10th Session: Prioritizing strengthening macroeconomic stability, ensuring major balances

Continuing the working program of the 10th Session of the 15th National Assembly, on the afternoon of October 20, the National Assembly listened to the Report and the Verification Report on the implementation results of the National Assembly's Resolution on the Economic Restructuring Plan for the 2021-2025 period.

Removing barriers and promoting economic restructuring

Presenting the Report on the implementation results of the National Assembly's Resolution on the Economic Restructuring Plan for the 2021-2025 period, Deputy Prime Minister Ho Duc Phoc stated that the Economic Restructuring Plan for the 2021-2025 period was implemented in the context of the world and regional situation with many rapid, complex, unpredictable, and unprecedented changes...

Domestically, besides advantages, the economy also faces many difficulties and major challenges from both external factors and internal problems.

However, with the drastic participation of the entire political system and the joint efforts, consensus and outstanding efforts of the entire Party, people, army and business community, and the support of international friends, our country has overcome difficulties and challenges, continuing to achieve important and quite comprehensive development results, with many outstanding bright spots compared to the world and the region.

Regarding the results of implementing key tasks, for the 27 targets set out in Resolution No. 31/2021/QH15, up to now, 23/27 targets have assessment information; of which, the number of targets likely to be completed: 10/23; the number of targets unlikely to be completed: 9/23 and the number of targets expected to not be completed: 4/23.

Some indicators such as: Increasing labor productivity; number of enterprises; number of agricultural cooperatives applying high technology; rate of agricultural cooperatives linked with enterprises in the value chain; proportion of expenditure on science and technology, in the implementation process, encounter many difficulties and challenges, requiring great efforts to achieve.

For the 5 key task groups in Resolution No. 31/2021/QH15 of the National Assembly set out for the 2021-2025 period, the Government has issued Resolution No. 54/NQ-CP with 102 tasks being implemented and bringing about many important results. To date, 86/102 have been completed (accounting for 84.3%); 16/102 (accounting for 15.7%) tasks have drafts and are continuing to be implemented.

However, the implementation process still has some shortcomings and limitations such as: The progress of building institutions and policies to promote economic restructuring has not yet met development requirements in a timely manner.

The National Assembly delegation of Bac Ninh province at the opening session of the 10th session of the 15th National Assembly. (Photo: Phuong Hoa/VNA)

The economic structure and growth model have progressed but have not yet created many significant changes. The development of the business force still has certain limitations. Economic sectors have not had a strong shift in productivity growth, especially in the industrial and service sectors.

The restructuring of state-owned enterprises and public service units is still slow and has not met expectations. The restructuring of some key areas still faces many difficulties and challenges. The operation of various markets has not been truly effective, ensuring conditions for sustainable development.

In the coming time, the Government has identified a number of key contents in directing and implementing the tasks and solutions to restructure the economy, including: Continuing to focus on perfecting institutions and the legal system, removing barriers, and promoting the process of restructure the economy.

Urgently issue documents to implement the laws just passed by the National Assembly. Speed up progress and complete the restructuring goals of key areas.

Promote disbursement of public investment capital and national target programs, striving to achieve a disbursement rate of 100% of the 2025 plan.

Besides, effectively implement solutions to promote business development and accelerate restructuring of state-owned enterprises.

Actively implement the development of digital government and policy solutions to improve and upgrade the quality of the investment and business environment. Focus on promoting the leading role in innovating the growth model of large cities and growth poles.

Promote the transformation of industries towards the use of modern technology; develop green economy, circular economy, digital economy. Develop all types of markets, increase the application of digital technology with breakthrough solutions, strong, comprehensive, synchronous and extensive reforms to promote economic restructuring.

Based on the assessment results of the situation and implementation results of the Economic Restructuring Plan for the 2021-2025 period, the international and domestic context and solution orientations for the last months of 2025, the Government continues to closely direct the ministries, agencies and localities assigned to be the agencies in charge of implementing the goals and targets, focusing on monitoring, supervising and evaluating the ability to achieve the goals, and at the same time promptly proposing and supplementing necessary solutions to strive to complete the important goals and targets set by the end of 2025.

At the same time, direct ministries and agencies to continue focusing on implementing and completing programs and projects serving economic restructuring in the 2021-2025 period to create clear results in economic restructuring; continue to create an open, equal and favorable investment environment to promote the development of enterprises and cooperatives; focus on promoting the leading role of large cities and growth poles; organize the realization of institutional breakthroughs, remove difficulties for enterprises...

Can Tho City National Assembly delegation at the opening session of the 10th session of the 15th National Assembly. (Photo: Phuong Hoa/VNA)

Continue to research and build a new economic development model associated with the high growth period to exploit and promote new growth drivers, take advantage of the achievements of the Fourth Industrial Revolution; apply science and technology, innovation and digital transformation; develop digital economy, green economy, circular economy, data economy...

Shaping new growth drivers for the 2026-2030 period

The report on the implementation results of the National Assembly's Resolution on the Economic Restructuring Plan for the 2021-2025 period presented by Chairman of the National Assembly's Economic and Financial Committee Phan Van Mai assessed that the implementation of the five key tasks of economic restructuring for the 2021-2025 period achieved more positive and comprehensive results than the previous period.

