On the afternoon of October 23, the National Assembly convened in the assembly hall to hear reports from the Government and the Economic Committee on the mid-term assessment of the implementation of the five-year socio-economic development plan; and the plan for restructuring the economy for the period 2021-2025.
Establishing international financial centers in Ho Chi Minh City and Da Nang.
Presenting the Government 's report, Minister of Planning and Investment Nguyen Chi Dung stated that after half of the term, Vietnam has basically overcome difficulties and challenges and achieved many important and fairly comprehensive results.
The scale and potential of the economy are constantly expanding. At current prices, GDP in 2021 reached nearly 8.5 million billion VND (approximately 366 billion USD); in 2022 it is estimated to reach over 9.5 million billion VND (approximately 408 billion USD); and in 2023 it is estimated to reach over 10 million billion VND (approximately 435-439 billion USD).
According to Mr. Dung, during the first half of the term, the Government focused on addressing emerging and newly arising issues in the real estate market, corporate bonds, etc.
Minister of Planning and Investment Nguyen Chi Dung (Photo: Pham Thang).
Public debt and government debt safety indicators over the past three years have been controlled below the limits and warning thresholds, contributing to strengthening the national credit rating.
"Infrastructure development has received focused investment with the simultaneous commencement of numerous expressway projects. Since the beginning of this term, 659km of expressways have been put into operation, bringing the total length of expressways in use to 1,822km," according to a report by Minister Nguyen Chi Dung.
He also noted that social security and social protection policies have been fully and promptly implemented; the multidimensional poverty rate according to the new standard decreased from 4.03% in 2022 to 2.93% in 2023.
However, according to the government's assessment, economic growth faces many challenges, and macroeconomic stability is not yet truly solid due to the impact of external factors. "The pressure to achieve the average growth target for the next five years (6.5-7%) is very great," Minister Dung said.
Forecasting significant difficulties and challenges ahead, the Government has determined that it will prioritize promoting growth while maintaining macroeconomic stability, controlling inflation, and ensuring the major balances of the economy.
One of the solutions mentioned by Minister Nguyen Chi Dung is to research and develop new, high-tech industries; and to improve the productivity, quality, efficiency, and competitiveness of the economy.
In particular, the government aims to build international and regional financial centers in Ho Chi Minh City and Da Nang.
Another solution emphasized by Mr. Dung is to review and streamline the organizational structure to be more efficient and effective; and to build and perfect a comprehensive legal framework to promptly and effectively implement the salary policy reform plan from July 1, 2024.
Achieving growth targets is "extremely difficult".
From the perspective of the reviewing body, the Chairman of the Economic Committee, Vu Hong Thanh, addressed several emerging socio-economic issues during the three years from 2021 to 2023.
In particular, the progress of equitization and divestment in state-owned enterprises remains slow; and the issue of cross-ownership in some credit institutions has not been completely resolved.
Chairman of the Economic Committee Vu Hong Thanh (Photo: Pham Thang).
"Credit growth is low, and bad debts are high due to the weak capital absorption capacity of businesses and the economy. Businesses still face many difficulties in terms of legal matters, capital, and input costs; a lack of orders is widespread, and workers are losing their jobs in many industrial zones," according to the Chairman of the Economic Committee.
He also noted that administrative procedures in many sectors and fields are still cumbersome and complex, with numerous "sub-licenses" related to business operations... causing difficulties and increasing compliance costs for citizens and businesses.
The Economic Committee also stated that economic growth in 2024-2025 could recover better than in 2023, but achieving an average growth target of around 6.5%-7% and higher than the average of the 5 years from 2016-2020 (6.25%) is an "extremely difficult task".
Many tasks and solutions were emphasized by the review agency. In particular, the Economic Committee suggested that the Government proactively analyze and forecast developments in international markets to have appropriate and proactive response scenarios.
The review agency noted the need to accelerate institutional reform, remove barriers, and focus on implementation; to prioritize the disbursement of public investment capital, especially for key projects such as preparing the North-South high-speed railway project, developing energy infrastructure, digital infrastructure, and ensuring robust energy security…
In addition, the Economic Committee also proposed tightening administrative discipline and order; stepping up the fight against corruption, negative practices, and vested interests; practicing thrift and combating waste; and eliminating the fear of making mistakes, fear of responsibility, and shirking responsibility.
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