Aiming for a dual objective

Confidence, but also considerable concern and anxiety, was the message conveyed in the speeches of many National Assembly delegates at yesterday's discussion on socio-economic development on June 17th. This topic will continue to be discussed today, June 18th.

The opinions expressed at the discussion acknowledged the achievements, such as macroeconomic stability, controlled inflation, and the maintenance of major balances – vital foundations for an economy rising amidst global uncertainties. However, alongside these positive points are numerous unavoidable difficulties.

Specifically, according to the report prepared for the question-and-answer session recently submitted by Minister of Finance Nguyen Van Thang to National Assembly deputies, economic growth in the first quarter reached 6.93% - the highest growth rate compared to the first quarter of any year in the 2020-2025 period, but still falling short of the target (7.7%). This places significant pressure on the remaining quarters to achieve the 2025 growth target of 8%, in a context where production and business activities remain challenging, traditional growth drivers have not met expectations, and new growth drivers are in their early stages and need time to become effective. Macroeconomics remains under considerable pressure, especially regarding interest rates, exchange rates, and inflation control.

Furthermore, the lack of linkages and business cooperation among Vietnamese enterprises, as well as between domestic and foreign-invested enterprises (FDI) within the same industry and across industries, exacerbates the "gaps" in the global value chain – an area where we should be making stronger strides.

Besides the challenge of economic growth, another equally crucial objective—bringing the two-tiered local government system into smooth operation by July 1st—is also posing numerous obstacles. Allocating resources to this "dual objective"—both economic growth and organizational restructuring—requires a deeper, more flexible, and more practical approach to governance than ever before.

For a highly open economy like Vietnam, closely monitoring global economic and political situations, accurately assessing the reality to respond with timely policies, can be considered a key factor, especially in the context of complex geopolitical conflicts, trade wars, and protectionism. This is also a crucial foundation for coordinating policies effectively and synchronously; in which fiscal and monetary policies must "communicate with each other," be harmonious, and have clear objectives: supporting recovery, unlocking resources, maintaining stability, and nurturing growth drivers in both the short and long term. Alongside this, closely monitoring the situation in localities after restructuring is essential to ensure the growth requirements set out in Government Resolution No. 25/NQ-CP are met.

As National Assembly delegates pointed out during the discussion, in the context of allocating resources to two objectives, financial discipline and order continue to be an unshakeable "rein." The state budget must ensure that revenue is collected correctly, fully, and promptly; all revenue sources – from combating tax evasion, transfer pricing, cross-border transactions to digital business – must be managed more transparently and effectively. In particular, recovering outstanding debts and tightening budget revenue and expenditure discipline is not only for the goal of increasing revenue by 15%, but also an affirmation of a proactive government that always maintains credibility and discipline in national governance.

Furthermore, focusing on unlocking and effectively utilizing public investment resources; perfecting institutions and improving the investment and business environment continues to be a long-term and persistent task, through the implementation of Government Resolution No. 66/NQ-CP on reducing and simplifying administrative procedures related to production and business activities… This is how we respond to the aspiration for recovery and breakthrough; it is a synchronized action towards a more dynamic, equitable, and efficient economy.

In particular, it is impossible to ignore a unique characteristic of 2025: dozens of important laws and resolutions that will take effect immediately. The progress in issuing guiding documents to ensure these legal documents are implemented promptly, including plans for the arrangement, allocation, handling, and efficient exploitation of public assets after streamlining the administrative apparatus, is of great significance in maintaining traditional growth momentum and creating new impetus for development. This also serves as a test of vision and the ability to translate policies into concrete actions in the current context.

ANH THU

Source: https://www.sggp.org.vn/huong-den-muc-tieu-kep-post799896.html