Mr. Phan Van Mai: Gold market is complicated

(NLDO)- The National Assembly's Economic and Financial Committee proposed that the Government effectively manage the gold market.

On October 20, after Prime Minister Pham Minh Chinh presented a summary report on the implementation results of the socio -economic development plan for 2025 and the 5-year period 2021-2025; and the projected socio-economic development plan for 2026, Mr. Phan Van Mai, Chairman of the National Assembly's Economic and Financial Committee, presented a review report on this content.

Chairman of the National Assembly's Economic and Financial Committee Phan Van Mai presents the inspection report. Photo: Pham Thang

The Economic and Financial Committee assessed that Vietnam has made outstanding efforts and achieved comprehensive and impressive results in most areas. It is expected that 22/26 targets for the 2021-2025 period will be completed and exceed the plan. In 2025, comprehensive and outstanding results will be achieved, with an estimated growth rate of 8%, among the highest in the region.

Institutions have been strongly improved, the two-level local government model has been substantially implemented, creating the premise for streamlining the apparatus and improving the effectiveness and efficiency of governance.

According to Mr. Phan Van Mai, in addition to the achievements, our country's socio-economic situation still faces a number of difficulties and challenges. The Economic and Financial Committee recommends that the Government note that the growth target is under a lot of pressure in the context that the main driving forces such as export, consumption and investment have not really created a strong enough impulse.

In particular, the export foundation is still unstable, showing signs of slowing down, heavily dependent on the FDI sector and external supply sources, while reciprocal tax policies, technical barriers and greening requirements from major markets are increasing sharply.

The audit agency pointed out that the scale of public investment is large, but the progress and efficiency of disbursement are not commensurate, reaching about 50% of the plan by the end of September 2025, causing great pressure for the last months of the year. Some key infrastructure projects are still facing difficulties in construction.

The Economic and Financial Committee said that the quality of growth is still limited, the economy still relies mainly on processing and importing raw materials and technology. The domestic business sector, especially the private sector, has not yet established a position in the value chain, the supporting industry is developing slowly, the localization rate is only about 36.6%, making Vietnam heavily dependent on the FDI sector.

Notably, the dominance of the FDI sector, accounting for more than 75% of exports and nearly 70% of imports, poses a challenge to the goal of enhancing the economy's self-reliance and long-term competitiveness.

In addition, macroeconomic stability has many potential risks. Among them, exchange rate management faces many challenges, the corporate bond market has not recovered, and the gold market is complicated, limiting the ability to mobilize medium and long-term capital.

"The real estate market needs to be properly assessed. Credit to this sector increased by nearly 19.7% by the end of August 2025, while capital for production and business still faces many difficulties. Among 21 economic sectors, the construction sector has a bad debt ratio of 11.33%," Mr. Phan Van Mai stated.

Regarding enterprises, the appraisal agency assessed that small and medium enterprises are still under a lot of pressure when private investment has not been cleared, credit for the whole system increased by 12.04% but for small and medium enterprises only reached 9.62%. Input costs, logistics and technical barriers at some important trade partners increased, narrowing profit margins. Administrative procedures still have intermediate stages, high compliance costs, and digitalization is not synchronized.

The audit report also shows that the arrangement of the 2-level local government model still has some problems in terms of organization and personnel. The population is aging rapidly, with a total fertility rate of only 1.91 children per woman. Climate change and natural disasters are complicated, threatening the goal of sustainable development.

The Economic and Financial Committee believes that despite many positive results, the economy still faces many difficulties, the growth momentum is not yet strong, with the current structure of the capital market and interest rate level, continuing to loosen monetary policy is very challenging.

To achieve the 2025 target, the 2021-2025 five-year period, the audit agency recommends continuing to firmly stabilize the macro economy, tightly manage monetary policy, and promote the leading role of focused expansionary fiscal policy. At the same time, promote institutional reform, traditional growth drivers and strongly develop new growth drivers, creating momentum for sustainable development for the 2026-2030 period.

In addition, it is necessary to flexibly, proactively and cautiously manage fiscal and monetary policies; ensure energy security, food security and national financial security; and effectively manage the gold market. Continue to unblock capital flows, directing credit flows to production, business, priority sectors and growth drivers of the economy.

Source: https://nld.com.vn/ong-phan-van-mai-thi-truong-vang-dien-bien-phuc-tap-19625102010450693.htm