Prime Minister: GDP in 2023 will increase by over 5%

Updated date: October 23, 2023 13:47:21

According to Prime Minister Pham Minh Chinh, this year's GDP growth is only over 5%, lower than the level assigned by the National Assembly, because the economy is suffering from unprecedented double impacts, despite efforts to resolve the situation.

Prime Minister Pham Minh Chinh speaks on the morning of October 23

Reporting at the opening session of the 6th Session of the 15th National Assembly on the morning of October 23, Prime Minister Pham Minh Chinh said that GDP growth in the third quarter reached 5.33%, and in the first 9 months reached 4.24%.

GDP growth in 2023 is expected to reach 5%

According to the Government's assessment, although economic growth in 2023 is lower than the set target (6.5%), it is quite high compared to many countries in the region and the world. The latest report of the IMF forecasts GDP growth in 2023 for the whole world at 3%.

In 2023, our country's GDP is estimated to reach about 435 billion USD, putting Vietnam in the group of 40 leading economies in the world.

The Prime Minister informed that the State budget revenue in the first 9 months reached 75.5% of the estimate, and is estimated to reach and strive to exceed the assigned estimate for the whole year while exempting, reducing, and extending many types of taxes, fees, charges, and land rents by about 75,000 billion VND. The budget is saving 560,000 billion VND for salary reform in 3 years (2024 - 2026).

However, the Government leader admitted that the economy has been affected by adverse external factors and internal limitations that have lasted for many years. The competitiveness and resilience of the economy are still limited.

Faced with difficulties, Prime Minister Pham Minh Chinh said the Government will continue to prioritize promoting growth, maintaining macroeconomic stability, controlling inflation, and ensuring major balances of the economy. The proposed solutions will strongly promote growth drivers, including investment, consumption, and export.

"The Government is striving and offering many solutions to achieve GDP growth of over 5% this year (this level is lower than the target assigned by the National Assembly (6.5%). Inflation is around 3.5-4%," said the Prime Minister.

Strive for GDP per capita in 2024 to reach more than 4,700 USD

Referring to the tasks for the final months of the year, the head of the Government stated that it is necessary to continue to prioritize promoting growth, maintaining macroeconomic stability, controlling inflation, ensuring major balances of the economy; focusing on implementing solutions to strongly promote growth drivers (investment, consumption, export).

In 2024, the Prime Minister said, the economy is expected to still suffer double negative impacts and face more challenges. The Government set a target for next year, with GDP increasing by 6-6.5%, per capita income of 4,700-4,730 USD and inflation of 4-4.5%. Credit growth of over 15%; public investment disbursement of over 95% of the plan; reduction of 10% in administrative compliance costs in business.

The Prime Minister pledged to "resolutely not let there be a shortage of electricity for production, business and consumption".

In addition to operating a flexible monetary policy and reasonably expanding fiscal policy, the Prime Minister said the Government directed the banking system to further reduce lending interest rates, direct credit to growth drivers (investment, consumption, export), handle bad debt, and end cross-ownership in the banking system.

At the same time, promote expressway projects to ensure the completion of the target of having over 3,000km by 2025. In particular, the North-South high-speed railway project will be submitted by the Government to competent authorities next year.

In particular, Prime Minister Pham Minh Chinh emphasized tightening discipline, increasing decentralization and delegation of power, and correcting the situation of avoiding and shirking responsibility, protecting cadres who dare to think, dare to do, and dare to take responsibility.

Salary reform from July 2024

The Head of Government also mentioned promoting the construction and development of a synchronous and modern strategic infrastructure system, especially the highway system, upgrading airports, ports, urban and inter-regional infrastructure, etc.

"Complete a number of important transport infrastructure projects, while promoting expressway projects to ensure the goal of having over 3,000km by 2025," said the Prime Minister.

Panorama of the National Assembly opening session on the morning of October 23

In addition, the Prime Minister set the goal of striving to complete and submit to competent authorities for consideration the high-speed railway project on the North-South axis in 2024.

Notably, the head of the Government said that he will implement salary policy reform for the public sector from July 1, 2024. From 2025 onwards, continue to adjust salaries to increase by an average of 7%/year for cadres, civil servants, public employees, and armed forces until the lowest salary is equal to or higher than the lowest salary in region I of the business sector.

Besides, he affirmed that he will continue to adjust the regional minimum wage and wage policy for the business sector according to regulations.

"The tasks from now until the end of 2023 and 2024 are very heavy and important, requiring all levels, sectors and localities not to retreat in the face of difficulties and challenges, but to have higher determination, greater efforts and more drastic actions," the Prime Minister emphasized.

According to HA CUONG (VTC News)

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