On May 20, at the opening session of the 7th Session of the 15th National Assembly, the National Assembly listened to the Report on the supplementary assessment of the results of the implementation of the socio- economic development plan and the state budget in 2023; the implementation of the socio-economic development plan and the state budget in the first months of 2024 presented by Deputy Prime Minister Le Minh Khai, authorized by the Prime Minister. The Government's report said that by the end of 2023, about 680,000 billion VND had been set aside to implement the new wage policy.
Socio-economic situation continues to recover positively; 680,000 billion VND allocated for new wage policy
Reporting at the meeting, Deputy Prime Minister Le Minh Khai said that in the last months of 2023, the Government and the Prime Minister directed all levels, sectors and localities to resolutely implement resolutions and conclusions of the Central Committee, the National Assembly and the Government; continue to prioritize promoting growth, maintaining macroeconomic stability, controlling inflation, and ensuring major balances of the economy.
The socio-economic situation in the last months of the year continued to recover, with each month being more positive than the previous month, each quarter being higher than the previous quarter, basically achieving the set general goals and achieving many important results in all fields.
Some socio-economic indicators were higher than those reported to the National Assembly: GDP growth rate reached 5.05% (reported to be over 5%), although lower than the set target, it is a high level in the world and the region. The economic scale reached 430 billion USD, entering the group of upper middle-income countries. Inflation was controlled, the average consumer price index (CPI) increased by 3.25% (reported to increase by about 3.5%); the currency and foreign exchange markets were basically stable, and interest rates decreased. State budget revenue exceeded 8.2% and increased by 133,400 billion VND compared to the estimate.
Along with that, many policies and solutions have been implemented synchronously, promptly and effectively to support the economy, businesses and people; nearly VND 191,500 billion in taxes, fees, charges and land rents have been exempted, reduced and extended. The state budget deficit is about 3.5% of GDP; public debt is about 37% of GDP; government debt is about 34% of GDP, much lower than the ceiling and warning threshold.
By the end of 2023, about 680,000 billion VND has been set aside to implement the policy. new salary
Cultural and social fields continue to receive attention; social security is ensured; people's lives are constantly improved. National defense, security, social order and safety are strengthened and ensured; national sovereignty is maintained; foreign affairs and international integration are promoted.
Continue to remove difficulties for production and business
Regarding the results achieved in the first months of 2024, the Government's report shows that the macro economy is basically stable, inflation is under control, and major balances are guaranteed. GDP growth in the first quarter of 2024 reached 5.66%; the highest in the 2020-2023 period - this is a great effort in the context of the economy facing many difficulties.
The average consumer price index (CPI) in the first four months increased by 3.93% over the same period last year. Monetary policy was flexibly managed and interest rates were reduced to support economic growth.
In the first 4 months of 2024, state budget revenue reached 43.1% of the estimate, up 10.1%; export turnover increased by 15%; trade surplus was 8.4 billion USD.
Disbursement of public investment capital reached 17.46% of the plan, the highest in the past 4 years. Total registered FDI capital reached 9.27 billion USD, up 4.5%, of which newly registered FDI capital reached 7.11 billion USD, up 73.2%; implemented FDI reached 6.28 billion USD, up 7.4%, the highest in the past 5 years. Many large corporations have committed to investing in Vietnam in the electronics, chip, semiconductor, renewable energy industries, etc.
In addition, continue to implement social security policies well, take care of people with revolutionary contributions, reduce poverty, improve people's lives; pay social allowances fully and promptly; support people to overcome the consequences of natural disasters, stabilize their lives. Vietnam's human development index increased by 8 places, ranking 107/193. Vietnam's happiness index increased by 11 places, ranking 54/143.
However, the Government report also acknowledged that the pressure to direct and manage the macro economy is still high, especially in controlling inflation, managing interest rates and exchange rates; credit growth is still low; world and domestic gold prices fluctuate strongly. Although economic growth has achieved good results, it still faces many challenges. Production and business activities of enterprises and people face many difficulties...
Regarding tasks and solutions in the coming time, the Government prioritizes promoting growth associated with macroeconomic stability, controlling inflation, ensuring major balances of the economy; closely, effectively and harmoniously coordinating macroeconomic management policies. Renewing traditional growth drivers and promoting new growth drivers. Continuing to implement policies on interest rate exemption and reduction, debt deferral, debt restructuring and exemption, reduction and extension of taxes, fees, charges, land rents to remove difficulties for production and business...
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