Vietnam's GDP growth is among the highest in the region.

Speaking before the National Assembly, Prime Minister Pham Minh Chinh said that Vietnam's GDP growth in the first 9 months of 2024 reached 6.82%; the whole year is estimated to reach 6.8 - 7%, higher than the target assigned by the National Assembly (6 - 6.5%), belonging to the group of countries with high growth rates in the region and the world , highly appreciated by many large and prestigious international organizations.

On the morning of October 21, continuing the 8th Session, the National Assembly listened to Prime Minister Pham Minh Chinh report on the results of the implementation of the socio -economic development plan for 2024 and the expected socio-economic development plan for 2025.

GDP for the whole year 2024 is estimated to reach 6.8 - 7%

According to Prime Minister Pham Minh Chinh , in general, in 2024, the socio-economic situation will be more positive in the following month than the previous month, the following quarter will be higher than the previous quarter, and in the first 9 months, many important results will be achieved, higher than the same period in most areas. It is estimated that 14/15 targets for the whole year will be achieved and exceeded (the GDP per capita target will be achieved if GDP growth is over 7%). Notably, the target of increasing labor productivity will exceed the set plan, after 3 years of not achieving it.

Prime Minister Pham Minh Chinh speaks before the National Assembly on the morning of October 21

The macro economy continues to be stable, inflation is under control, economic growth is higher than the set target, major balances are ensured (with high surplus); public debt, government debt, national foreign debt and state budget deficit are well controlled, lower than the permitted limit. GDP growth in the first 9 months reached 6.82%; estimated for the whole year is 6.8 - 7%, higher than the target assigned by the National Assembly (6 - 6.5%), belonging to the group of countries with high growth rates in the region and the world, highly appreciated by many large and prestigious international organizations.

The average consumer price index (CPI) in the first 9 months increased by 3.88% (in the context of high salary increases from July 1, 2024). The foreign exchange market is basically stable, and interest rates have decreased. State budget revenue in the first 9 months reached 85.1% of the estimate, up 17.9% over the same period, while it is estimated that nearly 200 trillion VND of taxes, fees, charges, and land rents will be exempted, reduced, or extended for the whole year. Import-export turnover in the first 9 months reached 578.5 billion USD, up 16.3%; trade surplus of nearly 20.8 billion USD (as of October 15, 2024, the total import-export turnover reached 610.5 billion USD; trade surplus of 21.24 billion USD). Energy security and food security are ensured; the labor market has recovered positively.

Investment development achieved positive results. Public investment was focused and key, not spread out. Focusing on implementing many important and key projects and works with the spirit of "overcoming the sun, overcoming the rain, not losing to the wind and storm", "eating and sleeping quickly", "not enough work during the day, working at night", "3 shifts, 4 shifts", "through holidays, holidays, and Tet"; completing the 500kV Project, Circuit 3, Quang Binh - Hung Yen after more than 6 months of rapid construction and actively implementing many key power projects and works; completing a number of expressway sections, increasing the total length to 2,021 km. Business development continued the positive trend. FDI attraction was a bright spot, with realized capital reaching 17.3 billion USD, up 8.9%, the highest in many years, while global investment declined.

Prime Minister Pham Minh Chinh emphasized that the economic structure has shifted positively towards developing the digital economy, green economy, increasing the proportion of industry, construction and services, and reducing the proportion of agriculture. All major sectors have grown well. Industry has recovered positively, being an important driving force, leading to growth. Services have maintained a good recovery; e-commerce and tourism have developed strongly. Agriculture, forestry and fishery have increased quite well; developing ecological, organic and high-tech agricultural models.

According to Prime Minister Pham Minh Chinh, in the first 9 months of the year, the Government has resolutely restructured the system of credit institutions (CIs) in conjunction with handling bad debts; actively handled weak CIs, projects and enterprises that are behind schedule and ineffective. The operational efficiency of state-owned corporations and groups has been improved. Planning work has been promoted with 110 plans being prepared, appraised, approved and implemented.

National Assembly delegates attending the session

Regarding the management of natural resources, environmental protection, natural disaster prevention and control, and climate change response, Prime Minister Pham Minh Chinh said that the issuance of documents guiding the implementation of the Land Law and the Water Resources Law has been basically completed. Strengthening inspection of compliance with environmental protection laws; controlling pollution sources; managing domestic solid waste and imported scrap. Mobilizing resources to respond to climate change, especially in the Mekong Delta and the Central region. Resolutely implementing action programs for green development, climate change response, emission reduction, and energy conversion.

