VINACHEM

Prime Minister Pham Minh Chinh on August 6 signed a directive, asking relevant agencies to mobilise and optimise resources for production and business activities, aiming to promote economic growth and ensure macroeconomic stability.

According to the PM the national economy recorded notable improvements across key sectors in the first seven months of 2025. Indicators including GDP growth, industrial production, business performance, state revenue, investment, exports, and consumption all showed positive momentum on both monthly and quarterly comparisons.

However, to meet the ambitious targets for the year, including GDP growth of 8.3–8.5% and average inflation below 4.5%, the PM stressed the need for greater determination and concrete actions in the remaining months.

He requested that the State Bank closely monitor global and domestic economic developments and growth scenarios to actively and flexibly manage monetary policy in a timely and effective manner. The central bank must coordinate synchronously and effectively with fiscal and other macroeconomic policies; ensure sufficient capital for production and business activities while controlling inflation; and maintain macroeconomic stability and the economy’s major balances.

He asked the central bank to develop a roadmap and pilot the removal of credit growth quotas from 2026; strengthen bad debt resolution, tighten credit control in high-risk sectors, and improve overall credit quality; enhance inspection and supervision of credit institutions, and strictly handle manipulation, cross-ownership, and illegal lending practices to related parties; and urgently develop the monetary policy management plan for the remainder of 2025 and for 2026, and report to the Government Standing Committee by the end of August.

In addition, he directed the central bank to vigorously implement preferential credit programs, especially for people under 35 buying or renting social housing, and the VND500 trillion credit package for infrastructure, innovation, and digital transformation.

The Ministry of Finance was required to lead in implementing an appropriately expansionary fiscal policy, focusing on key priorities, and ensure tight coordination with monetary and other macro policies; accelerate public investment disbursement, and effectively mobilise resources from public investment, foreign direct investment, foreign loans, and bond issuance; and promote the development of capital, stock, and corporate bond markets in a sustainable, safe, and stable manner to meet medium- and long-term capital needs and reduce reliance on bank credit.

The Prime Minister directed other Ministries and agencies to work closely to implement practical and effective credit support policies, especially through institutions like the Credit Guarantee Fund and SME Development Fund; and accelerate digital transformation, innovation, and administrative reform to improve productivity and unleash capital and human resource potential for sustainable growth.

Notably, the Ministry of Industry and Trade was tasked with strengthening state management, supervision, and implementation of key energy and power transmission projects; ensuring national energy security and stable supply of electricity, fuel, and essential materials for production and daily life; and stimulating domestic consumption and diversifying export markets.

The Ministry of Agriculture and Environment was required to boost agricultural production, especially food supply, to ensure national food security in all scenarios; expand exports of key Vietnamese agricultural products to ASEAN, Middle East, Latin America, and Africa; and monitor weather patterns, natural disasters, and promptly guide disaster response to minimise damage and ensure safety.

The Ministry of Construction was instructed to stabilize supply-demand and pricing of domestically produced construction materials; develop a clear plan to promote social housing; accelerate railway projects connecting to China – Central Asia – Europe; and effectively exploit various modes of transportation.

Meanwhile, the Ministry of Culture, Sports and Tourism was asked to effectively implement the 2025 tourism stimulus programme, develop diverse, high-quality tourism products, and enhance marketing and promotion to attract more international tourists.

Deputy Prime Minister Ho Duc Phoc has been assigned to directly supervise the implementation of the directive, with authority to make decisions and report unresolved issues to the Prime Minister. The Government Office will monitor and follow up with ministries and localities to ensure timely, effective execution.