Prime Minister: Vietnam's economy is a bright spot in the world economy

This was the statement made by Prime Minister Pham Minh Chinh at the conference summarizing the achievements of 2023 and outlining the tasks for 2024 of the Ministry of Planning and Investment, held on January 11th.

Prime Minister Pham Minh Chinh delivers a directive speech at the Ministry of Planning and Investment's summary conference on January 11 - Photo: B. NGOC

According to Minister of Planning and Investment Nguyen Chi Dung, in 2023 and recent years, the planning and investment sector has had 10 outstanding highlights, the most important of which is the development of a new mindset and a new strategic vision for development, in line with the country's new position and strength, and increasingly better meeting the practical requirements of both the present and the future.

Focusing capital on creating infrastructure breakthroughs.

What are the outstanding achievements? In public investment, the Ministry has made efforts to overcome the situation of scattered, fragmented, and localized investments, focusing resources on large-scale projects, highways, inter-regional and coastal projects, etc. – the "steel fists" for infrastructure breakthroughs in the country and localities. The number of national target programs has decreased from 60 programs (2011-2015) to 21 programs (2016-2020), and currently to 3 programs (2021-2025). The number of public investment projects has decreased from 12,000 projects using the central budget (2016-2020) to 5,000 projects (2021-2025) to focus investment on key, important projects that form the foundation of the economy 's infrastructure. The goal is to build 3,000km of expressways nationwide by 2025 and approximately 5,000km by 2030. In the planning process, the Ministry of Planning and Investment has consistently and persistently submitted the Planning Law to the National Assembly over three sessions. This has reduced the number of national planning documents from over 20,000 to 111, and integrated 39 technical, specialized, sectoral, and provincial-level plans into a single provincial plan. This has addressed fragmented and localized management, reorganizing the development space of various sectors and localities. Furthermore, the Ministry of Planning and Investment has effectively utilized market mechanisms to eliminate over 3,000 product-specific plans, removing thousands of business conditions and sub-licenses.

Regarding the challenges in 2024 and the coming years, Minister Nguyen Chi Dung frankly stated that although economic growth in 2023 was very positive, it was the third consecutive year that it fell below the average target of the 2021-2025 five-year plan (6.5-7%) and the 2021-2030 ten-year strategy (approximately 7% per year). In addition, GDP per capita in 2023 only reached US$4,284, quite far from the target of US$4,700-5,000 by 2025. Achieving the five-year growth target is an extremely difficult task, Minister Nguyen Chi Dung added.

Prime Minister: Vietnam's economy is a bright spot in the global economy.

In his remarks at the conference, Prime Minister Pham Minh Chinh said: "In the challenging context of 2023, the Vietnamese economy was a bright spot in the not-so-bright global picture. Foreign direct investment (FDI) reached a record $36.6 billion, with disbursements exceeding $23 billion, contributing to macroeconomic stability and promoting growth. Public investment disbursement was also a highlight; the Ministry advised the Government to establish 26 working groups, identifying over 1,000 obstacles to focus on finding solutions. Of the 111 national plans, the Ministry of Planning and Investment has so far appraised 107, a significant effort because planning is difficult as it requires leveraging strengths, mitigating weaknesses, and having a long-term vision," the Prime Minister assessed. The Prime Minister also noted the trend of business recovery, with a large number of businesses entering the market at the end of the year, exceeding the number of businesses leaving. In the field of innovation and entrepreneurship, according to the Prime Minister, there has also been strong progress, forming an innovation ecosystem. To date, the National Innovation Center has attracted 41 investment funds, committing approximately $1.5 billion to the innovation sector.

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