Economic growth in the first quarter of 2023 reached only 3.32%, very low compared to the target, creating a huge burden in achieving this year's growth target. This is an issue that has received the attention of many National Assembly deputies in the discussion sessions in the hall about the socio-economic situation.

Minister of Planning and Investment Nguyen Chi Dung answered National Assembly deputies about the reasons for low economic growth in the first quarter of 2023.

Responding to National Assembly delegates, Minister of Planning and Investment Nguyen Chi Dung analyzed and dissected in depth the causes leading to low economic growth in the first quarter of 2023.

The first reason is that since the end of 2022, the world and domestic situation has been very complicated and difficult. Our country's economy is transforming from a centrally planned economy to a socialist-oriented market economy, and is in the process of deep international integration. Therefore, Vietnam's legal system is in the process of being built and perfected, leading to inconsistencies, overlaps, conflicts or lack of synchronization and incompleteness, which is normal. "The important thing is that we must promptly detect, adjust and supplement to suit reality," said Minister Nguyen Chi Dung.

The second reason is that our country's capacity to withstand, adapt and cope with external fluctuations as well as its competitiveness is still limited when the openness of the economy is very high.

National Assembly Chairman Vuong Dinh Hue chaired the meeting.

The third reason is that the consequences of the Covid-19 pandemic are extremely severe. Businesses as well as the economy have had to struggle to cope in the past time, their capacity has been significantly eroded, and now they are being affected by many new factors, making the difficulties even more difficult.

The fourth reason is that the scale of our country's economy has been constantly increasing in recent times. Economic activities and markets have developed rapidly, diversified and closely linked together, influencing and impacting each other more.

The fifth reason is that some cadres are still afraid of making mistakes, afraid of responsibility, avoiding and shirking responsibility in handling their public duties.

Prime Minister Pham Minh Chinh at the meeting.

Minister Nguyen Chi Dung said that although the target assigned by the National Assembly has not been achieved, the first quarter growth rate of 3.32% is still a positive result compared to some countries at present, for example the US only grew by 1.1%, the EU by 1.3%, Japan by 1.3%, and Thailand by 2.7%.

“The international community continues to positively assess Vietnam’s investment environment and economic prospects. Most importantly, we have maintained a stable macro-economy, inflation has been controlled, major balances have been ensured, especially the service and tourism markets have recovered very quickly, social security, national defense and security have been given attention and maintained,” said Minister Nguyen Chi Dung.

Session view.

The Minister of Planning and Investment affirmed that the Government has basically identified the difficulties and challenges that our country will face from now until the end of the year. The Government has been handling and will continue to closely monitor the situation, promptly remove obstacles, clear bottlenecks, free up resources, and take advantage of new opportunities to develop and achieve the highest goals of 2023 assigned by the National Assembly.

WIN