Vietnam's economy has favorable conditions to promote growth

According to Deputy Minister of Planning and Investment Tran Quoc Phuong, to achieve the economic growth target, the tasks in the last months of the year are very heavy.

Deputy Minister of Planning and Investment Tran Quoc Phuong. (Photo: Nhat Bac)

At the regular Government Press Conference for August 2023 held on the afternoon of September 9, answering reporters' questions about whether Vietnam's economy will achieve the target of Gross Domestic Product (GDP) growth of more than 6.5%, Deputy Minister Tran Quoc Phuong said that the GDP growth result in the first 6 months of the year only reached 3.72%. This is lower than the set targets as well as the scenario of Resolution 01 of the Government.

That poses a heavy task for the last months of the year because to achieve the set targets, all scenarios aim for a fairly high growth rate. There are scenarios of more than 9%, and some scenarios of 7-8% growth. This is a very heavy task.

To serve the reporting and advisory work on policy mechanisms for the Government and the Prime Minister , the Ministry of Planning and Investment has analyzed very carefully, including recommendations on goals from now until the end of the year to try to achieve the best possible results.

Therefore, right after the regular meeting in June, the Ministry reported to the Government and the Prime Minister to issue Resolution 105 to propose many solutions that are both urgent this year and fundamental in the long term to implement the contents of economic restructuring, developing the new economy, green economy, circular economy, digital transformation, etc.

Regarding the above solutions, Deputy Minister Tran Quoc Phuong said that the Government's priority goal is to promote economic growth in the context of the macro economy being well controlled since the beginning of the year, such as the Consumer Price Index (CPI) gradually decreasing and at a low level; the fiscal and monetary policy has been implemented very well.

The Government requires all levels, sectors and localities to focus maximum solutions to promote growth.

Regarding promoting growth, the Deputy Minister of Planning and Investment commented that Vietnam has advantages.

Firstly, the service sector has recovered quite well, which is a highlight to focus more on to contribute to growth, especially tourism.

Second, focus on consolidating and developing the very important pillar of the economy, the agricultural sector, when we are in the context of food tension in the world. Our country has the advantage of being a good exporter of agricultural products. However, there is also the problem of balancing both serving economic growth and ensuring domestic food security. This is the sector we always focus on when facing difficulties.

Third, the domestic market. In the advisory reports, the Prime Minister also directed that the domestic market must be stimulated to develop more strongly, especially in relation to stimulating consumption, promoting the movement "Vietnamese people prioritize using Vietnamese goods" to, through the domestic market, create great demand for businesses when transforming production structure towards the domestic market, creating conditions to maintain and expand production in the context of the export market facing many difficulties.

"Those are the motivations that need to be focused more on to strive to achieve the highest goals from now until the end of the year.

Besides, we also have to constantly grasp the situation, carefully take advantage of every opportunity to increase international orders to boost exports, maintain production activities, especially the domestic processing and manufacturing industry," Mr. Tran Quoc Phuong emphasized.

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