GDP growth in 2024 is estimated at 6.8-7%.

A view of the meeting. Source: quochoi.vn

Achieved and exceeded 14 out of 15 targets.

Reporting at the session, Minister of Planning and Investment Nguyen Chi Dung stated that, based on the results of the first eight months, it is estimated that the whole year of 2024 will achieve and surpass 14 out of 15 key targets; including achieving and surpassing all social targets, and achieving the target for average social labor productivity growth rate after three years of not meeting it.

According to Mr. Dung, economic growth exceeded the set target. The macroeconomic situation is fundamentally stable, inflation is under control, major balances are ensured, the state budget deficit is controlled, and public debt and government debt are much lower than the permitted targets. GDP growth in each subsequent quarter is higher than the previous one, with the estimated annual growth rate reaching approximately 6.8-7%, surpassing the target set by the National Assembly (6-6.5%), placing Vietnam among the few countries with high growth rates in the region and the world, and receiving high praise from international organizations.

However, according to the government report, macroeconomic stability still faces potential risks, especially from external factors such as inflation and exchange rates. Credit growth remains low. There is significant pressure to repay maturing corporate bonds. Production and business activities are facing many difficulties. Domestic purchasing power shows signs of slowing growth. The trade surplus still depends on the FDI sector. Emerging industries and sectors have not yet shown significant transformation, and there is a risk of not catching up with the world without breakthrough mechanisms and policies. The lives of a segment of the population remain difficult.

Reviewing the Government's report, the National Assembly's Economic Committee noted that Vietnam's socio-economic situation in 2024 still faces several difficulties and challenges. According to Mr. Vu Hong Thanh, Chairman of the National Assembly's Economic Committee, the Standing Committee of the Economic Committee requested a more thorough assessment of several issues. Specifically, aggregate demand recovery is weak, with consumer demand increasing less than expected amidst increased inflationary pressure in the final months of the year, and public and private investment growth slow. Furthermore, 31 out of 44 ministries and central agencies, and 28 out of 63 localities, still have public investment disbursement rates below the national average for the first eight months of 2024.

Furthermore, businesses are facing numerous difficulties in their production and operations. In the first nine months of 2024, an average of 18,200 businesses withdrew from the market each month. The ratio of businesses withdrawing from the market to those entering or re-entering the market in the first nine months of 2024 was 89.7%, higher than the 79.3% recorded in 2023. Credit growth in the early months of the year remained low, and businesses' ability to absorb and access credit was limited.

According to Mr. Thanh, the real estate market is showing signs of recovery but still faces difficulties. The imbalance in product structure on the market has pushed up the prices of apartments in both the primary and secondary segments, making it difficult for those with genuine housing needs to access them. Land prices in Hanoi's inner and suburban districts have shown signs of rapid increase again, especially in districts that are expected to be upgraded to urban districts. In particular, the recent recurrence of "abandoning deposits" after winning auctions has negatively impacted the price level and the housing market. "The manipulation, price inflation, and speculation in land have driven up land prices, making buying and selling almost exclusively among speculators, while making it difficult for people and businesses to access land due to high prices exceeding their ability to pay," the Economic Committee stated.

Furthermore, the shortage of medicine continues. Excessive fees at the beginning of the school year persist. Recently, public opinion has been stirred by cases of "fake degrees, real diplomas" at the highest level of education; however, state education authorities have not yet taken adequate, public, and transparent measures to address this issue. Accidents, injuries, and child abuse continue to occur, including serious cases of child abuse and exploitation that have caused public outrage. Corruption and economic crimes continue to be complex.

Pay attention to the gold market, real estate, education...

Ms. Le Thi Nga, Chairwoman of the National Assembly's Judicial Committee, stated that the government needs to pay attention to the gold market in the coming period, given the many potential risks. Accordingly, it is necessary to continue managing and regulating the gold market to ensure that domestic and international markets are closely aligned. In addition, the current real estate market is very complex, with apartment prices rising sharply, making it difficult for those in need to access the market due to these high prices. She requested that the government strengthen the management of the real estate market.

