VAT could be reduced from early 2025
On November 9, Prime Minister Pham Minh Chinh chaired the regular Government meeting for October 2024.
In his concluding remarks, Prime Minister Pham Minh Chinh emphasized that if GDP growth for the whole year reaches over 7%, we will achieve and exceed all 15/15 targets for 2024.
A bright spot is the decisive direction, quick handling of the situation, overcoming the consequences of natural disasters and floods, strongly promoting the spirit of mutual love, national affection, and compatriotism, ensuring that no one goes hungry, cold, or lacks shelter, students can go to school, and the sick are treated.
The Prime Minister expressed his delight at the construction of 40 new houses in Lang Nu and commended the State Bank for quickly providing capital to farmers and businesses affected by the storm.
The Prime Minister pointed out key tasks and solutions in the coming time.
Accordingly, we will continue to prioritize promoting growth associated with maintaining macroeconomic stability, controlling inflation, ensuring major balances of the economy with the target: GDP growth rate in the fourth quarter is about 7.4-7.6%, the whole year reaches over 7%, controlling inflation below 4.5%; credit growth is about 15%; state budget revenue increases by at least 15%.
The Ministry of Finance continues to strive to increase revenue and save state budget expenditures; promote digital transformation, apply electronic invoices; and thoroughly save regular expenditures.
Effectively implement policies on extension, exemption and reduction of taxes, fees and charges; at the same time, summarize and evaluate effectiveness to research and propose the issuance of policies on continued exemption, reduction and extension of taxes, fees and land rents to be implemented from the beginning of 2025, including VAT reduction to stimulate domestic consumption and production.
The Ministry of Culture, Sports and Tourism coordinates with localities to develop policies to attract tourists; the Ministry of Public Security and the Ministry of Foreign Affairs research and implement visa policies, including unilateral visa exemptions for some countries to attract tourists.
Focus on researching, building and completing the Project of International and Regional Financial Centers, Project of developing carbon markets and free trade zones in localities.
The Ministry of Transport, the State Capital Management Committee at Enterprises, and enterprises must quickly and resolutely implement tasks to start the Lao Cai - Hanoi - Hai Phong railway project in 2025 and then continue to start the Lang Son - Hanoi route.
Mandatory transfer of specially controlled banks
Continue to resolutely remove legal obstacles, promote decentralization and delegation of power, resolutely eliminate the mechanism of asking and giving, following the spirit of local decision, local action, local responsibility.
“We cannot achieve the 2030 and 2045 development goals without double-digit growth every year for the coming decades.
And we can achieve double-digit growth if we remove institutional barriers and bottlenecks and unleash the resources of the whole society," the Prime Minister emphasized.
Continue to focus on thoroughly handling outstanding and long-standing issues, effectively implementing Conclusion No. 77-KL/TW of the Politburo. The State Bank urgently submits a plan for compulsory transfer of the remaining specially controlled banks; completes a plan for handling SCB.
The Ministry of Health urgently resolves problems related to the investment project to build the second facility of Bach Mai and Viet Duc hospitals.
The Ministry of Industry and Trade shall preside over and coordinate with the Government Inspectorate and relevant agencies to urgently complete documents on solutions to remove difficulties and obstacles for renewable energy projects.
Actively and effectively implement the work of the 14th Congress Economic and Social Subcommittee.
