PM pushes for new growth drivers: Minister

PM pushes for new growth drivers: Minister

Prime Minister Phạm Minh Chính has called for a renewal of traditional growth engines while aggressively pushing new drivers, Minister and Chairman of the Government Office Trần Văn Sơn told the monthly Cabinet press briefing in Hà Nội on April 4.

The monthly Cabinet press briefing on April 4 (Photo: baochinhphu.vn)

Prime Minister Phạm Minh Chính has called for a renewal of traditional growth engines while aggressively pushing new drivers, Minister and Chairman of the Government Office Trần Văn Sơn told the monthly Cabinet press briefing in Hà Nội on April 4.

Briefing on the outcomes of the Government’s regular meeting for March and an online conference with local authorities, Sơn said the PM instructed ministries, agencies and localities to effectively follow the 14th National Party Congress’s Resolution, along with the resolutions, directives and conclusions of the Party Central Committee, Politburo, Secretariat and National Assembly (NA), particularly the action plan for implementing the 14th National Party Congress’s resolution, the Politburo’s nine strategic resolutions and the conclusions of the Party Central Committee’s second plenum.

Ministries, agencies and local authorities were urged to stick firmly to the growth target of at least 10 per cent while maintaining macro-economic stability, keeping inflation under control and ensuring major economic balances to build momentum for the rest of 2026. They must closely monitor realities, prepare policy response plans and introduce breakthrough solutions, Sơn cited the PM’s instructions.

The Government leader demanded thorough preparation for the 16th NA’s first session, including detailed documentation for draft laws, resolutions and personnel matters to be submitted at the event.

On investment, the PM demanded ensuring full disbursement of all 2026 state capital, accelerate the Việt Nam International Financial Centre’s operation and fast-track key national infrastructure projects.

He also ordered consumption and the domestic market be boosted, along with e-commerce, cashless payments and trade promotion. Traditional export markets should be fully tapped while new export destinations diversified.

To cultivate new growth drivers, the PM called for accelerating the development of science – technology, innovation, digital society, digital economy, artificial intelligence, nationwide 5G coverage, as well as data centres and national and sectoral key databases.

Macro-economic stability remains paramount. Policymakers were told to govern interest rates, exchange rates and credit flexibly, lower deposit and lending rates to support production and business, direct credit toward priority sectors, and tighten oversight of risky areas.

On the fiscal front, Sơn said the Government is targeting a 10 per cent rise in state budget revenue, savings of more than 10 per cent in regular spending, plus an additional 5 per cent cut, while effectively implementing tax, fee and land rent relief to ease the burden on enterprises and people.

Energy security is another priority. Ministries, sectors, and localities were told to ensure stable supply of crude oil and gas, and guarantee sufficient electricity and fuel for economic activities and daily life, with strict orders to prevent any power shortages.

At the briefing, Sơn also highlighted first-quarter performance: GDP expanded 7.83 per cent year-on-year, up from 7.07 per cent a year earlier, with services growing 8.18 per cent, industry and construction 8.92 per cent, and agriculture 3.58 per cent. International arrivals exceeded 6.7 million, up more than 12 per cent.

Up to 23 out of 34 localities posted GRDP growth of at least 8 per cent, including four with double-digit expansion: Hà Tĩnh (12.42 per cent), Ninh Bình (11.63 per cent), Hải Phòng (11.21 per cent) and Hưng Yên (10.43 per cent).

Inflation stayed under control despite global pressures, with March CPI rising 4.65 per cent year-on-year and the first-quarter average at 3.51 per cent, driven mainly by fuel costs. State budget revenue reached VNĐ829.4 trillion (US$31.49 billion) in the quarter, equivalent to 32.8 per cent of the annual target and up 11.4 per cent from a year earlier, even after VNĐ43.6 trillion in tax and fee relief for businesses.

Total foreign trade approached $249.5 billion, up roughly 23 per cent, with exports rising 19.1 per cent and imports surging 27 per cent. The trade deficit stood at $3.64 billion, largely due to $118.84 billion in production materials imports, which accounted for nearly 94 per cent of total imports.

Advancements continued in science – technology and digital transformation, marked by the inauguration of the Việt Nam National Space Centre and the groundbreaking of Việt Nam’s first semiconductor chip manufacturing plants by Viettel and FPT.

Administrative reform, the fight against corruption, wastefulness and negative phenomena, and the two-tier local administration model are proceeding smoothly, with ongoing power decentralisation and authority delegation, and better management of public assets as well, according to Sơn. 

Bizhub