PM urges timely, flexible policy response to secure double-digit growth

PM urges timely, flexible policy response to secure double-digit growth

Prime Minister Phạm Minh Chính has demanded ministries, sectors and localities have a good grasp of the situation, including factors with adverse impacts on Việt Nam, especially the complicated developments in the Middle East conflict and other regions worldwide, to make timely, flexible, and effective policy response in efforts to secure double-digit growth.

Prime Minister Phạm Minh Chính chairs the Government’s regular meeting for March and the Government-to-locality teleconference on April 4. — VNA/VNS Photo

He made the request while chairing the Government’s regular meeting for March and the Government-to-locality teleconference on April 4.

Officials noted that the first months of 2026 saw many new, complex, and unpredictable developments in the world, including changes in the US tariff policies, the ongoing conflict in Ukraine, the escalating tensions in the Middle East that have disrupted supply chains, causing fuel price hike and transportation costs soaring, and volatile global commodity, financial, monetary, and precious metal markets with increased risks and uncertainty.

Thanks to the decisive engagement by the entire political system, the people, and the business community under the direction of the Politburo and the Secretariat, headed by General Secretary Tô Lâm, Việt Nam recorded the relatively positive and comprehensive socio-economic results in various aspects over the first three months, with numerous sectors achieving breakthrough growth and many localities emerging as bright spots.

In Q1, the gross domestic product (GDP) grew by an estimated 7.83 per cent year on year, higher than the same period last year. Twenty-three of the 34 localities nationwide posted gross regional domestic product (GRDP) expansion of at least 8 per cent, including four reporting double-digit growth (Hà Tĩnh, Ninh Bình, Hải Phòng, and Hưng Yên provinces).

The macro-economy remained largely stable, with inflation under control and major economic balances guaranteed. The consumer price index (CPI) during the first three months increased 3.51 per cent from a year earlier, lower than the whole year’s ceiling target of about 4.5 per cent.

Meanwhile, the Q1 state budget revenue reached VNĐ829.4 trillion (nearly US$31.49 billion), equivalent to 32.8 per cent of this year’s target and up 11.4 per cent year on year. Foreign trade turnover rose 23 per cent to $249.5 billion. Foreign direct investment (FDI) registered during the quarter amounted to $15.2 billion while the disbursed FDI was estimated at $5.4 billion, respectively climbing 42.9 per cent and 9.1 per cent year on year, statistics show.

The conference also highlighted efforts in perfecting institutional frameworks, implementing the Politburo’s breakthrough resolutions, improving the investment and business climate, promoting new growth drivers, as well as performing social, educational, national defence, security, and apparatus restructuring tasks.

However, officials acknowledged that the Middle East conflict has considerably affected Việt Nam’s economy and may continue to have highly complex impacts in the time ahead.

In his speech, PM Chính noted the Government, ministries, sectors, and localities’ moves since the year’s beginning to concertedly and flexibly carry out the tasks and measures identified in the resolutions and conclusions of the Party Central Committee, its Politburo and Secretariat, the Party General Secretary, the National Assembly, and the Government.

Emphasising the steadfastness in the double-digit growth target linked with macro-economic stability, inflation control, and guaranteeing of major economic balances to create momentum for the whole 2026 and beyond, he asked each ministry, sector, and locality to identify breakthrough impetuses, devise concrete measures, and assign clear responsibilities in order to achieve double-digit expansion.

Focus should be placed on ramping up public investment; swiftly approving and implementing programmes and projects on science – technology, innovation, digital transformation, green transition; accelerating the construction of the railway lines connecting with China; and removing legal bottlenecks at long-delayed projects.

He demanded stimulating domestic consumption, strongly developing the domestic market, and stepping up institutional perfection and administrative procedure reduction to unlock and utilise resources, address production and business obstacles, minimise costs, and facilitate investment, especially private and foreign ones.

To do that, the Government leader asked ministries, sectors, and localities to keep a close watch on realities; ready response and governance plans for different scenarios; and enhance the strategic forecasting capacity as well as the strategic self-reliance, competitiveness, and resilience of the economy.

Besides, it is necessary to effectively carry out social security policies; continuously improve people's life quality; strengthen national defence, security, and foreign relations; and maintain a peaceful and stable environment for national development, he added.

PM Chính asked for efforts to maintain macro-economic stability, effectively mobilise and use all resources for development, and press on with a proactive, flexible, timely, and effective monetary policy coupled with a rational and focused expansionary fiscal policy.

In addition, he requested a focus on ensuring national energy security both in the short and long terms, especially guaranteeing the supply of crude oil and gas. In particular, relevant sides must ensure sufficient electricity and fuel for production, business, and daily life, absolutely preventing electricity shortages.

He also set tasks regarding growth promotion, business climate improvement, corruption and wastefulness combat, the settlement of long-delayed projects, along with social, cultural, defence – security, and foreign affairs.

PM Chính went on to say that amid intertwined advantages and challenges over the last five years, the Government has managed to navigate numerous “headwinds” to help the country’s socio-economic “ship” to safely reach its destination.

He expressed deep gratitude to the Party Central Committee, the Politburo, the Secretariat, the Party General Secretary, key leaders of the Party, State and Việt Nam Fatherland Front, Government members, agencies, localities, along with domestic and foreign enterprises, international friends, people nationwide, and overseas Vietnamese for their assistance and support for the Government over the past five-year tenure, as well as more than eighty years since the country’s establishment.

He expressed his confidence that the new-tenure Government will continue to inherit and build upon the fine traditions of previous terms, overcome limitations and shortcomings, and excellently fulfil the tasks entrusted by the Party, State, and people with the spirit of "each year better than the previous year, each term better than the previous one". 

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