On behalf of the Government, reading the report on the direction, administration and implementation results of the Socio -Economic Development Plan for 2023, the direction, tasks and key solutions for 2024, Deputy Prime Minister Le Minh Khai affirmed that thanks to the drastic participation of the entire political system, the socio-economic situation continued to recover, each month was more positive than the previous month, each quarter was higher than the previous quarter, basically achieving the set general goals and achieving many important results in all fields, continuing to be a bright spot in the not-so-bright picture of the world economy.
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| Deputy Prime Minister Le Minh Khai presented a report on the direction, administration and implementation results of the Socio-Economic Development Plan for 2023, and key tasks and solutions for 2024. (Source: Investment Newspaper) |
Efforts to turn the situation around
According to Deputy Prime Minister Le Minh Khai, one of the notable points of 2023 is that leadership, direction and operation will have many innovations, continue to stick to reality, be more drastic and more effective.
Accordingly, with the motto of "Solidarity, discipline, flexibility, innovation, timeliness and effectiveness", the Government has made efforts to remove difficulties in institutions, mechanisms and policies; at the same time, closely following the practical situation, responding to policies promptly, effectively and at the right time...
“The Government has focused on leading and directing the recovery and development of the socio-economy, quickly ‘turning the situation around, changing the state’; promoting administrative procedure reform, digital transformation, improving the investment and business environment…”, Deputy Prime Minister Le Minh Khai said.
With these efforts, Vietnam's economy has overcome the headwind, economic growth in the following quarter is higher than the previous quarter, the whole year increased by 5.05%, among the high growth groups in the region and the world, raising the scale of the economy to about 430 billion USD. The average annual consumer price index increased by 3.25% (the target is about 4.5%).
Meanwhile, the money and foreign exchange markets are basically stable, with interest rates down about 2% compared to the end of 2022. The agricultural sector is a bright spot, continuing to be a solid pillar of the economy, growing by 3.83% in 2023, the highest in the past 10 years. The service sector increased by 6.82%, with total retail sales of goods and consumer service revenue increasing by 9.6%. Industry recovered rapidly each quarter, with a year-on-year increase of 3.02%.
Notably, state budget revenue exceeded the estimate by about 8.12% while nearly VND 194,000 billion in taxes, fees, charges and land rents were exempted, reduced and extended; at the same time, revenue was increased, expenditure was saved, and about VND 560,000 billion was set aside, ensuring enough resources for salary reform in the 3 years of 2024 - 2026...
Along with that, the state budget deficit, public debt, government debt, national foreign debt and direct debt repayment obligations of the government compared to the total state budget revenue are much lower than the limit and warning threshold. The total import-export turnover for the whole year reached 683 billion USD; the trade surplus was about 28 billion USD.
Speaking at the conference, Deputy Prime Minister Le Minh Khai also emphasized that many prestigious international organizations highly appreciated the results and prospects of the Vietnamese economy. For example, Fitch Ratings upgraded the country's long-term credit rating to BB+ (from BB), with a "Stable" outlook, while only 02 out of 62 countries in Asia - Pacific were upgraded...
The total social investment capital increased by 6.2% compared to 2022; the disbursement of public investment capital is expected to reach 95% of the plan (in 2022 it was 91.42%), the absolute number reached nearly 676,000 billion VND, the highest ever, about 146,000 billion VND higher than in 2022, which has also been highly appreciated by the Government.
“Foreign investment attraction reached nearly 36.6 billion USD, up 32.1% in the context of shrinking global trade and investment; disbursed capital reached nearly 23.2 billion USD (up 3.5%), the highest ever, showing that Vietnam is still an attractive destination for foreign investors,” the Deputy Prime Minister pointed out…
Continue to overcome "headwinds"
These indicators have shown how Vietnam has made efforts to overcome the "headwinds". Not only that, fundamental factors, such as implementing 3 strategic breakthroughs, restructuring the economy, and dealing with long-standing problems, have also achieved positive results in 2023.
Deputy Prime Minister Le Minh Khai also specifically emphasized the efforts of localities in overcoming difficulties, maximizing potential strengths, outstanding opportunities, competitive advantages and achieving quite comprehensive results, contributing to the overall achievements of the whole country.
Accordingly, many localities in key economic regions such as Ho Chi Minh City, Hanoi, Binh Duong, Dong Nai, Hai Phong, Thanh Hoa, etc. continue to recover and are bright spots in attracting investment. GRDP of many provinces and cities achieved quite high growth rates such as Bac Giang, Hau Giang, Quang Ninh, Khanh Hoa, Nam Dinh, etc.
In particular, some localities have actively shifted from the mindset of “agricultural production” to “agricultural economy”. Industrial production in many places has recovered impressively or maintained rapid growth. Socio-economic infrastructure has received investment attention; provincial and regional linkages have been strengthened…
“The economy continues to recover, achieving important and quite comprehensive results in all fields,” the Deputy Prime Minister once again emphasized.
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| Economic growth is among the highest in the region and the world, but has not yet reached the set target. (Source: VNE) |
However, the report presented by the Deputy Prime Minister also pointed out that, in addition to the basic results achieved, our country still has some limitations and shortcomings that need to be further focused on overcoming. One of them is that economic growth is among the highest in the region and the world but has not yet reached the set target.
In addition, production and business activities face many difficulties, the number of dissolved and bankrupt enterprises increases, and the situation of enterprises lacking orders is common, mainly due to the decline in domestic and foreign consumption demand.
Access to credit is still difficult; the real estate market, although improving, is still sluggish mainly due to segmentation problems and legal issues; the corporate bond market is being unblocked and inspection and supervision are being strengthened but there are still potential risks...
These shortcomings and limitations continue to affect the implementation of the 2024 plan goals, the pivotal year for the implementation of the 2021-2025 Five-Year Plan.
“To achieve the set goals, the Government has identified the 2024 management theme as Discipline, responsibility, proactiveness, timelyness, accelerated innovation, and sustainable efficiency,” said Deputy Prime Minister Le Minh Khai.
(according to Investment Newspaper)
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