Average growth target of about 6.5%

Continuing the 6th Session of the 15th National Assembly, on the afternoon of October 23, the National Assembly listened to reports on the mid-term assessment of the implementation of the 5-year Socio -Economic Development Plan 2021 - 2025 and the Economic Restructuring Plan for the period 2021 - 2025; the implementation of the state budget in 2023, the state budget estimate, the central budget allocation plan for 2024, the 3-year State Finance - Budget Plan 2024 - 2026; mid-term assessment of the implementation of the 5-year National Finance Plan and public borrowing and debt repayment for the period 2021 - 2025; mid-term assessment of the implementation of the medium-term public investment plan for the period 2021 - 2025; Results of implementing Resolution No. 43/2022/QH15 on fiscal and monetary policies to support the Socio-Economic Recovery and Development Program.

Economic growth still faces many challenges

Opening the meeting, Minister of Planning and Investment Nguyen Chi Dung, authorized by the Prime Minister, presented the Mid-term Assessment Report on the implementation of the 5-year Socio-Economic Development Plan 2021 - 2025 and the Economic Restructuring Plan for the 2021 - 2025 period.

According to the Report, since the beginning of the term, the world situation has changed rapidly, strongly, complicatedly, with many risks; many issues are unprecedented, beyond the ability to forecast, have deep, wide, comprehensive impacts, and require time to respond and adapt. In the country, the economy has gone through 3 basic stages, from preventing and strictly controlling the spread of the pandemic to adapting safely, flexibly, effectively, reopening the economy, promoting recovery and responding and adapting to new difficulties and challenges of the global economy.

Thanks to the efforts of the entire political system, the entire people, the entire army and the business community, our country has successfully achieved the "dual goal" of focusing on disease prevention, control and control while recovering and developing the socio-economy; although there are still limitations and shortcomings, the overall set goals and many important results in various fields have been basically achieved...

After half a term, our country has basically steadfastly overcome difficulties and challenges and achieved many important and quite comprehensive results, creating a foundation for socio-economic development, promoting growth, enhancing competitiveness in the medium and long term; continuing to be a bright spot in the global economy. Some key socio-economic indicators in the 2021 - 2023 period are expected to have more positive changes compared to the 2016 - 2018 period. Many prestigious international organizations highly appreciate the results and prospects of the Vietnamese economy, forecasting that our economy will recover quickly in the coming time.

However, economic growth still faces many challenges; macroeconomic stability is not really solid due to the impact of external factors. In 2023, many main growth drivers will slow down, facing many difficulties; export turnover is estimated to decrease by 3.5%, import will decrease by 4.2%; bad debt tends to increase; core inflation remains high; real estate and corporate bond markets have potential risks.

In addition, after the COVID-19 pandemic, the resilience of many businesses has reached its limit; production and business activities continue to face many difficulties, especially in terms of output markets, cash flow, capital mobilization, administrative procedures and increasing pressure from market and partner requirements for sustainable development; institutional improvement, growth model innovation, industrialization and modernization have not met the requirements for rapid changes in productivity, quality, efficiency and competitiveness of the economy; investment in culture is still scattered and not very effective; people's income is still at a low average level, the lives of a segment of people are still difficult; social security and poverty reduction still face many challenges...

Regarding the implementation of the Economic Restructuring Plan for the 2021-2025 period, Minister of Planning and Investment Nguyen Chi Dung said that, based on Resolution No. 31/2021/QH15 of the National Assembly, the Government has urgently issued an Action Program to organize implementation; in which, it has directed ministries, branches and localities to focus on synchronously and drastically implementing 102 tasks of developing programs and projects. The implementation of the Plan continues to achieve important results, basically following the goals set out in Resolution No. 31/2021/QH15. However, the difficult and challenging context and situation in the world and in the country have significantly impacted the implementation of key goals, targets and tasks.

In the coming time, the Government determines to continue to closely follow the Resolution of the 13th Party Congress; Resolutions of the Party, the National Assembly, and the Government. Focus on synchronously, drastically, and effectively implementing the 10-year Strategy and the 5-year Plan, focusing on 3 strategic breakthroughs, 6 key tasks, and 12 main groups of solutions. Economic development is harmoniously combined with cultural and social development, realizing social progress and equality.

In addition, solidarity, effort, and determination to act with the highest level to both withstand and adapt to new contexts and situations, and seize opportunities, new motivations to promote growth, accelerate rapid and sustainable socio-economic development; focus on prioritizing growth promotion associated with maintaining macroeconomic stability, controlling inflation, promoting growth, and ensuring major balances of the economy.

At the same time, mobilize and effectively use all resources for rapid and sustainable development; continue to focus on removing institutional difficulties in the direction that each level issues its own solutions; report directly to the immediate superior on issues beyond authority; promote decentralization, delegation of authority, and individualization of responsibilities along with strengthening inspection, supervision, and control of power...

The average growth target of about 6.5% - 7% is an extremely difficult task.

