PM pushes for new growth drivers: Minister

Prime Minister Pham Minh Chinh has called for a renewal of traditional growth engines while aggressively pushing new drivers, Minister and Chairman of the Government Office Tran Van Son told the monthly Cabinet press briefing in Hanoi on April 4.

Briefing on the outcomes of the Government’s regular meeting for March and an online conference with local authorities, Son said the PM instructed ministries, agencies and localities to effectively follow the 14th National Party Congress’s Resolution, along with the resolutions, directives and conclusions of the Party Central Committee, Politburo, Secretariat and National Assembly (NA), particularly the action plan for realising the 14th National Party Congress’s resolution, the Politburo’s nine strategic resolutions and the conclusions of the Party Central Committee’s second plenum.

Ministries, agencies and local authorities were urged to stick firmly to the growth target of at least 10% while maintaining macroeconomic stability, keeping inflation under control and ensuring major economic balances to build momentum for the rest of 2026. They must closely monitor realities, prepare policy response plans and introduce breakthrough solutions, Son cited the PM’s instructions.

The Government leader demanded thorough preparation for the 16th NA’s first session, including detailed documentation for draft laws, resolutions and personnel matters to be submitted at the event.

On investment, the PM demanded ensuring full disbursement of all 2026 state capital, accelerate the Vietnam International Financial Centre’s operation and fast-track key national infrastructure projects.

He also ordered consumption and the domestic market be boosted, along with e-commerce, cashless payments and trade promotion. Traditional export markets should be fully tapped while new export destinations diversified.

To cultivate new growth drivers, the PM called for accelerating the development of science technology, innovation, digital society, digital economy, artificial intelligence, nationwide 5G coverage, as well as data centres and national and sectoral key databases.

Macroeconomic stability remains paramount. Policymakers were told to govern interest rates, exchange rates and credit flexibly, lower deposit and lending rates to support production and business, direct credit toward priority sectors, and tighten oversight of risky areas.

On the fiscal front, Son said the Government is targeting a 10% rise in state budget revenue, savings of more than 10% in regular spending, plus an additional 5% cut, while effectively adopting tax, fee and land rent relief to ease the burden on enterprises and citizens.

Energy security is another priority. Ministries, sectors, and localities were told to ensure stable supply of crude oil and gas, and guarantee sufficient electricity and fuel for economic activities and daily life, with strict orders to prevent any power shortages.

At the briefing, Son also highlighted first-quarter performance: GDP expanded 7.83% year-on-year, up from 7.07% a year earlier, with services growing 8.18%, industry and construction 8.92%, and agriculture 3.58%. International arrivals exceeded 6.7 million, up more than 12%.

Up to 23 out of 34 localities posted GRDP growth of at least 8%, including four with double-digit expansion: Ha Tinh (12.42%), Ninh Binh (11.63%), Hai Phong (11.21%) and Hung Yen (10.43%).

Inflation stayed under control despite global pressures, with March CPI rising 4.65% year-on-year and the first-quarter average at 3.51%, driven mainly by fuel costs. State budget revenue reached 829.4 trillion VND (31.49 billion USD) in the quarter, equivalent to 32.8% of the annual target and up 11.4% from a year earlier, even after 43.6 trillion VND in tax and fee relief for businesses.

Total foreign trade approached 249.5 billion USD, up roughly 23%, with exports rising 19.1% and imports surging 27%. The trade deficit stood at 3.64 billion USD, largely due to 118.84 billion USD in production materials imports, which accounted for nearly 94% of total imports.

Advancements continued in science technology and digital transformation, marked by the inauguration of the Vietnam National Space Centre and the groundbreaking of Vietnam’s first semiconductor chip manufacturing plants by Viettel and FPT.

Administrative reform, the fight against corruption, wastefulness and negative phenomena, and the two-tier local administration model are proceeding smoothly, with ongoing power decentralisation and authority delegation, and better management of public assets as well, according to Son./.