10 outstanding events of Vietnam's economy in 2023

We respectfully introduce 10 outstanding events of Vietnam's economy in 2023, voted by the Editorial Board of Economic News - Vietnam News Agency.

Container warehouse at Tan Vu port ( Hai Phong ). Illustration photo: Tuan Anh/VNA

1. Vietnam is a bright spot in economic recovery efforts

Vietnam achieved GDP growth of over 5%. Although this growth rate is lower than the target of 6.5%, it is assessed by international financial institutions as quite high and positive compared to many other economies, considering the gloomy global economic context. Factors that help the economy recover include record export turnover, efforts to disburse public investment, the highest FDI capital since 2020, and the recovery of domestic services. Major media agencies commented that with its growth efforts, Vietnam is emerging as an attractive trade partner and investment destination.

2. The Politburo issued a resolution on building and promoting the role of Vietnamese entrepreneurs in the new era.

Prime Minister Pham Minh Chinh speaks at a meeting with representatives of Vietnamese businessmen on October 11, 2023. Photo: Duong Giang/VNA

On October 10, 2023, the Politburo issued Resolution No. 41-NQ/TW on building and promoting the role of Vietnamese entrepreneurs in the new era. This is the second resolution of the Politburo on entrepreneurs after 12 years since the first resolution (Resolution 09/NQ-TW dated December 9, 2011). The resolution specifies 7 main tasks and solutions to develop a Vietnamese entrepreneur team with the scale, capacity and qualifications to meet the national development goals; build a group of enterprises with world brands, leading a number of global supply chains and value chains.

3. Disbursement of public investment capital reaches the largest value ever

The Mai Son-QL 45 expressway section through the QL 217 intersection in Thanh Hoa province. Illustrative photo: Tuan Anh/VNA

The value of public investment capital disbursement nationwide is estimated at over VND461,000 billion, the highest ever. This result was achieved thanks to the drastic participation of the Government, ministries, central and local branches to remove obstacles in mechanisms and procedures... The fast and effective disbursement of public investment capital has become an important driving force, creating momentum for rapid and sustainable economic growth in the coming period.

4. Trade surplus for the 8th consecutive year

Logistics port loading and transporting exported rice of Duong Vu Company Limited. Photo: Hong Dat/VNA

The trade surplus is estimated at 26 billion USD, nearly 3 times higher than in 2022 and the 8th consecutive year of trade surplus. Many agricultural product groups have taken advantage of the opportunity to boost exports. In particular, rice exports exceeded 8 million tons, reaching a turnover of more than 4.4 billion USD, the highest level since 2009. The export structure continues to be positive, creating conditions for Vietnamese goods to participate more deeply in the global production and supply chain. The trade surplus is contributing positively to the balance of payments, helping to increase foreign exchange reserves and stabilize exchange rates.

5. Set a record of putting 475 km of highway into use in one year

Mai Son Expressway - National Highway 45. Illustration photo: Tuan Anh/VNA

The completion of 14 key transport projects, including the North-South Expressway Phase 1 component projects, has increased the total length of expressways nationwide to 1,892 km. This result contributes to realizing one of the three breakthroughs of the Socio-Economic Development Strategy for the 2021-2030 period. The groundbreaking ceremony of 12 North-South Expressway Phase 2 component projects on the first day of the year has opened the way for the groundbreaking of a series of other key transport projects.

6. For the first time, the State Bank has continuously reduced operating interest rates in a short period of time.

Customers make transactions at Vietcombank Vinh Phuc branch. Photo: Tran Viet/VNA

From March to June, the State Bank has consecutively adjusted the operating interest rates down 4 times with a reduction of 0.5-2%/year. This is the first time the State Bank has consecutively reduced the operating interest rates in a short period of time. This adjustment is a flexible solution, creating a foundation for credit institutions to reduce lending interest rates, supporting economic growth recovery.

7. The Government approves the VIII Power Plan.

After many years of preparation, submission, revision and completion, on May 15, 2023, the Prime Minister signed Decision No. 500/QD-TTg approving the National Power Development Plan for the 2021-2030 period, with a vision to 2050 (Power Plan VIII). This plan opens up a new development space for Vietnam's energy industry in a sustainable and equitable direction, in line with the views and policies of the Party and State and the practical capabilities of the country.

8. Issue many unprecedented policies to support the real estate market

The Government, ministries and branches have issued and implemented many unprecedented mechanisms and policies to remove legal and financial difficulties and restore the real estate market. Typical examples are Resolution No. 33/NQ-CP on a number of solutions to promote the safe, healthy and sustainable development of the real estate market; Decree No. 10/2023/ND-CP amending and supplementing a number of articles of the decrees guiding the implementation of the Land Law; Project on investing in the construction of at least 1 million social housing apartments for low-income earners and industrial park workers in the 2021-2030 period. In particular, the Prime Minister directly chaired 2 online conferences to remove difficulties for the real estate market. These important supports have helped the real estate market reduce difficulties.

9. Coordinate to rectify vehicle inspection activities

Violations related to corruption by some officials and inspectors were discovered on a large scale, causing 106/281 vehicle inspection centers nationwide to stop operating at their peak. For the first time, there was a prolonged congestion of vehicle inspections, affecting people, transport businesses and logistics activities. The Government, relevant ministries, branches and functional forces must work together to handle the situation. The Ministry of Transport proposed that the police and military participate in supporting the inspection of civilian motor vehicles. On June 8, 2023, the Government issued Decree 30/2023/ND-CP amending and supplementing a number of articles of Decree 139/2018/ND-CP dated October 8, 2018 on the business of motor vehicle inspection services.

10. Tighten management of construction of 'mini apartments'

The mini apartment building where the fire broke out is located in a crowded residential area in Thanh Xuan district, Hanoi. Photo: Tuan Anh/VNA

The fire at a “mini apartment building” that occurred on the night of September 12 in Khuong Ha Street, Hanoi, killed 56 people and injured 37 others. This disaster rang the alarm bell about the lax management of construction in urban and residential areas. Following the direction of the Prime Minister, all levels and functional agencies have conducted a comprehensive review and rectification of construction management, and deployed urgent solutions to prevent and fight fires in apartment buildings, multi-apartment houses, rental service businesses, etc., ensuring the safety of people's lives and property.

According to VNA

Source