Hanoi (VNA)♔ - Prime Minister Pham Minh Chinh on February 21 urged ministries, sectors, and localities to double efforts to fulfill the economic growth target of at least 8% this year, contributing to creating momentum and strength for the country to enter a new era – the era of the nation’s rise.

Addressing the Government’s meeting with localities regarding the implementation of the conclusions of the Party Central Committee, and the resolutions of the National Assembly and the Government on economic growth and acceleration of public investment disbursement, PM Chinh affirmed that this growth target had been set by the Party, agreed upon by the Government, supported by the National Assembly, welcomed by the people, and expected by the Fatherland. Therefore, it is a must to discuss action only, not retreat. PM Chinh called for efforts to accelerate economic growth quickly and sustainably, while ensuring macroeconomic stability, safeguarding social welfare, promoting social progress and equity, and protecting the environment. Economic growth should be driven by science and technology, innovation, digital transformation, and high-quality human resources, and should focus on green, sustainable, and inclusive growth that benefits all citizens, he said, adding the country must also effectively tap its unique potential, outstanding opportunities, and competitive advantages. The Government leader highlighted the importance of perfecting the institutional framework, viewing it as a “breakthrough of breakthroughs,” enhancing the effectiveness of law enforcement, ensuring an efficient and streamlined organisational structure, advancing administrative reforms, and accelerating digital transformation. He also emphasised the need to promote growth by renewing traditional growth drivers while boosting new ones.

Highlighting the need to maintain macroeconomic stability, control inflation, and ensure major balances, Chinh emphasised the importance of managing monetary policy in a flexible, active, timely, and effective manner, coordinating it with an appropriately expanded fiscal policy. He also advocated stimulating credit growth in priority sectors and growth drivers, as well as using public debt space to mobilise resources for development investment. The Prime Minister further directed the timely implementation of the Decree on the establishment, management, and use of the Investment Support Fund, the urgent removal of obstacles to the real estate market and corporate bonds, and additional efforts to have the stock market status upgraded by 2025. Ensuring a stable supply of electricity and fuel in all circumstances is critical, with priority given to developing renewable energy, nuclear power, and offshore wind energy projects, as well as effectively implementing the Power Development Plan VIII. Ministries, sectors, and localities must intensify the disbursement of public investment funds, with a target disbursement rate of at least 95% in 2025, Chinh stressed, highlighting the need to improve the people's living standards, build social housing, and do away with temporary and dilapidated houses. Additionally, the Prime Minister called for stronger efforts to combat corruption, wastefulness, and negative phenomena, while promoting international integration. At the meeting, leaders from ministries, sectors, and localities expressed their commitment to fulfilling the assigned tasks and targets. Notably, Quang Ninh province pledged to strive for a growth rate of 14%, exceeding the Government's target of 12%. Neighbouring Hai Phong city committed to a growth rate of 12.5%, or even higher, while contributing 11 trillion VND to implement the Lao Cai-Hai Phong railway project. Bac Giang province also aims for a 14-15% annual growth rate, surpassing the Government's target of 13.6%./.