Optimizing mechanisms to improve the "health" of the economy

At the discussion session at Group 8 (including the National Assembly Delegation of Bac Ninh and Ca Mau provinces) on October 21, delegates highly appreciated the impressive GDP growth rate of 7.85% in the first 9 months of 2025 in the context of global fluctuations. However, from a practical perspective, delegates were concerned and raised a big question: Has this growth rate truly exploited the full potential of the economy and unleashed the country's internal strength?

Delegates recommended that in order to create a strong breakthrough and promote sustainable development of the Vietnamese economy , it is necessary to resolve core issues and optimize current mechanisms to "nourish" the health of the economy and the resistance of businesses...

Head of the National Assembly Delegation of Ca Mau Province, Lu Van Hung, chaired the group discussion at Group 8. Photo: Nguyen Anh

According to National Assembly Deputy Nguyen Nhu So, in the first 9 months of 2025, GDP growth was recorded at 7.85%, an impressive figure, reflecting the tireless efforts of the whole society in a volatile global context. However, from a practical perspective, the delegate wondered whether this growth rate has truly exploited the full potential of the economy and unleashed the country's internal strength?

Permanent Deputy Prime Minister Nguyen Hoa Binh , National Assembly Delegate of Bac Ninh province, attended the discussion at Group 8. Photo: Nguyen Anh

According to the delegates, a strong recovery after the pandemic must create a strong wave of private investment, promote production, innovation and open a new development cycle. However, in reality, that wave is still only weak waves, lacking in influence. The number of businesses withdrawing from the market is still large. In the first 9 months of 2025, there were 174.9 thousand businesses, an increase of 6.8% over the same period last year; on average, 19.4 thousand businesses withdrew from the market per month. This shows that the private sector, which is a solid pillar of the market economy, is still constrained.

“An economy cannot be strong if the vitality of businesses and units that create real value is stifled,” said National Assembly member Nguyen Nhu So.

To create strong breakthroughs and promote sustainable development of the Vietnamese economy, especially the private sector, it is necessary to solve core problems and optimize current mechanisms. Therefore, according to delegates, it is necessary to comprehensively restructure the capital market and activate strong cash flow to serve real production.

National Assembly Delegate Nguyen Nhu So (Bac Ninh) speaks. Photo: Nguyen Anh

Delegates said that capital flow is the lifeblood of the economy, but at present, capital flow is seriously blocked. The Government needs to have strong policies to restructure the capital market, encourage investment in production, processing and manufacturing industry and high technology. In addition, it is necessary to promote the development of non-bank capital channels such as investment funds and corporate bonds to reduce dependence on bank credit, while creating a more stable and flexible financial environment for businesses.

Delegates attending the discussion at Group 8. Photo: Nguyen Anh

In addition, it is necessary to strongly implement fiscal and monetary policies to support private enterprises to overcome difficulties and strive for sustainable development. For the economy to be able to move from a state of holding on to a breakthrough, the key factor is to activate capital flows effectively and promptly support private enterprises. The Government needs to study and implement "Overcoming the crisis" refinancing programs, with a fixed ceiling interest rate mechanism of 2-5% for 3 years for medium and long-term loans, serving production projects and technological innovation. This policy will not only solve the problem of "weak capital absorption capacity", but also create conditions for enterprises to access abundant capital, serving the needs of production expansion and innovation.

At the same time, it is necessary to quickly launch a "Green Production" tax stimulus package, prioritizing a 50% corporate income tax exemption for businesses investing in 4.0 technology and circular economy projects. This policy will directly impact profit margins, encourage businesses to reinvest in production, thereby helping to achieve sustainable growth and improve competitiveness in the international market. In particular, encouraging the development of green and clean production models not only promotes business development but also contributes to environmental protection, creating the foundation for a modern, sustainable economy in line with global trends.

National Assembly Deputy Nguyen Nhu So said that it is necessary to establish a "Special Mechanism" for private enterprises in strategic industries and high-tech agriculture.

Delegates participating in the discussion session at Group 8. Photo: Nguyen Anh

In particular, it is necessary to identify high-quality human resource development as a central pillar of the national development strategy, a key factor determining the productivity and resilience of the economy in the era of technology and digital transformation.

“Only when Vietnam forms a knowledgeable, creative, and self-reliant workforce can we overcome the limits of an economy based on cheap labor, reach growth based on knowledge and technology, realize the aspiration of escaping the middle-income trap and becoming a developed country,” said National Assembly Deputy Nguyen Nhu So.

National Assembly Deputy Nguyen Quoc Han (Ca Mau) speaks at the discussion

Appreciating the Government's efforts in the context of a complex and difficult world economy, our country has still achieved encouraging results. However, delegate Nguyen Quoc Han (Ca Mau) said that economic restructuring is still slow, the proportion of labor in the agricultural sector is still high; labor productivity has not reached the target, only increasing by 6.85% compared to the target of 8.5%; while the contribution of the digital economy and innovation has only reached 14%, lower than the target of 20%. The delegate recommended that it is necessary to continue perfecting policies to increase the content of science - technology and innovation in the growth model, creating a foundation for a new development stage.

Delegates attending the discussion at Group 8. Photo: Nguyen Anh

Frankly pointing out the bottlenecks that need to be overcome soon, especially in improving the "health" of enterprises, when the quantity and quality of newly established enterprises are still low, production costs are high, logistics costs account for up to 14% of GDP, nearly double the world average, National Assembly Deputy Dinh Ngoc Minh (Ca Mau) said that if logistics costs can be reduced by 5%, manufacturing enterprises will save about 25 billion USD per year, a large enough resource to increase competitiveness and reinvestment.

National Assembly Deputy Dinh Ngoc Minh (Ca Mau) speaks during the discussion. Photo: Nguyen Anh

Another issue that delegate Dinh Ngoc Minh considered "painful" was that administrative procedure reform was still slow, not achieving the target of 30-50% reduction as required by Resolution 68 of the Government. In some areas, additional procedures were even created, increasing compliance costs, making businesses "exhausted" and difficult to grow. The delegate suggested that the Government and ministries and branches need to materialize reforms, fight injustice in access to resources, ensure a fair and transparent business environment...

Source: https://daibieunhandan.vn/toi-uu-hoa-cac-co-che-de-nang-cao-suc-khoe-cua-nen-kinh-te-10391256.html