National Assembly Chairman raises 3 big questions that need to be answered for the economy

National Assembly Chairman Vuong Dinh Hue - Photo: GIA HAN

A bright spot in the "gray picture" of the global economy

On the morning of September 19, in his opening speech at the Vietnam Socio-Economic Forum 2023, National Assembly Chairman Vuong Dinh Hue stated that through two times of organization, the forum has attracted great attention from society, people, domestic and foreign businesses, international organizations...

He emphasized that thanks to the correct and unprecedented policies and solutions, Vietnam has basically firmly overcome difficulties and challenges in the face of "headwinds" and achieved many important and quite comprehensive results.

The economy maintained its growth momentum and was a bright spot "in the gray picture" of the global economy.

The macro economy is stable, inflation is controlled, the major balance is ensured, the ratio of public debt, foreign debt, and budget deficit are all below the threshold allowed by the National Assembly; bad debt is controlled...

However, according to Mr. Hue, despite achieving important results in recent times, it can be seen that the economy is still facing many difficulties and challenges.

Economic growth in the first 6 months of 2023 reached only 3.72%, nearly the lowest in the past 12 years, creating great pressure on GDP growth for the remaining 2 quarters of the year.

Achieving the growth target for 2023, the 5-year period of 2021-2025 and the entire strategic period of 2021-2030 is extremely difficult.

Many of the economy's main growth drivers in the first eight months of 2023 are showing signs of slowing down, even declining, and are under great pressure from the outside.

Of which, goods exports continued to decline, in the first 8 months of the year decreasing by 10% compared to the same period, the strongest in the same period in the past 12 years...

Public investment is considered an important driving force for economic growth in 2023, but so far, although disbursement has improved (8 months reached 42.35% of the plan), it has not met expectations...

Focus on answering 3 big questions

Mr. Hue stated that the country is facing many difficulties and challenges, in which many new developments have emerged, more severe and serious than predicted.

Domestically, the resilience of many businesses has reached its limit, many orders have been cut, and production and business activities are facing difficulties.

Especially in terms of output markets, cash flow, capital mobilization, administrative procedures and increasing pressure from market and partner requirements for sustainable development...

"The endogenous capacity, autonomy, and resilience of businesses and the economy are still limited and have become more evident than ever before in the face of the adverse impacts of the world economic and political situation since the beginning of the term.

These are all fundamental, long-term, topical and urgent issues that require immediate short-term solutions and fundamental, long-term strategic solutions," Mr. Hue pointed out.

He emphasized that through crises, difficulties and challenges, we increasingly realize the importance and decisive role of internal strength and autonomy in economic development.

"Enhancing endogenous capacity and creating growth momentum is an objective, inevitable and urgent requirement. This is to ensure continuity, stability and sustainability, helping the country take advantage of opportunities, overcome challenges, unleash resources, withstand external shocks and crises, and at the same time help the economy grow towards sustainable development," said Mr. Hue.

With the spirit of "unity, unity, and overcoming difficulties together", to achieve the forum's goals, he hopes to listen to opinions, exchange, and discuss focusing on answering 3 big questions.

Specifically, what is the forecast for the regional and global economic and financial situation, opportunities, risks and challenges for the Vietnamese economy in 2023, 2024 and the following period?

What is the current socio-economic situation, difficulties, challenges, major bottlenecks and resilience of the economy, businesses and workers? What is the forecast for 2023, 2024 and the entire 5-year period of 2021-2025?

What are the endogenous capacities, driving forces and fundamental solutions to remove bottlenecks, unlock resources, strengthen internal strength, and create momentum for socio-economic growth and development in 2023, 2024 and for the entire 2021-2025 term?

According to TTO

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