Prime Minister Phạm Minh Chính emphasized the importance of economic cooperation to achieve an 8% growth target by 2025 during a recent Government meeting. He outlined the need for macroeconomic stability, strategic breakthroughs, and international trade partnerships. Key initiatives include accelerating public investment and fostering innovation in emerging sectors. The PM also highlighted the necessity of addressing foreign investment issues and maximizing benefits from free trade agreements.
On March 8, Prime Minister Phạm Minh Chính underscored the significance of economic cooperation to achieve an ambitious economic growth target of 8 percent by 2025 and double-digit growth rates subsequently. During a Government meeting focused on assessing regional and global economic conditions, he acknowledged the challenges inherent in reaching these goals, which he deemed a mandate to the nation and its people.
The Prime Minister highlighted that while fostering growth is essential, it is equally important to maintain macroeconomic stability, manage inflation, ensure major economic balances, and uphold social justice and environmental safeguards. He directed ministries and local authorities to collaborate effectively in executing the proposed strategies across all sectors.
Chính emphasized three strategic areas for significant breakthroughs: enhancing institutions, developing infrastructure, and training high-quality human resources. He called for a renewal of traditional growth drivers such as investment and exports, alongside the cultivation of new ones.
He urged stakeholders to expedite the disbursement of public investments, advance key national projects, and develop critical infrastructure including financial centres, free trade zones, railway connections, and nuclear power plants. The PM stressed the need for transitioning to a greener growth framework and fostering a knowledge-based and circular economy, alongside innovation in emerging sectors like semiconductors and artificial intelligence.
Recognizing the vital role of foreign economic cooperation in promoting growth, PM Chính outlined the need for enhanced collaboration in trade and investment with key partners, including China, the United States, Europe, Japan, and the Republic of Korea. Additionally, he called for strengthening the competitiveness and resilience of the economy while promoting proactive international integration and ensuring balanced trade agreements.
The Prime Minister emphasized the importance of ongoing monitoring of market dynamics to facilitate timely and effective responses amid evolving economic and tariff policies globally. He also advocated maximizing the benefits of existing free trade agreements (FTAs) and accelerating negotiations on new agreements to diversify markets.
Moreover, Chính instructed ministries and local governments to address current issues related to foreign investment projects and facilitate the expansion of foreign business operations in Vietnam. He stressed the urgent need to resolve matters concerning work permits and visas for foreign investors.
In conclusion, Prime Minister Phạm Minh Chính’s emphasis on economic cooperation highlights the urgent need for collaborative efforts to achieve significant growth targets. By focusing on sustainable practices and enhancing competitiveness through international partnerships, Vietnam aims to navigate the challenges posed by global market changes. A comprehensive approach to infrastructure development, institutional improvements, and addressing foreign investment challenges will be critical for the nation’s economic advancement.
Original Source: vietnamnews.vn
