The fact that economic growth in the first quarter of 2023 reached only 3.32%, very low compared to the target, creating a huge burden in achieving the growth target for this year, is an issue that has received attention from many National Assembly deputies in the plenary sessions discussing the socio-economic situation.

Minister of Planning and Investment Nguyen Chi Dung answered questions from National Assembly deputies regarding the reasons for the low economic growth in the first quarter of 2023.

In response to questions from National Assembly deputies, Minister of Planning and Investment Nguyen Chi Dung provided a thorough analysis of the causes of low economic growth in the first quarter of 2023.

The first reason is that since the end of 2022, the world and domestic situation has been very complicated and difficult. Our country's economy is transforming from a centrally planned economy to a socialist-oriented market economy, and is in the process of deep international integration. Therefore, Vietnam's legal system is in the process of being built and perfected, leading to inconsistencies, overlaps, conflicts or lack of synchronization and incompleteness, which is normal. "The important thing is that we must promptly detect, adjust and supplement to suit reality," said Minister Nguyen Chi Dung.

The second reason is that our country's capacity to withstand, adapt to, and cope with external fluctuations, as well as our competitiveness, is still limited due to the high degree of openness of our economy.

National Assembly Chairman Vuong Dinh Hue chaired the meeting.

The third reason is the extremely severe consequences of the Covid-19 pandemic. Businesses and the economy as a whole have been struggling to cope for some time, their capacity has been significantly eroded, and now they are being impacted by many new factors, making the situation even more difficult.

The fourth reason is that the scale of our country's economy has continuously increased in recent times, and economic activities and markets have developed rapidly, diversified, and become closely interconnected, influencing and impacting each other more significantly.

The fifth reason is that some officials still have a mentality of fearing mistakes, fearing responsibility, avoiding and shirking their duties in handling their official tasks.

Prime Minister Pham Minh Chinh at the meeting.

Minister Nguyen Chi Dung stated that, although the target set by the National Assembly has not been met, the 3.32% growth rate in the first quarter is still a positive result compared to some countries currently, for example, the US with only 1.1% growth, the EU 1.3%, Japan 1.3%, and Thailand 2.7%.

“The international community continues to positively assess Vietnam’s investment environment and economic prospects. Most importantly, we have maintained a stable macro-economy, inflation has been controlled, major balances have been ensured, especially the service and tourism markets have recovered very quickly, social security, national defense and security have been taken care of and maintained,” said Minister Nguyen Chi Dung.

View of the meeting.

The Minister of Planning and Investment affirmed that the Government has basically identified the difficulties and challenges that our country will have to face from now until the end of the year. The Government has been handling and will continue to closely monitor the situation, promptly remove obstacles, clear bottlenecks, free up resources, and take advantage of new opportunities to develop and achieve the highest goals of 2023 assigned by the National Assembly.

WIN