On 15 February 2024, the Prime Minister Pham Minh Chinh promulgated Directive No. 06/CT-TTg on the implementation of key tasks after the 2024 Lunar New Year Holiday ("Directive 06"). According to Directive 06, the Prime Minister highly appreciates the efforts of relevant ministries, localities, and people for preparation and organization for the 2024 Lunar New Year. However, as the 2024 Lunar New Year Holiday has passed, the Prime Minister points out that problems are required to be solved and work must be carried out right after the holiday without any delay.
Accordingly, it is necessary to continue to urgently implement the assigned tasks and solutions relating to promotion of production and business, creation of jobs and livelihoods for people. Under Directive 06, the following key tasks for the competent authorities are urged to be implemented:
(i) Acceleration of the construction progress of important national transport infrastructure projects such as Eastern North – South Highway, Dong Dang (Lang Son) – Tra Linh (Cao Bang) Highway, Ninh Binh – Nam Dinh – Thai Binh – Hai Phong Highway, Ring Road No. 4 of Hanoi, Ring Road No. 3 of Ho Chi Minh City, Long Thanh International Airport, Terminal T3 of Tan Son Nhat International Airport, 500Kv transmission line from Quang Trach (Quang Binh) to Pho Noi (Hung Yen), etc.;
(ii) Acceleration of the progress of preparation for the 5-Year Land Use Plan from 2021 to 2025 to be submitted to the Ministry of Natural Resources and Environment;
(iii) Acceleration of the preparation of human resource development project for the semiconductor industry in 2024 – 2030 period to train approximately 50 – 100 thousand semiconductor chip engineers;
(iv) Operation of fiscal policy for expansion in a reasonable and focused manner. To focus on effectively implementing financial and state budget tasks in 2024; to strictly manage revenue sources, to thoroughly save, especially regular expenses and non-urgent expenses according to Resolution 01/NQ-CP of the Government and Directive No. 01/CT-TTg of the Prime Minister; to propose a plan to use the source of increase central budget revenue in 2023;
(v) Cooperation between the Ministry of Finance, the State Bank of Vietnam and the Ministry of Planning and Investment to urgently handle outstanding issues to upgrade the stock market from frontier market to emerging market. The result for this task must be reported to the Prime Minister by 30 June 2024. In this regard, Duane Morris Vietnam LLC has published an article on 6 April 2023 the position and potential of Vietnam to reach the emerging market whereby the action plan for Vietnam was clearly set out. Please kindly refer to our article "Vietnam From a Frontier Market to an Emerging Market – What You Must Know" on this matter. It is worth noting that, by reaching the emerging market status, Vietnam is expected to attract trillions of dollars in the future;
(vi) Management of credit growth in 2024 to reach 15% with with adjustments appropriate to macroeconomic developments, inflation and meeting the capital needs of the economy; and
(vii) Cooperation between the Ministries to issue the guiding decrees and circulars for the Amended Law on Housing and Amended Law on Real Estate Business
Disclaimer: This Alert has been prepared and published for informational purposes only and is not offered, nor should be construed, as legal advice. For more information, please see the firm's full disclaimer.
