At the regular Government press conference for August 2023 on the afternoon of September 9, organized by the Government Office , Deputy Minister of Planning and Investment Tran Quoc Phuong answered the press about the GDP growth target for the whole year of 2023 reaching 6.5% and the possibility of achieving the target of public investment disbursement as required by the Prime Minister.
Disbursement of public investment capital in the first 8 months of 2023 achieved high speed in both relative and absolute terms.
Deputy Minister of Planning and Investment Tran Quoc Phuong.
Public investment is the driving force for development, so from the beginning of the year, the Prime Minister requested the disbursement of at least 95% of the capital plan, or more than VND 676,000 billion in 2023. After the first 8 months of 2023, public investment disbursement reached VND 299,447.4 billion, reaching 39.6% of the plan and 42.3% of the plan assigned by the Prime Minister.
Deputy Minister of Planning and Investment Tran Quoc Phuong said that compared to the same period in previous years, public investment disbursement in the first 8 months of 2023 reached the highest rate - high in both relative and absolute numbers.
"That is also the belief for us to achieve the high target in disbursing public investment capital this year," Mr. Phuong emphasized and said that although the capital is relatively large, it is accompanied by a large and large-scale project portfolio.
Therefore, the most important task is that the agencies implementing public investment capital must speed up the implementation progress and immediately deploy the disbursement plan at the treasury. This requires great efforts from contractors and construction organizations "3 shifts, 4 shifts" to disburse the set targets.
"With the requirement to disburse 95% of total public investment capital, we have enough confidence to achieve this goal," said Deputy Minister Tran Quoc Phuong.
There is confidence to achieve the high target in disbursing public investment capital this year. Illustrative photo
Tourism recovery is a highlight contributing to growth target
Regarding the GDP growth target for the whole year of 2023, Deputy Minister Tran Quoc Phuong reiterated that the GDP growth result in the first 6 months of the year only reached 3.72%. This is lower than the set targets as well as the scenario of Resolution 01 of the Government. That poses a heavy task for the last months of the year because to achieve the set targets, all scenarios aim for a fairly high growth rate. "There are scenarios of more than 9%, some scenarios increase from 7-8%. This is a very heavy task," said Mr. Phuong.
According to Deputy Minister Phuong, the scenarios proposed previously all aimed at a fairly high growth target. To serve the reports, as well as to advise the Government and the Prime Minister on policies, the Ministry of Planning and Investment has carefully analyzed, in which it recommended the goal of achieving the set targets “as best as possible” from now until the end of the year.
At the regular 6-month meeting, the Government issued Resolution 105, proposing many solutions, both urgent and long-term. Resolution 105 aims to prioritize promoting economic growth in the context of a well-controlled macro-economy and well-implemented fiscal and monetary policies.
Therefore, the Government has requested all levels, sectors and localities to focus on solutions for synchronous implementation. In particular, the Deputy Minister of Planning and Investment pointed out 3 favorable points that can be focused on to promote development. The first is the recovery demand of the service sector. According to Mr. Phuong, the service sector, especially tourism, is recovering quite well and this is a highlight contributing to the growth target.
Next is the agricultural sector – an important pillar of the economy. Deputy Minister Tran Quoc Phuong stated that in the context of global food tensions, Vietnam has the advantage of being a country with a good level of agricultural exports.
“The problem here is to balance how to serve both economic growth and domestic energy security,” Mr. Phuong emphasized.
The third driving force that needs to be focused on, according to Mr. Tran Quoc Phuong, is the domestic market. The Prime Minister has directed that the domestic market must be stimulated to develop more strongly, stimulate consumption and promote the movement of Vietnamese people prioritizing the use of Vietnamese goods. Thereby, creating great demand to help businesses expand domestic production in the context of many difficulties in the export market.
In addition, the Deputy Minister of Planning and Investment said that businesses need to grasp the situation, take advantage of every opportunity to increase international orders, and boost exports, especially in the manufacturing and processing industry.
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