difficulties, delegates at the conference said they also believe there are many opportunities and advantages, such as infrastructure breakthroughs that have achieved clear results and met growth requirements.

The smooth operation of the two-tier local government model provides a solid foundation for localities to exploit new development spaces.

Concluding the conference, PM Chính confirmed that the goals for this year are to ensure macroeconomic stability, hold inflation at 4.5 per cent and keep public debt under control.

To carry out these tasks, the entire political system must work together with determination, effort and drastic actions, focusing on key issues and assigning workers, responsibilities and authority.

Relevant parties must operate monetary policies proactively, flexibly, and effectively, maintain the exchange rate between the Vietnamese đồng and the US dollar, and continue to reduce interest rates to support production, business, and people's livelihoods.

Agencies must implement a reasonable and effective expansionary fiscal policy, promote public investment capital disbursement, and mobilise other sources of capital to increase total social investment, expand revenue sources, and issue bonds to support development.

"Monetary policy and fiscal policy must be combined and complement each other, promoting harmony, rationality and effectiveness," the PM said.

PM Chính directed agencies to focus on three strategic areas: investment, institutions and workforce training.

They must work to complete several goals, including building highways, railways, coastal roads and other important infrastructure projects; forming institutions and laws; and focus on workforce training, especially in the green economy, digital economy, circular economy, science, technology and innovation.

The PM put special emphasis on new growth drivers, creating and submitting to the Politburo resolutions on healthcare, education and culture to serve rapid and sustainable national development.

He said that ministries and localities should ensure domestic food security while expanding markets and enhancing exports, promote cultural and entertainment industries and boost tourism to achieve the goal of welcoming 25 million tourists this year.

State-owned corporations and groups were instructed to strive for a growth rate of over 10 per cent to contribute to the country's target, while the PM also asked provinces and cities not to wait for or rely on the Government, but use their own functions and powers proactively and creatively to enhance economic growth to reach 8.3-8.5 per cent.

PM Chính said that promoting socio-economic development must be closely linked to ensuring political stability, national defence, and strengthening foreign relations.

He noted that effective social security policies must also be ensured, including the completion of the elimination of temporary and dilapidated houses nationwide and the construction of at least 100,000 social housing units.

Media agencies must strengthen information and policy communication, Chính said, calling for all of society to join the development process with the spirit 'Party leadership, State management, ownership by the people' and stating: "resources originate from thinking, motivation originates from innovation, strength originates from the people."

Relevant ministries and agencies must also establish a mechanism to monitor, inspect, summarise and periodically evaluate task implementation to review and adjust, he added.

They should build a team of grassroots officials capable of fulfilling their duties, serving the people, and immediately resolving people's problems at the grassroots level, especially those related to planning and official development assistance capital.

PM Chính also requested that Party Congresses be held at all levels in accordance with the Central Committee’s plan and instructions.

At the same time, action programmes and growth scenarios must be developed for each ministry, branch, agency and locality that are close to the situation, to concretise the Government's Resolution on growth and realise the set goals. — VNS