Participants included Politburo members, Central Party Committee Secretaries, Central Party Committee members, Deputy Prime Ministers, leaders of ministries, central agencies, Party Secretaries, Chairpersons of People's Committees of provinces and cities, and leaders of several state-owned enterprises.

The meeting focused on discussing and assessing the socio-economic situation for September and the first nine months of 2024, setting tasks for October and the fourth quarter of 2024, reviewing the implementation of Government Resolution No. 01/NQ-CP 2024, public investment allocation and disbursement, the implementation of the three national target programs, and Government’s operational directives, along with other important contents.

PM Pham Minh Chinh emphasizes that the tasks for October and the fourth quarter remain very challenging, given the many difficulties and obstacles both internationally and domestically

PM Pham Minh Chinh emphasized that the tasks for October and the fourth quarter remain challenging amid ongoing international and domestic difficulties—Photo: VGP/Nhat Bac.

In his opening remarks, Chinh noted that the country has completed three-fourths of 2024, a year identified as a time for acceleration and breakthroughs in achieving the goals of the 2021–2025 socio-economic development plan, which has also presented many difficulties and challenges.

In September and since the first months, the Prime Minister has evaluated that the international situation remained complicated and unpredictable, with critical strategy; escalating conflicts in Ukraine, the Middle East, and other regions; significant change on gold, oil, and commodity prices, as well as strongly changed international transportation charges; and slow global economic, trade, and investment recovery.

Non-traditional security factors, including population aging, resource depletion, natural disasters, climate change, energy security, food security, and cybersecurity, have evolved in complex ways. Science and technology, digital transformation, and green transition are major trends but also present significant challenges, difficulties.

Domestically, the economy continued to face a "double impact" from unfavorable external factors and prolonged internal limitations. Meanwhile, Vietnam is a developing country with a transitioning economy, modest scale, high openness, limited resilience, and low competitiveness. In particular, Typhoon No. 3 caused severe damage in northern localities.

In this context, the government, all levels, industries and localities, has made extraordinary efforts, implemented the set tasks and solutions focusing, determination, and effectiveness under the guiding principles of "Discipline, Responsibility, Proactivity, Timeliness, Acceleration, Creativity, and Sustainable Efficiency," with the motto "Keep moving forward".

Thanks to the political participation and involvement system, the high efforts and determination of the entire Party, the people, and armed forces, the socio-economic situation continues being recovered positively, each month is better than the previous one and each quarter is higher than the previous one. For first nine months of 2024, most fields are improved compared to the same period in 2023.

Growth is strongly recovered, macroeconomic stability was maintained, inflation was controlled, and major economic balances were ensured. Policy responses and actions from ministries, sectors, and localities are set off in the third quarter and September, particularly in the swift response and recovery from recent storms.

Culture, society, sports, health, and education fields were prioritized; social security was ensured, and people's living standards continued to improve. National solidarity was strengthened, and the spirit of being altruistic and charitable to each was clearly demonstrated.

National defense- security, social order, and safety were maintained; foreign affairs and international integration were promoted, and the nation's prestige and position continued being rised.

Beside achieved results, PM also pointed out that many challenges and obstacles in various fields, stemming from causes such as global economic uncertainty, the aftermath of Typhoon No. 3, legal and policy inconsistencies, administrative reform, and difficulties in some people's lives, especially after the storm.

The Prime Minister stressed that the tasks of October and the fourth quarter remain substantial amid ongoing international and domestic challenges. Therefore, it is essential to closely monitor, accurately assess the situation, and respond swiftly and effectively to policy changes. It is also important to build on the achievements fast and effetively; gained results, take chances markets to promote growth force, address the consequences of Typhoon No. 3, and resolve institutional obstacles, especially in resource mobilization.

The Prime Minister called for greater efforts and more decisive, effective actions to achieve the set objectives and tasks, with the primary goal aiming to stabilize the macroeconomy, control inflation, boost growth, ensure major economic balances, control budget deficits, public debt, and foreign debt, improve people's material and spiritual lives, and ensure national defense and security.

PM urged Deputies to assess the situation, share their impressions and concerns about the achievements and challenges of the first nine months, analyze the causes of successes and shortcomings—both objective and subjective ones—and drawing lessons learnt. He also encouraged discussion on forecast and proposals for key tasks and solutions for the coming period.

Positive socio-economic recovery in the third quarter and first nine months of 2024

According to the Ministry of Planning and Investment, since the beginning of the year, the government and Prime Minister have focused on directing all levels, sectors, and localities to implement effectively the resolutions and conclusions of the Central Committee, the Politburo, the Secretariat, and the National Assembly, under the 2024 theme of "Discipline, Responsibility, Proactivity, Timeliness, Acceleration, Creativity, and Sustainable Efficiency."

It is preferential to promote growth while maintaining macroeconomic stability, controlling inflation, ensuring major economic balances, and driving structural economic shifts, digital transformation, and green transition.

The government has concentrated on implementing the three strategic breakthroughs on institutional reforms, human resources, and infrastructure, particularly reviewing and finalizing institutions, laws, mechanisms, and policies. There have been nine government sessions on legal development, with 122 decrees and 215 resolutions issued, and the Prime Minister issued 1,129 decisions and 35 directives. Three meetings of the Steering Committee on legal issues review were held, led by the Prime Minister.

Additionally, science, technology, entrepreneurship, innovation, and digital transformation were promoted, administrative procedures simplified, and obstacles for businesses and production resolved, recognizing the contributions of enterprises.

The Government also pushed forward with strategic infrastructure projects, particularly the North-South Expressway northern routh, and completed the 500kV third transmission line project.

The meeting is connected online with 63 localities

Social welfare policies were effectively implemented, improving people's living standards. Disaster prevention and recovery, especially after Typhoon No. 3, were prioritized. Housing development and the elimination of temporary and dilapidated housing were also key focuses.

As a result, the socio-economic situation in September, the third quarter, and the first nine months of 2024 continued to show positive recovery, each month gets better than the previous one and each quarter’s result is improved. Overall, there are many significant results in the first nine months, exceeding the previous year's figures in most areas.

Growth was promoted, this quarter’s result outpaces the previous one, and the first nine months surpassing expectations: GDP growth in the third quarter reached 7.4%, while the nine-month period’s result increased by 6.82%. Macroeconomic stability was maintained, inflation was controlled, and major balances were ensured. The average Consumer Price Index (CPI) for the first nine months rose by 3.88%. Energy and food security were guaranteed, and labor supply and demand were basically balanced. Export turnover increased by 15.4%, while imports rose by 17.3%, resulting in an estimated trade surplus of USD 20.8 billion.

The service and tourism sectors are strongly promoted, with international visitors for first nine months surpassing 12.7 million, increasing by 43.0%. Foreign direct investment (FDI) inflows reached USD 24.78 billion, increased by 11.6%, and FDI disbursement reached USD 17.3 billion, increasing by 8.9%, marking the highest level for five years. Public debt, government debt, and external debt are less than  the regualated thresholds.

The political and social situation are stable; national defense and security are strengthened, and foreign relations and international integration are enhanced. The country successfully organized numerous diplomatic activities for Party and State leaders, strengthened economic diplomacy, and maintained a peaceful, stable environment for national development.

As a result, many international organizations highly evaluate Vietnam’s economic performance and outlook. The IMF raised its 2024 growth forecast for Vietnam to 6.1%, the World Bank forecasted 6.1%, the Asian Development Bank predicted 6%, and Fitch Ratings projected 6-7% medium-term growth for Vietnam, despite recognizing global and regional challenges.