Growth over 8% and 500kV line 3 circuit

The project was initiated in June 2023, when the North had just experienced a severe power shortage. In July 2023, the Prime Minister requested to accelerate the project's progress, putting it into operation in June 2024 to increase power supply from the South to the North. The 500kV line 3, 519km long with 1,177 poles to be constructed, with a total investment of more than VND 22,300 billion, passing through 9 provinces and requiring the recovery of about 1.83 million square meters of land, relocation, support, resettlement, and production stabilization for 5,415 households. A project with such a large construction volume would take at least 3-4 years to complete. Moreover, at that time, the project's investment policy had not yet been approved. Under such conditions, even the most optimistic person thought this was an impossible task.

However, after more than 6 months of construction, the 500kV line 3 was completed spectacularly, thanks to each stage and each task being thoroughly and decisively resolved with the highest sense of responsibility. The "impossible mission" set by the head of the Government has increased the pressure, forcing the relevant ministries, branches and localities to make efforts in their tasks to push the project progress as quickly as possible.

Returning to the growth target of 8% or more this year - this is really a huge challenge when all three traditional growth drivers have recovered unevenly, lower than before the pandemic and are not sustainable. The assessment of the BIDV Training and Research Institute on the economic picture in the first quarter shows that the contribution of the difference in import and export of goods and services to overall growth is much lower than the same period of the past two years due to the high service balance deficit. Private investment and consumption have recovered but are still weak compared to the pre-pandemic period. Newly registered FDI capital is slowing down and is at risk of falling further if the US imposes a tax of 25% or more. Disbursement of public investment capital has improved but is still slow, with many localities not allocating capital, making the target of disbursing almost the entire annual plan challenging.

In addition, the rearrangement of administrative units and streamlining of the organizational apparatus will help improve the quality and efficiency of management, and expand the development space for the country. However, during the transition process, it is inevitable that it will affect the progress and quality of public service implementation, and the processing of records and procedures. This will impact the operations of businesses, people, and economic growth.

In such a context, the Government's determination to achieve an 8% growth target is, first of all, an important policy signal to the market, businesses and investors - demonstrating the Government's proactiveness, determination and consistency in management, maintaining confidence in the economy, businesses and people. Moreover, maintaining a high growth target will force the entire apparatus to act faster and more decisively. Ministries, sectors and localities must proactively remove difficulties, accelerate public investment disbursement, handle legal bottlenecks, and create the best conditions for businesses and people. If we are only satisfied with a lower growth rate for safety, it will be very difficult to maintain the pace of reform and movement of the economy.

The high growth target also requires policies to support the economy, people and businesses more practically and effectively. This can be seen through the program of the 44th Session of the National Assembly Standing Committee with a series of policies discussed to remove difficulties and support growth in the short and long term such as: extending the exemption of agricultural land use tax; continuing to reduce value added tax; issuing a resolution on the Vietnam Financial Center; mechanisms to remove obstacles for BOT traffic projects; piloting specific mechanisms and policies for social housing development... Along with that, many laws continue to be amended to suit reality.

The success of the 500kV line 3 shows that when faced with challenges, the most important thing is not to choose the easy path, but to dare to set big goals, persistently pursue them to the end to motivate the whole machine to move together. There may be times on that journey when there are difficulties, forcing flexible adjustments to tactics; but if there is a lack of determination from the beginning, all subsequent efforts will lack motivation and consistency.

Setting high goals to create positive pressure for the entire system; consistent management viewpoint; decisive attitude, urgent action - these are the factors that have made the 500kV line 3 successful and will also be the key to our country's high growth target this year and in the coming years.

Netherlands

Source: https://daibieunhandan.vn/tang-truong-tren-8-va-duong-day-500kv-mach-3-post410606.html