Prime Minister Highlights Economic Cooperation for Growth in Vietnam

Prime Minister Phạm Minh Chính highlighted the importance of economic cooperation for achieving an 8% growth target by 2025 during a Government meeting. He stressed the necessity of macroeconomic stability, strategic improvements in institutions and infrastructure, and fostering foreign partnerships. Essential measures include expediting public investments, developing new economic models, and addressing foreign investment issues.

On March 8, Prime Minister Phạm Minh Chính underscored the significance of enhancing economic cooperation to achieve an 8 percent growth target by 2025 and maintain double-digit growth rates in subsequent years. During a Government meeting focused on evaluating regional and global economic conditions, he acknowledged the formidable challenges in meeting these objectives, emphasizing the importance of commitment to the nation and its citizens.

In discussing economic strategies, PM Chính highlighted the need to prioritize not only growth but also macroeconomic stability, inflation control, and social equity. He instructed various ministries, sectors, and localities to align their efforts and implement proposed tasks and solutions effectively across all areas.

Three primary strategic breakthroughs were identified: improving institutions, enhancing infrastructure, and investing in high-quality human resources training. The Prime Minister also called for renewed focus on traditional growth catalysts such as investment, exports, and consumption, while encouraging the development of new growth drivers.

Stakeholders are urged to expedite public investment disbursement, advance key national projects, and establish financial centers, free trade zones, and high-speed rail initiatives. The transition to a greener economic model and the development of knowledge, circular, and sharing economies are also priorities, alongside emerging industries like semiconductors and artificial intelligence.

The PM emphasized that foreign economic cooperation is essential for facilitating economic growth, urging strengthened economic, trade, and investment ties, particularly with major partners including China, the US, Europe, Japan, and South Korea. Improving the economy’s competitiveness and transparency, while fostering effective international integration, was also a critical point of discussion.

Continuous monitoring of market developments and the implementation of flexible responses to economic changes were highlighted as necessary measures. The Prime Minister also pointed out the importance of maximizing the advantages of existing free trade agreements (FTAs) and fostering new negotiations to diversify markets and supply chains.

He called for a review of tax policies with major partners and urged ministries and local authorities to proactively address issues related to foreign investments. Additionally, the resolution of matters concerning work permits and visas for foreign businesses was stressed as vital for deeper integration into global supply chains.

In conclusion, Prime Minister Phạm Minh Chính’s address emphasizes the critical role of economic cooperation in achieving projected growth targets. Key strategies include maintaining macroeconomic stability, prioritizing improvements in institutions and infrastructure, and developing new economic models. His call for enhanced foreign partnerships and proactive measures to resolve investment-related hurdles signifies a commitment to fostering a resilient and dynamic economic environment.

Original Source: vietnamnews.vn