Prioritizing Stability and Inflation Control as Drivers for Growth
Prime Minister Phạm Minh Chính emphasized that maintaining macro-economic stability and rigorously controlling inflation are not merely policy objectives but are, in fact, fundamental drivers and essential resources for Việt Nam’s sustained national development.
This crucial message was delivered while the Prime Minister chaired the Government’s regular meeting, which included a video conference connection with all 34 cities and provinces nationwide.
The meeting served as a comprehensive forum to assess the socio-economic development situation in October and the first 10 months of 2025, specifically reviewing the allocation and disbursement of public investment capital, the progress of national target programs, and a host of other significant economic issues.
The Prime Minister specifically called for the continued implementation of a proactive, flexible, timely, and highly effective monetary policy.
He insisted that this policy must be closely and systematically coordinated with a fiscal policy that is reasonably expansionary, highly focused, and precisely targeted, alongside other supporting policies.
Efforts must be concentrated on ensuring price stability and controlling inflation strictly in line with established national targets, thereby safeguarding the intrinsic value of the Vietnamese currency, the Đồng.
Furthermore, he mandated the maintenance of a finely tuned and reasonable relationship between the goals of economic growth and the necessity of controlling inflation, ensuring this balance is managed effectively in both the short-term operational period and the long-term strategic horizon.
Enhancing Fiscal Policy and Promoting New Growth Drivers
The Prime Minister explicitly directed that the fiscal policy must be implemented in a manner that further maximizes its role in vigorously driving economic growth.
A clear goal was set for State budget revenue to exceed the estimate by more than 25 percent, showcasing a determined effort to optimize public funds.
Simultaneously, the Government leader urged for the close and continuous monitoring of market and price developments to ensure comprehensive stability, paying particular attention to critical goods and services that fall under direct State management.
Beyond simply managing existing conditions, he stressed the necessity of fundamentally renewing traditional growth drivers while simultaneously focusing on the strong promotion of new, innovative growth engines.
Attention should also be paid to the prompt, resolute, and effective implementation of newly issued, key resolutions from the Politburo, and the swift completion of new resolutions pertaining to the state economic sector, foreign direct investment (FDI), and culture, all targeted for submission to the Politburo in November.
These measures are essential to ensure that Việt Nam’s competitiveness is maintained and that the economy is fortified against external shocks, including global commodity price volatility that can contribute to domestic inflation.
The strategy involves promoting economic restructuring with a clear focus on significantly improving growth quality and labor productivity, enhancing research and application of science and technology, and accelerating innovation, digital transformation, green transition, and the creative economy.
Strengthening Governance, Social Security, and International Integration
The strategic directives also encompassed significant improvements in governance and social welfare.
The Prime Minister emphasized the need to effectively implement and operate the newly adopted two-tier local administration model by meticulously developing job positions, assigning competent personnel to key roles, and ensuring seamless connectivity across information, data, processes, procedures, and the crucial decentralization and delegation of authority.
Furthermore, it is considered essential to focus intensely on removing obstacles and promptly implementing specialized mechanisms and solutions to resolve nearly 3,000 long-standing pending projects that pre-date the Politburo’s approval of related policies.
The PM also requested dedicated efforts to focus on disaster prevention and the swift recovery from recent storms and floods, promoting comprehensive cultural and social development, and rigorously ensuring social security to consistently improve people’s living standards.
These social initiatives include the commencement of construction on almost 100 new boarding and semi-boarding schools in remote border communes, the acceleration of social housing construction projects, and the strengthening of national defense and security to maintain social order and safety.
He highlighted the urgent need to step up foreign affairs and international integration, accelerate the implementation and disbursement of capital for national target programs, and enhance the overall effectiveness of information and communication, particularly in policy communication, to multiply good models and practices and thereby foster crucial social consensus necessary for navigating challenges like inflation.
The Prime Minister concluded by stressing that solidarity creates strength and cooperation generates added value, calling on all sectors and localities to successfully accomplish the goals for 2025 and the entire 2021-2025 term.
