PM stresses importance of economic cooperation in promoting growth

Hanoi – Prime Minister Pham Minh Chinh on March 8 highlighted the need to promote economic cooperation to contribute to achieving an 8% economic growth target in 2025, and double-digit rates for the following years.

Chairing a Government meeting to assess the regional and global economic situations, address challenges and obstacles, and set out tasks and solutions, PM Chinh emphasised that fulfilling the set goals is a highly challenging task, but it is a mandate from the heart and a responsibility to the nation, the people, and the country.

He noted that while prioritising growth promotion, it is crucial to maintain macroeconomic stability, control inflation, ensure major economic balances, and uphold social progress, equity, social welfare, environmental protection, and other key tasks.

He instructed ministries, sectors, and localities to closely coordinate in implementing the proposed tasks and solutions comprehensively, synchronously, and effectively in all fields.

Emphasis should be placed on three strategic breakthroughs of improving institutions, infrastructure, and high-quality human resources training; renew the traditional growth drivers of investment, exports, and consumption; and foster new ones.

Stakeholders must accelerate public investment disbursement, implement key national projects, develop financial centres, free trade zones, railway connectivity and high-speed railway projects, and nuclear power plants, Chinh stated, stressing the necessity to transition toward a greener growth model, and develop knowledge economy, circular economy, and sharing economy, alongside emerging industries such as semiconductors, artificial intelligence, and the Internet of Things.

Prime Minister Pham Minh Chinh speaks at the meeting (Photo: VNA)

Noting that foreign economic cooperation plays a crucial role in driving economic growth, the PM emphasised the need to implement tasks and solutions to strengthen economic, trade, and investment cooperation with other countries, particularly major partners such as China, the US, Europe, Japan, and the Republic of Korea.

At the same time, efforts must be made to enhance the economy’s competitiveness, transparency, attractiveness, and resilience while fostering proactive and effective international integration, proactively balancing trade, and promoting the signing of investment protection agreements with partners.

The Government leader also requested continuous monitoring of market developments and timely, appropriate, flexible, feasible, and effective responses, especially in the context of changes in economic and tariff policies of other countries.

Attention should be paid to maximising the benefits of existing free trade agreements (FTAs) and accelerating negotiations on new ones to diversify markets and supply chains, Chinh went on. He called for a review of tax policies, especially with major partners, to make adjustments if necessary.

The PM requested ministries, sectors, and local authorities to proactively solve existing problems related to foreign investment projects, facilitate the expansion of foreign businesses' investment and operations, and enable Vietnam to integrate more deeply into global supply chains.

Additionally, issues related to work permits and visas must be addressed promptly, he emphasised./.