Encourage economic expansion on both the supply and demand sides.

DNHN - To achieve the growth objective, it is necessary to examine existing mechanisms and policies to develop supply-and-demand-enhancing solutions.

To achieve economic stability and equilibrium, the government prioritizes promoting economic growth by bolstering supply and demand. This is stated in document No. 225/TB-VPCP, which was released on 15 June 2023 and contains the conclusions of the Standing Government's meeting on economic measures.

The document makes it abundantly clear that all levels and sectors must develop more timely and decisive economic policies and solutions in light of domestic and international challenges. To achieve this objective, it is necessary to examine existing mechanisms and policies to develop supply- and demand-side growth-promoting solutions and measures.

On the demand side, the text emphasizes consumption promotion and domestic market demand stimulation. This involves enhancing the quality and competitiveness of domestic goods and products. In addition, the document mandates the promulgation of a Decree to reduce by fifty percent the collection of registration fees for domestically manufactured and assembled automobiles, as well as a two percent reduction in value-added tax after it is approved by the legislature.

On the supply side, the document discusses increasing public investment and maximizing disbursement efficiency. The government will expedite the distribution of public investment capital by effectively implementing five working groups tasked with inspecting, urging, and removing obstacles and difficulties. At the same time, infrastructure development, particularly transport, energy, and digital transformation, will be the focus of investment. In addition, it will facilitate public-private partnerships, private investment, and FDI, particularly renewable energy FDI projects. Thus, it will effectively resolve the problems and challenges of businesses, including land-related issues, free up resources, and boost investment attraction.

In addition, the document calls for the expeditious completion of investment procedures for highway and airport projects involving public-private partnerships, such as the Ninh Binh-Hai Phong Motorway through Nam Dinh and Hai Phong. Thai Binh, Chon Thanh - Gia Nghia motorway.

Concerning exports, the government will increase the efficacy of trade promotion activities, maintain traditional markets firmly, and implement signed Free Trade Agreements effectively. In addition, it will continue to expand into new markets, including the Middle East and Africa, by negotiating and signing new trade agreements. Effective solutions should be implemented to improve the quality of exports, particularly agricultural products exported to Japan and Korea.

Additionally, the document emphasizes the reform of administrative procedures and the enhancement of the environment for business investment. This includes the simplification and standardization of investment procedures designed for electronic implementation. Concurrently, it is necessary to continue completing the bidding and auction procedures. The ultimate objective is to increase the production capacity of businesses, industries, regions, and the economy as a whole.

Document No. 225/TB-VPCP focuses on outlining significant measures to promote economic growth, stabilize inflation, and ensure a great balance in the present circumstance. The government is committed to implementing timely policies and solutions to achieve its economic growth and development objectives.

P.V (t/h)