Many bottlenecks and internal economic problems need to be resolved
Informing the press on September 17, regarding the picture of Vietnam's economy in the first months of 2023, Party Central Committee member, Chairman of the National Assembly 's Economic Committee Vu Hong Thanh said that he had just received the draft report of the Government and that the Committee would soon review it. However, basically, the spirit of closely following the Party's policies and guidelines, the resolutions of the National Assembly and the Government to manage and stabilize the macro-economy, control inflation, and ensure major balances. However, the difficulties and challenges of the economy need to be identified because "the picture has both bright and gray tones". The growth momentum in investment, consumption, and export shows signs of slowing down. Public investment needs solutions to promote because after 8 months, only more than 42% of the disbursement has been achieved, although there has been some improvement in recent months, it is not as required. The health of private investment is being eroded after the pandemic when production and business activities are difficult, and there is a lack of orders, leading to workers having to reduce, postpone, and lose their jobs.
"Vietnam's economic picture is still a bright spot in the gray picture of the world economy," said the Chairman of the Economic Committee.
Identify barriers and bottlenecks for urgent and long-term issues
Emphasizing the significance of the forum, Deputy Head of the Central Economic Commission Nguyen Duc Hien said that the structure of the discussion topics raised urgent and long-term issues to suggest appropriate and specific solutions to unlock resources, restore growth and develop sustainably.
The opinions will identify barriers and bottlenecks in current economic development through a 9-month assessment and forecast for the whole year of 2023. He said that despite great efforts, the growth rate has not reached expectations, and it is forecasted that this year 10/15 targets will be completed. It is worth noting that the 5 targets that have not been met reflect the quality of growth.
Specifically, labor productivity is expected to reach only 3.7-4.7% while the target is 5.6%, and the whole term is from 6-6.5%, the socio-economic development strategy for the period 2021-2030 also sets out over 6%. The proportion of the manufacturing industry in the total GDP will not reach in 2023 as well as the average for the period 2021-2025.
Mr. Nguyen Duc Hien also analyzed long-term issues that will be discussed at the forum to suggest solutions. Firstly, evaluate the entire process of economic restructuring in the recent past. Because, to develop quickly and sustainably, it is necessary to ensure synchronous structure and transformation. Secondly, to grow in the long term, we still have to rely on endogenous capacity and self-reliance. Currently, our country has a trade surplus but the proportion of foreign-invested enterprises is the majority; technology transfer is more positive but still limited... Thirdly, labor productivity is a story that must be solved because it is the root, the vital factor for long-term development and growth quality. Fourthly, green transformation, green growth, digital economic development, and circular economy.
Mr. Nguyen Duc Hien emphasized that there have been many directions and policies for sustainable development during nearly 40 years of innovation, but green transformation, green growth, digital economy, and circular economy have been more clearly mentioned since 2020, with major orientations in all industries and fields.
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