Specifically, restructuring public investment, the state budget, the credit system and the public service sector has achieved many clear results. Public investment has played a leading role, overcoming the situation of dispersion; the number of central budget capital projects has decreased from about 11,000 to less than 5,000 in the 2021-2025 period; disbursement progress has improved significantly, reaching an average of 94.3% of the plan with many backlogged projects being resolved.

The state budget is safely consolidated, public debt is maintained at 35-36% of GDP; bad debt in the credit system is controlled below 2%; the public service sector is gradually streamlined, improving autonomy and efficiency in providing public services.

The financial, real estate, labor, science and technology markets have all seen positive changes, and the legal framework has been increasingly improved. The financial market is basically stable in the context of many fluctuations at home and abroad.

Vietnam ranked 44/139 in the Global Innovation Index (GII). The private economic sector is dynamically developing, contributing about 51% of GDP, over 30% of budget revenue and employing 82% of the workforce.

The FDI sector continues to be an important driving force in high-tech fields; collective economy, cooperatives applying technology and digital transformation are increasingly effective.

Regional connectivity and urban development have achieved many outstanding results, with 108/110 approved plans, 6 active regional coordination councils, coastal economic zones, key infrastructure projects and new models such as the Da Nang Free Trade Zone being focused on implementation.

The economic structure in the 2021-2025 period will shift positively, with industry and services accounting for over 80% of GDP, digital economy accounting for nearly 14%, renewable energy reaching 15% of electricity output; agriculture continues to affirm its supporting role with productivity, quality and export value constantly improving.

The Economic and Financial Committee believes that the achieved results show that the economic restructuring process in the 2021-2025 period is transforming more substantially, comprehensively and synchronously among regions, fields and areas.

The efficiency of resource allocation and use has been improved. New growth drivers have gradually been formed, contributing to consolidating a stable macroeconomic foundation, enhancing the self-reliance, resilience and competitiveness of the economy.

The National Assembly delegation of Tay Ninh province at the opening session of the 10th session of the 15th National Assembly. (Photo: Phuong Hoa/VNA)

In addition to the achievements, the implementation of economic restructuring in recent times has faced a number of difficulties and challenges. The Economic and Financial Committee recommends paying attention to a number of issues.

Accordingly, of the 27 targets according to Resolution No. 31/2021/QH15, only 10 targets are expected to be achieved, 13 targets are difficult to complete (of which 9 targets are difficult to achieve, 4 targets are not achieved), focusing on target groups on growth quality, labor productivity, market development, enterprises and innovation.

Therefore, it is recommended that the Government clearly assess the impact of failing to complete these targets on the overall results and effectiveness of the Economic Restructuring Plan for the 2021-2025 period, and at the same time draw lessons to identify strategic solutions for the 2026-2030 period, ensuring the inheritance of results and thoroughly overcoming current shortcomings.

In addition, the growth model is slow to transform, still mainly relying on capital and labor, while sustainable driving forces such as innovation, science, technology and knowledge economy have limited contributions, making it difficult for the growth model to transform in depth, facing the risk of getting stuck in the middle-income trap.

Labor productivity improved slowly, with an average of only 5.24% per year in the 2021-2025 period, much lower than the target of 6.5% and significantly lower than that of other countries in the region.

The economic structure has shifted slowly, and added value remains low. The proportion of agriculture in GDP has decreased but remains high, while the processing, manufacturing, and value-added services industries have not developed proportionately, mainly relying on processing and assembly.

Supporting industry is slow to develop, with the localization rate of only about 36.6%, showing that domestic enterprises have not yet deeply participated in the global value chain...

In addition, the internal capacity of the private enterprise sector and collective economy is still limited, small in scale, lacking value chain linkage, while attracting and spreading from the FDI sector has not met expectations.

The progress of equitization and divestment of state-owned enterprises is still slow. The space for regional economic development is still scattered, lacking centers, growth poles and internationally competitive value chains.

The National Assembly delegation of Ca Mau province at the opening session of the 10th session of the 15th National Assembly. (Photo: Phuong Hoa/VNA)

The Economic and Financial Committee believes that despite achieving certain results, the economic restructuring in the 2021-2025 period still has some shortcomings and limitations. It is recommended that the Government evaluate and clearly identify the causes and the level of impact of these limitations on the overall effectiveness of the Economic Restructuring Plan in the 2021-2025 period, as a basis, drawing lessons and orienting the next period.

Regarding the implementation orientation for the last months of 2025, the Economic and Financial Committee basically agreed with the 5 groups of solutions stated in the Government's Report and emphasized that, in the context of the world economy still having many fluctuations, it is necessary to continue to prioritize strengthening macroeconomic stability, ensuring major balances, maintaining policy space, while promoting economic restructuring associated with innovation of the growth model towards green, digital and sustainable, creating a solid foundation to complete the goals of the 2021-2025 period and shaping new growth drivers for the 2026-2030 period./.

(TTXVN/Vietnam+)

Source: https://www.vietnamplus.vn/ky-hop-thu-10-uu-tien-cung-co-on-dinh-kinh-te-vi-mo-bao-dam-cac-can-doi-lon-post1071472.vnp