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Greater stability will help Vietnam pursue key goals

Wednesday, October 30, 2024

Significance

He takes over the role from To Lam, who was appointed president in May and succeeded Nguyen Phu Trong as Communist Party of Vietnam (CPV) general secretary in August, following Trong’s death in July. On the same day as Cuong’s election, Prime Minister Pham Minh Chinh projected strong GDP growth for both 2024 and 2025.

Impacts

  • Officials will expedite long-delayed bureaucratic approvals for investment projects.
  • The central bank will focus on controlling inflation and encouraging credit growth to ensure macroeconomic stability.
  • Vietnam will keep strengthening its military capabilities in the South China Sea.

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