Disaster prevention and control work has been focused on. In particular, in the face of the complicated developments of storm No. 3 hitting our country, the strongest in the past 70 years, the leaders of the Party, State, Government, and Prime Minister have directed to closely monitor the situation, respond early, from afar with many new, flexible, creative, timely, preventive measures at the highest level, ready with plans for all situations; handle emergency situations regarding dikes, reservoirs, and dams with courage, scientifically, and effectively; thereby contributing to minimizing damage to people and property. Timely encouragement and visits; directing the overcoming of consequences, quickly restoring infrastructure, essential services and economic and social activities, not letting anyone go hungry, cold, or homeless, students can go to school early, and the sick are treated.

“In the midst of difficulties and challenges, the spirit of great national unity has been promoted; the frontline forces, especially the army and police, have always been the vanguard, taking the lead, not afraid of hardships and sacrifices to rescue, save and provide relief to people, leaving impressive images and deep feelings in the hearts of the people,” Prime Minister Pham Minh Chinh emphasized.

Proactive, positive, and synchronous economic development solutions

In addition to the achieved results, Prime Minister Pham Minh Chinh said that our country still has limitations, shortcomings and continues to face many difficulties and challenges. Specifically, macroeconomic stability still has potential risks. Production and business activities still face difficulties; production costs remain high; domestic purchasing power shows signs of slowing down. Some credit programs and policies are implemented slowly. Bad debt tends to increase; the volume of corporate bonds maturing in 2024 is still high. Disbursement of public investment capital is slow; waste in the management of public assets, land, etc. is still large; compensation, site clearance, and resettlement work is still prolonged. Smuggling and trade fraud are complicated...

Session view

In that context, in the last months of 2024, Prime Minister Pham Minh Chinh requested all levels, sectors and localities, based on their functions and powers, to continue to focus on synchronously and effectively implementing tasks and solutions in all fields. In particular, continuing to make efforts to overcome the consequences of natural disasters, especially storm No. 3; stepping up prevention and control of landslides, subsidence, drought, saltwater intrusion... Proactively and actively mobilizing maximum resources to immediately implement support policies, including ensuring that people do not lack food, clothing or shelter; students must go to school, the sick must be treated; supporting seeds and seedlings, restoring and developing agricultural, forestry and fishery production; creating conditions for business households and enterprises to quickly restore the supply chain and promote socio-economic development, creating jobs and stable livelihoods for the people.

At the same time, review and evaluate the implementation of the targets for 2024, thereby focusing with high determination, great efforts, drastic actions, striving to achieve and exceed all 15 main targets. Maintain momentum, maintain development pace, promote growth associated with maintaining macroeconomic stability, controlling inflation and ensuring major balances; strive for a GDP growth rate of over 7% for the whole year, controlling inflation below 4.5%; credit growth of about 15%; State budget revenue to increase by over 10%; public investment disbursement rate of at least 95% of the plan.

Continue to review and improve institutions, amend problematic legal regulations. Resolutely reform administrative procedures, improve the investment and business environment. Speed ​​up the progress of important and key national projects and works, along with preventing and combating corruption, negativity and waste. Focus on cultural and social fields, improve people's lives. Ensure national defense, security, social order and safety. Effectively implement foreign affairs and international integration.

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Main targets in the 2025 Economic Development Plan: GDP growth of about 6.5 - 7% and striving to achieve a higher growth rate (7 - 7.5%) to rank 31 - 33 in the world in terms of GDP scale by the end of 2025. GDP per capita reaches about 4,900 USD. The proportion of processing and manufacturing industry in GDP reaches about 24.1%. The average growth rate of the consumer price index (CPI) is about 4.5%. The average growth rate of social labor productivity is 5.3 - 5.4%. The rate of trained workers reaches about 70%, of which those with degrees and certificates reach about 29 - 29.5%. The unemployment rate in urban areas is below 4%. The rate of poor households according to the multidimensional poverty standard decreases by about 0.8 - 1%...

Source: https://baotainguyenmoitruong.vn/thu-tuong-pham-minh-chinh-tang-truong-gdp-viet-nam-thuoc-nhom-cao-trong-khu-vuc-va-the-gioi-381892.html