A policy package is needed to stimulate investment and production.

Besides the solutions proposed by the Government, Mr. Phan Duc Hieu, Standing Member of the National Assembly's Economic Committee, believes that a policy package to stimulate investment, production, business, and consumption, and to implement it effectively within the next five years, should be considered in a scenario of GDP growth of 8% or higher.

A policy package is needed to stimulate investment, production, business, and consumption.

Besides the solutions proposed by the Government, Mr. Phan Duc Hieu, Standing Member of the National Assembly 's Economic Committee, believes that a policy package to stimulate investment, production, business, and consumption, and to implement it effectively within the next five years, should be considered in a scenario of GDP growth of 8% or higher.

Mr. Phan Duc Hieu, Standing Member of the National Assembly's Economic Committee

Over the weekend, the supplementary plan for socio-economic development in 2025, aiming for a growth rate of 8% or higher, was discussed by delegates. What are your views on this plan?

First and foremost, it must be stated that the plan demonstrates the government 's strong determination to achieve the challenging target of 8% or higher this year.

The government's determination to submit the plan means it's committed to focusing its efforts on achieving this goal, not just striving for it. It also means that more groundbreaking solutions will be needed...

In the proposal submitted to the National Assembly, the Government put forward many solutions, such as improving institutions and laws; unlocking and effectively utilizing public investment resources; promoting private investment and processing and manufacturing industries; boosting consumption, diversifying export markets, etc.

First, we must clarify that the solutions put forward by the National Assembly and the Government to achieve the GDP growth target of 6.5-7%, and striving for 7.5%, remain valid. However, under the new scenario, to increase growth by an additional 1%, the Government has presented a series of additional solutions. Nevertheless, in my opinion, we need specific, clear solutions that are effective and efficient within this year.

Based on the experience of other countries, to promote rapid growth, stimulus packages are needed to boost investment, production, business, and consumption. In the current context of Vietnam, perhaps a growth stimulus package should be carefully considered and clarified, based on the principle of immediate implementation and effectiveness, but without creating inflationary pressure.

In your opinion, what are the key priorities that the current policy package for stimulating growth should focus on?

Firstly, increase people's income and savings, thereby stimulating consumption. From a policy perspective, perhaps it is necessary to accelerate the amendment of the Personal Income Tax Law in the direction of increasing the family allowance deduction, so that people have more savings...

Secondly, continue reviewing tax policies to support businesses. During this period, unless absolutely necessary, tax increases and other levies on businesses should not be proposed. This is a crucial factor in improving business competitiveness. If amendments to tax laws are still necessary, long-term goals should be set, and the implementation deadline should be postponed for another 2-3 years.

In addition, review fee and charge policies, as well as exemption and reduction policies, to see if they can be extended or if new policies can be introduced. For example, the policy of exempting and reducing land use fees needs to be extended, and a higher reduction level could be considered because land costs are increasing.

Thirdly, immediately review and amend regulations that increase costs for businesses. For example, regarding the regulation on deposit requirements when importing waste paper for production, businesses report that each shipment requires a 20% deposit – a significant amount given their need for funds for production and operations, while violations are virtually non-existent. The question is whether the management approach could shift towards risk management, instead of rigidly applying the current regulations to every shipment, or whether the fees could be reduced across the board. Doing so would free up capital for production and improve capital efficiency.

Similarly, tax refund procedures also need to be further improved to ensure that businesses do not have to wait...

Those solutions aren't new, are they, sir?

That's true, but the challenge here is policy lag, speed, and efficiency in processing.

Since 2024, institutional reform has made significant progress, as evidenced by the National Assembly's adoption of amendments to dozens of different laws and numerous normative resolutions to remove legal obstacles and accelerate the implementation of investment projects at the end of the eighth session; however, obstacles still remain.

I believe we need to find ways to minimize that delay, create more business opportunities faster and more evenly; localities have been empowered to make decisions, take action, and be responsible, quickly putting policies into practice and promoting them to be translated into concrete actions, starting immediately.

The difference this year is that the high growth targets are set specifically for each locality, industry, and sector, instead of a single general target. Therefore, the Government, localities, ministries, and sectors all clearly understand their responsibilities and demonstrate their determination.

What's needed more now is concrete action; solutions are necessary, but there must be ways to implement them quickly and effectively. Perhaps this year, the speed of processing procedures and the speed of supporting businesses should be considered a criterion for evaluating work efficiency, alongside the quality of implementation.

In the plan, the government proposes that, if necessary, the state budget deficit be adjusted to approximately 4-4.5% of GDP to mobilize resources for development investment; public debt, government debt, and foreign debt may reach or exceed the warning threshold (around 5% of GDP). In your opinion, will this affect macroeconomic stability?

Adjusting the targets by raising the ceiling does not mean that achieving those levels is mandatory, but rather, if necessary, requires careful consideration of the balance between growth and macroeconomic stability, inflation control, and ensuring the major balances of the economy.

This has always been a top priority in the government's economic management over the years, even though the priority is growth, or more accurately, "acceleration."

Source: https://baodautu.vn/can-goi-chinh-sach-kich-thich-dau-tu-san-xuat---kinh-doanh-va-tieu-dung-d246907.html