According to Ms. Nga, the crime situation is complex, especially online fraud. Therefore, the government needs to strengthen public awareness campaigns to warn people against online scams. Child abuse and exploitation remain complex, requiring increased efforts to improve the responsibility of relevant agencies in protecting children. Traffic accidents and fires are frequent, and more attention needs to be paid to these issues, as many incidents involve the lives of many people. "The situation regarding corruption and corruption-related crimes is complex and sophisticated. While the fight against corruption has been very effective recently, preventative measures need to be given more attention," Ms. Nga pointed out.

According to Mr. Le Quang Huy, Chairman of the National Assembly's Committee on Science, Technology and Environment, the government needs to focus on the circular economy, green economy, and digital economy in the coming period. This is especially important given the domestic carbon credit rating, as domestically produced goods imported into the EU will soon be subject to tariffs. Therefore, ministries, sectors, and businesses must prepare to capitalize on this trend. The average labor productivity growth rate has been quite rapid. Therefore, it is necessary to assess whether this rapid increase is due to investment in capital, labor, science and technology, or the shift in economic structure.

Mr. Nguyen Dac Vinh, Chairman of the National Assembly's Committee on Culture and Education, suggested that attention should be paid to managing the quality of education, especially after specific incidents have occurred. He questioned whether the quality management of education has been effective. "When incidents happen, we pay more attention to evaluating and analyzing whether the management followed the correct procedures. We keep focusing on procedures and amending regulations, while those implementing them are not being strict. Therefore, the education sector needs to address this issue promptly," Mr. Vinh said.

There are still many concerns.

Speaking at the session, National Assembly Chairman Tran Thanh Man said that achieving 14 out of 15 socio-economic targets in 2024 was encouraging. The estimated annual growth rate is 6.8-7%, exceeding the National Assembly's resolution. This growth is thanks to strong export and industrial production growth, not revenue from land. In addition, foreign investment has increased significantly.

However, according to the Chairman of the National Assembly, the socio-economic situation still presents many concerns. Accordingly, the issuance of detailed regulations for the implementation of laws has not kept pace. For example, the Land Law, the Housing Law, and the Real Estate Business Law were committed to the National Assembly by July 2024 to have their implementing guidelines completed. However, to date, 12 localities have yet to issue any documents, or the issuance has been inconsistent. Therefore, the Government needs to provide decisive direction to resolve the difficulties faced by localities.

According to the Speaker of the National Assembly, the banking and financial situation is volatile. The real estate market still has many shortcomings. Monitoring the implementation of policies and laws on the real estate market and social housing has revealed many problems. The labor market suffers from imbalances in supply and demand, particularly in certain areas. The situation with natural disasters remains complex.

Therefore, regarding solutions, the Chairman of the National Assembly proposed strengthening fiscal policy adjustments to be more appropriate and effective in 2025 to face global challenges. This includes preventing the downward trend in the real estate market, where supply exceeds demand, demand exists but the ability to pay is lacking, and buildings are constructed but remain unoccupied in major cities.

The Chairman of the National Assembly also suggested creating favorable conditions for people and businesses to borrow capital for production and business development. Savings deposits increased in the first nine months of the year, but the question is how to create conditions for people and businesses to borrow capital for production and business. Creating favorable conditions for businesses, especially private enterprises, is crucial. There are land projects that have remained unresolved for many years, while local authorities have not been decisive enough to resolve these issues for businesses.

Based on feedback from voters, the Chairman of the National Assembly suggested that from now until the end of the year and throughout 2025, the quality of teaching and learning should be improved so that parents no longer have complaints. At the same time, healthcare and medical examination and treatment for the people should be improved. The people are eagerly awaiting the new policies and administrative reforms in the newly passed Law on Medical Examination and Treatment.

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According to Ms. Nguyen Thuy Anh, Chairwoman of the National Assembly's Social Affairs Committee, there is still a shortage of medicines, and the expanded immunization rate continues to fall short of the target of over 90%. Therefore, it is necessary to assess the correlation between the delay in vaccination and infectious diseases. Besides the increasing number of non-communicable diseases, infectious diseases are also becoming more complex and are at risk of outbreaks in some localities, such as measles and diphtheria. Therefore, further assessment is needed regarding the correlation between the delay in vaccination and the increase in infectious diseases among children due to vaccine shortages.

Source: https://daidoanket.vn/gdp-nam-2024-uoc-dat-6-8-7-10292016.html