The mid-term review report on the implementation of the 5-year socio-economic development plan for 2021-2025 and the economic restructuring plan for the period 2021-2025 presented by Chairman of the National Assembly's Economic Committee Vu Hong Thanh stated that, regarding the socio-economic situation for the 3 years of 2021-2023, the Economic Committee basically agreed with many contents according to the Government's Report. However, the results, comments and assessments need to closely follow Resolution No. 16/2021/QH15 and other relevant resolutions of the National Assembly and be close to the current practical situation.

According to the Chairman of the Economic Committee, since the beginning of the term, the world and regional situation has undergone many rapid, complex, unpredictable and unforeseeable developments, seriously affecting the global economy. Domestically, Vietnam must achieve multiple goals, both preventing the epidemic and recovering and developing the economy, ensuring social security, national defense and security, and self-reliance and self-reliance associated with international integration...

In the context of many difficulties and challenges, with the consistent policy of not trading the environment, health and lives of the people for economic growth, many policies and solutions have been issued in both the short and long term; the work of building and perfecting legal institutions to serve the work of preventing and fighting the COVID-19 pandemic as well as socio-economic recovery and development has been resolutely and flexibly implemented by the National Assembly, the National Assembly Standing Committee and the Government. Resolution No. 43/2022/QH15 of the National Assembly on fiscal and monetary policies to support the Socio-economic Recovery and Development Program and many other resolutions have been issued promptly on a large scale and with many unprecedented mechanisms and policies to support socio-economic recovery and development.

Regarding the socio-economic situation, Chairman of the Economic Committee Vu Hong Thanh said that after 2 years of being heavily affected by the COVID-19 pandemic combined with the context of global economic and trade decline and many risks, our country's socio-economic situation has recovered and achieved positive results. In 2021, the GDP growth rate reached 2.56% when many economies had negative growth; in 2022, it recovered strongly, reaching 8.02%, much higher than the plan (6 - 6.5%); in the first 9 months of 2023, it reached 4.24%, the whole year is forecasted at about 5 - 5.5%. The economic structure continues to shift in the right direction; the agricultural sector continues to be the mainstay of the economy. Core inflation is properly controlled; the budget revenue structure is consolidated; the state budget deficit in the 3-year period is estimated at 3.6% of GDP; The expected public debt safety indicators are all within the allowable limits. Disbursement of public investment capital is being promoted; policies to support people and businesses have achieved remarkable results.

The Economic Committee assessed that the achieved results are very remarkable; however, there are still many difficulties, challenges and limitations such as: COVID-19 prevention and control work was sometimes passive and confused, especially in the early stages when the Delta variant broke out strongly; there is still a state of subjective thinking, negligence, and lack of vigilance; The economic structure continues to shift in the right direction, however, there have not been many changes; productivity, quality, efficiency and competitiveness of the economy are still low; State budget revenue often exceeds the estimate, reflecting the low budget estimate, narrowing the fiscal space and affecting the revenue estimate of the following year...

Regarding the completion of the 5-year plan for 2021 - 2025, Chairman of the Economic Committee Vu Hong Thanh emphasized that with the delayed impact of solutions from economic support policies that have been continuously implemented since the beginning of 2022, along with the close, timely and scientific leadership and direction of the Central Government, the National Assembly, the National Assembly Standing Committee has strengthened supervision, coordinated promptly, closely and effectively, the Government, ministries and branches have resolutely directed solutions to remove difficulties, the Economic Committee believes that economic growth in 2024 - 2025 can recover better than in 2023. However, to achieve the average growth target of about 6.5% - 7% and higher than the average of the 5 years 2016 - 2020 (6.25%) is an extremely difficult task, especially in the context of the extremely complicated world situation, which cannot be achieved. foresee

Regarding key tasks and solutions, the Chairman of the Economic Committee said it is necessary to emphasize continuing to implement tasks and solutions according to Resolution No. 16/2021/QH15 and other relevant resolutions of the National Assembly.

Specifically: Closely follow the international economic and financial situation; proactively analyze and forecast developments in international markets to have appropriate proactive response scenarios; Resolutely deploy appropriate solutions to promote disbursement of public investment capital, the Socio-Economic Recovery and Development Program, 03 National Target Programs (NTPs), important national projects, and key works.

Accelerate the preparation of the North-South high-speed railway project, develop energy infrastructure, digital infrastructure associated with improving internal capacity; Research, evaluate results and propose to issue new or extend monetary policies, tax policies, fees, charges... to support and promote production and business.

At the same time, it is necessary to develop high-quality human resources, including effectively implementing the National Strategy on Developing Intellectuals for the 2021-2030 period; promoting cooperation between FDI enterprises and Vietnamese universities to train high-quality human resources that meet market requirements.

Focus on comprehensive and synchronous development of cultural fields, ensuring harmonious connection between economic development and culture and society. Urgently submit to the National Assembly for consideration and approval of the National Target Program on cultural revival and development, building Vietnamese people. Strengthen direction and administration, promote initiative, creativity and enhance the responsibility of leaders. Tighten administrative discipline and order; further promote the prevention and fight against corruption, negativity, group interests, practice thrift and combat waste./.

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