Hanoi (VNA) – Minister of Planning and Investment Nguyen Chi Dung on October 7 proposed a 7.6-8% economic expansion in Quarter 4 following positive results in the previous quarter, helping achieve and exceed the full year target of 7% growth.

At the cabinet's regular meeting which was connected online with 63 provinces and centrally-run cities, Dung stressed the proposal was made based on robust growth trends in various economic sectors, with agricultural production maintaining its growth trajectory, meeting demand of domestic consumption and export, the service sector having enjoyed positive expansion over the past months while industrial production continuing rapid recovery, serving as a motive for the economic growth.

With a view to achieving the growth target in Quarter 4, Dung stressed that it is necessary for localities and sectors to recover from Typhoon Yagi soon so as to grasp the consumer trend opportunities during the year-end months and the traditional Tet holiday.

He went on to say that resources must be prioritised to complete policies and regulations, helping to shape up a favourable environment as well as attract large-scale and high-tech investment projects, adding it is a must to foster and renew traditional growth motives in investment, consumption and export. Dung particularly noted measures to promote new growth motives from digital economy, digital transformation and green transition, among others.

Furthermore, Dung laid stress on the necessity to enhance cooperation and organise economic dialogues with comprehensive strategic partners and strategic partners, while continuing to promote the efficiency of the working group mechanism that engages with businesses and investors to lure multinational corporations and strategic investors in the areas of chips, semiconductors and AI.

At the same time, it is important to study rational and feasible policy packages to support enterprises and promote new growth drivers and effectively carry out several strategies and programmes, including those on semiconductor development, semiconductor human resources development, completion of an international finance centre project, and carbon market development, he said.

According to the minister, the economy expanded 7.4% in Q3 and 6.82% in the January-September period, with macroeconomic stability, controlled inflation and ensured major balances while overspending, public debt, Government debt and foreign debt within limits.

As there remain challenges, it is necessary to take drastic measures to remove bottlenecks so as to attain the set targets, Dung stressed./.