The key tasks and solutions to promote growth, control inflation, and stabilize the macro economy in July and the third quarter of 2024

On 21/7/2024, the Prime Minister issued the Official Telegram No. 71/CD-TTg on key tasks and solutions to promote growth, control inflation, and stabilize the macro economy in July and the third quarter of 2024.

Accordingly, the Prime Minister requested Ministers, Heads of ministerial-level agencies, Government agencies, the Chairmen of the People's Committees of provinces and centrally-run cities (hereinafter referred to as Ministries, agencies, and localities) based on their assigned functions, tasks, and powers to resolutely and effectively implement the Resolutions and Conclusions of the Central Committee, the Politburo, the National Assembly, the Government, and the Prime Minister, especially the tasks and solutions stated in Resolutions No. 93/NQ-CP dated June 18, 2024, No. 108/NQ-CP dated July 10, 2024, focusing on a number of key tasks and solutions in July and the third quarter of 2024 as follows:

a) To continue to focus on promptly removing difficulties for people and businesses

- Ministry of Finance

+ To effectively implement policies to extend tax payment deadlines, land use fees, reduce value-added tax rates, reduce fees and charges that have been issued.

+ To urgently study the impact, complete and propose to the Government a Decree on the registration fee for domestically manufactured and assembled cars in July 2024.

- State Bank of Vietnam

+ To effectively use management tools to regulate exchange rates and interest rates, in line with the developments of the macro-economic situation and set goals, meet capital needs for the economy; strengthen inspection, examination, control of bad debt risks, effectively perform measures to handle bad debt, improve credit quality.

+ To continue to direct commercial banks to reduce operating costs, increase the application of information technology, digital transformation to reduce lending interest rates for priority sectors; promote credit growth, focus on production and business sectors, priority sectors, economic growth drivers, prioritize credit limits for credit institutions operating effectively, especially for social housing, green growth, digital transformation, circular economy...

+ To coordinate with relevant agencies to beef up the social housing credit package of VND 120 trillion, the credit package to support agriculture, forestry and fishery of VND 30 trillion...

b) To boost disbursement of public investment capital, use public investment to activate and lead private investment, promote public-private partnership

- Government members proactively develop work plans to continue promoting the effectiveness of the Prime Minister's Working Groups under Decision No. 235/QD-TTg dated March 14, 2023 and 26 Working Groups under Decision No. 435/QD-TTg dated April 24, 2023.

- Ministries, agencies and localities thoroughly grasp and consider public investment disbursement as a key political task; closely follow the detailed disbursement plan and targets for each project to focus on direction; be more proactive and drastic in implementing national target programs in the area; promptly transfer capital from tasks and projects that are not eligible for disbursement or disbursement is slow to supplement tasks and projects that are capable of disbursement quickly and need additional capital according to regulations; urgently complete investment preparation work for projects expected to start construction at the end of 2024; overcome shortcomings to disburse faster and use ODA capital more effectively; resolutely handle cases of intentional delay in progress of capital assignment, implementation, disbursement, negativity, corruption, loss, and waste.

c) To strengthen discipline and order in state budget finance. The Ministry of Finance resolutely carries out digital transformation, regulations on electronic invoices, especially promoting the application of digital transformation in budget revenue and expenditure, improves the effectiveness and efficiency of state budget revenue and expenditure management; ensures correct, sufficient and timely collection, expands the collection base and prevents tax losses, especially from e-commerce to compensate for the reduction in revenue due to the implementation of support policies, completes the assigned revenue estimate at the highest level.

d) To continue to thoroughly save and cut regular expenditures to reserve for development investment and social security expenditures: Ministries, agencies and localities strictly implement the requirement to save 5% of regular expenditures in 2024; resolutely cut down on regular expenditure estimates that have been assigned but have not been allocated by June 30, 2024 in accordance with Resolution No. 82/NQ-CP dated June 5, 2024.

d) To boost production, export, develop domestic market, ensure energy security, food security

e) To strengthen measures to prevent and combat climate change, natural disasters, avoid being surprised; continue to promote the development of green energy, clean energy, and soon complete the Project on developing carbon market in Vietnam

g) To pay more attention to cultural and social fields. To pay attention to timely and fully implementing social security policies, supporting policy beneficiaries and people in difficult circumstances. To organize meaningful and practical activities to show gratitude and repay kindness on the occasion of the 77th anniversary of War Invalids and Martyrs Day, July 27. The Ministry of Labor, War Invalids and Social Affairs shall preside over and coordinate with the Ministry of Finance, the Vietnam Fatherland Front, Vietnam Television and relevant agencies to urgently develop and submit to the Prime Minister for consideration and decision in July 2024 on the announcement of the establishment and mobilization and support of the National Fund to join hands to eliminate temporary and dilapidated houses for poor and near-poor households.

In addition, the Official Telegram also provides a number of other contents: Focus on perfecting institutions, laws, mechanisms and policies to immediately remove difficulties and obstacles, free up resources to promote socio-economic development; strengthen discipline and administrative order; strictly implement the Government's working regulations and the Prime Minister's direction.