Prime Minister requests stronger efforts to tap growth potential

Prime Minister requests stronger efforts to tap growth potential

Prime Minister Lê Minh Hưng on October 3 called on ministries, sectors and localities to more effectively tap available growth potential, remove bottlenecks and maximise growth drivers in the final months of 2026, with the aim of achieving the year's socio-economic development targets and creating momentum for 2027.

Prime Minister Lê Minh Hưng concludes the Government's regular September meeting and the Government's online conference with localities. VNA/VNS Photo

Prime Minister Lê Minh Hưng on Saturday called on ministries, sectors and localities to more effectively tap available growth potential, remove bottlenecks and maximise growth drivers in the final months of 2026, with the aim of achieving the year's socio-economic development targets and creating momentum for 2027.

The PM made the request while chairing the regular Government meeting and an online conference between the Government and localities, held in person at the Government headquarters and connected via video-conference with ministries, sectors and 34 provinces and cities nationwide.

As the final months of 2026 will be decisive to achieving the year's socio-economic development targets, he asked ministers, heads of sectors, Party committee secretaries, and chairpersons of provincial-level people's committees to continue closely following and more resolutely and effectively implementing programmes and action plans to achieve the 2026 targets, creating momentum for a breakthrough in 2027 with a spirit of acceleration, decisive action and clear results.

He noted that to achieve double-digit growth, GDP growth in the fourth quarter must exceed 12.5 per cent, putting enormous pressure on ministries, sectors and localities and requiring the highest level of determination and effort.

Regarding common tasks for ministries, sectors and localities, the PM requested continued improvements to institutions and laws, with the highest quality ensured for draft laws submitted to the National Assembly and all guiding regulations issued fully and on schedule.

Efforts should be made to disburse 100 per cent of the public investment plan, complete key projects according to the 2026 schedule and remove obstacles to long-delayed projects, he said, asking localities to actively propose groups of tasks and solutions to develop special economic zones in line with the Law on Urban Development.

The Government leader stressed the need to strongly develop the domestic market, stimulate demand and effectively tap the year-end consumption and tourism seasons while controlling and stabilising prices; boost exports and reduce the trade deficit; promote new growth drivers; encourage private investment and attract foreign investment; and require corporations and groups to complete their investment, production and business plans.

He called for strict price controls and efforts to achieve the 2026 inflation target approved by the National Assembly, ensuring adequate supplies of essential goods such as fuel, electricity, food, construction materials and medicines. Inspections should be strengthened and strict action taken against hoarding, speculation and smuggling.

At the same time, the PM called for stronger development of science and technology, innovation and digital transformation, along with effective disbursement of allocated funds; completion of the "100-day campaign" to address bottlenecks in digital transformation; and implementation of tasks to develop strategic technology products based on the strengths of different sectors and localities.

He also stressed the importance of cultural and social development and improving people's living standards; developing social housing and rental housing; resolutely implementing the 500-day-and-night campaign to accelerate the search for, collection and identification of the remains of fallen soldiers; carrying out key tasks in education, healthcare and social welfare; and strengthening national defence, security, social order and safety, as well as cybersecurity.

For provincial-level people's committees, the PM instructed them to closely monitor developments in their localities; urgently review and update growth scenarios after nine months; conduct specific assessments of each sector, field and target; clearly identify any shortfalls against the set scenarios; and, on that basis, adopt appropriate tasks and solutions for the fourth quarter, striving to achieve the highest possible 2026 growth target.

They must also comprehensively review and identify all remaining growth drivers and potential reserves that can be tapped, particularly sectors, fields and projects capable of generating added value. Bottlenecks and difficulties hindering growth, especially those related to investment, land, site clearance and project implementation procedures, must be clearly identified and resolutely addressed, with issues beyond their authority promptly reported to competent agencies.

Major economic centres and growth poles such as HCM City, Hà Nội, Hải Phòng, Quảng Ninh, Đồng Nai and Bắc Ninh must set higher targets and more fully tap their growth potential through measures that can be implemented immediately, while strengthening their leading and spillover roles and making greater contributions to national growth.

For localities whose growth remains below the set targets, particularly those projected to fall short of their full-year targets, the PM requested thorough assessments of available growth potential and the immediate implementation of strong, decisive, specific and effective measures to achieve the highest possible results.

For ministries and sectors, he asked the Ministry of Finance to continue closely monitoring domestic and international developments, regularly tracking, analysing, assessing and updating growth scenarios, and promptly advising the Government and the PM on difficulties and obstacles, particularly factors affecting growth. The ministry should propose appropriate, effective and feasible tasks and solutions to boost production and business activities and mobilise and effectively use resources for development. It was also asked to urgently submit to the Government a decree providing a 30 per cent reduction in corporate income tax for enterprises and business households with annual revenue of no more than VNĐ10 billion (US$384,830), and focus on simplifying tax administration and procedures related to public investment.

Meanwhile, the Ministry of Industry and Trade was urged to prepare a plan to implement the Reciprocal Trade Agreement immediately after its signing; focus on measures to boost exports, control the trade deficit and develop balanced and sustainable trade.

The ministry, together with businesses, must ensure adequate supplies of fuel and electricity; soon submit and implement the revised Power Development Plan VIII; restructure Việt Nam Electricity (EVN); urgently finalise and submit the decree on fuel trading; and increase coal and oil and gas production.

The Ministry of Construction was tasked with ensuring progress on key transport projects; coordinating with the Ministry of Industry and Trade to manage supplies of construction materials for important and nationally significant projects; and accelerating social and rental housing projects.

The Ministry of Agriculture and Environment must continue measures to improve the quality of agricultural products and meet the plant quarantine, food safety and traceability requirements of import markets; and work to have the European Commission's "yellow card" warning on illegal, unreported and unregulated (IUU) fishing lifted.

Meanwhile, the PM asked the Ministry of Culture, Sports and Tourism to focus on developing, reviewing and finalising the Việt Nam Tourism Development Strategy for submission to the PM; step up tourism promotion in target markets; effectively tap nearby and large-scale markets; actively stimulate domestic tourism demand; and make practical and effective use of the year-end tourism season.

According to reports delivered at the regular Government meeting, Việt Nam's GDP growth reached 9.95 per cent in the third quarter and 9.01 per cent in the first nine months, the highest level since 2011. The Index of Industrial Production (IIP) rose by 12.1-12.2 per cent in the nine-month period, the highest growth recorded in many years. The services sector continued to post positive growth, while agricultural, forestry and fishery production remained broadly stable. 

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