PM orders triple-acceleration strategy to drive economic growth above 8%

Prime Minister Pham Minh Chinh has ordered a three-pronged acceleration strategy requiring all government levels, ministries, and localities to boost total social investment, accelerate public investment disbursement, and intensify efforts to eliminate temporary and dilapidated houses to meet the economic growth target of at least 8%.

At the regular June cabinet meeting and the national online conference between the Government and local authorities on July 3 – the first of its kind held following the launch of a two-tier local government system and the administrative restructuring, PM Chinh called for an 11–12% year-on-year increase in total social investment.

Meanwhile, greater efforts are needed to fully disburse public investment by December 31. Substandard housing for people with meritorious service must be eradicated by July 27, with nationwide completion slated for August 30.

The leader acknowledged outstanding socio-economic achievements in the first half, with GPD reaching 7.31%, forecast to be the highest in ASEAN, placing Viet Nam among the world's leading economies.

In the reviewed period, the country also posted a trade surplus of 7.63 billion USD, stable industrial growth, and robust public investment disbursement.

The Government leader laid stress on the need to strictly implement the resolutions and conclusions of the Politburo, Government and Prime Minister regarding administrative restructuring and the operation of the two-tier local government model, highlighting authorities must ensure smooth delivery of public services, health care, and welfare support.

He ordered ministries, sectors, and localities to proactively and flexibly respond to the US’s reciprocal tariff policy, seeing this as an opportunity to diversify markets, products, and supply chains. He urged continued efforts to build an independent and self-reliant economy that is deeply and substantively integrated into the global system.

It is a must to ensure macroeconomic stability, inflation control, and major balances, he stated, ordering effective, flexible, timely, and harmonious implementation of monetary and fiscal policies. He advocated for reasonable credit growth, lower interest rates, enhanced management over state budget collection and spending, and trimmed regular expenditures to prioritise social welfare programmes.

PM Chinh underscored the need to continue prioritising growth, with a focus on renewing traditional growth motives and accelerating the development of new engines. He called for resolute action to address long-standing bottlenecks, particularly the 2,365 delayed projects, in order to unlock resources and prevent wastefulness. Furthermore, institutional reform must be intensified alongside greater decentralisation, streamlined administrative procedures, and digital transformation.

He urged thorough preparations for major national celebrations, including the inauguration of 80 projects across the nation to mark the 80th anniversaries of the August Revolution, National Day, and People's Public Security Force. In the meantime, environmental protection, disaster prevention, and climate resilience must be strengthened.

Other areas of focus include enhanced defence – security, social order, international integration, and communications work on new policies regarding the organisation of the two-tier local government model, he added.