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| Still with uncertainties and challenges left over from the end of 2022, in early 2023, the Vietnamese economy continues to face many difficulties. (Source: Vneconomy) |
In fact, GDP growth in the first quarter of 2023 (3.32%), although quite good compared to the general difficult context of the world and regional economic situation; but much lower than the operating scenario (5.6%), in Resolution 01/NQ-CP, is assessed by experts as a low growth rate, in the condition that the economy has opened up after good control of the Covid-19 pandemic and on a low base compared to the same period last year.
This result not only reflects the domestic economic situation that tends to slow down due to the negative impact of external "headwinds" such as high global inflation, geopolitical conflicts, tightening monetary policies of countries, declining export markets... but also shows equally dangerous "bottlenecks", from the sharp decline in production and business, declining business health, frozen real estate market, congested financial market, high domestic lending interest rates...
Facing great pressure both internally and externally, the task of completing the 2023 growth target (6.5%) is even more challenging. At the regular Government meeting on June 3, Prime Minister Pham Minh Chinh clearly stated the requirement to prioritize growth, uphold the sense of responsibility of each individual and collective to remove and handle difficulties "in any circumstances, trying to make the next quarter better than the previous quarter", in the context of controlled and gradually decreasing inflation.
In order to achieve the growth target, the Government clearly outlines solutions, directly instructs ministries, branches and localities to remove difficulties and obstacles from inside and outside; supports businesses and people correctly and accurately, with focused solutions, specifically addressing issues from consumption, electricity, transportation, agriculture, access to capital, real estate, import and export.
Solutions to stimulate consumption should aim to increase domestic aggregate demand and support workers through tax, fee, land rent exemption and reduction, debt deferral, debt rescheduling, and interest rate reduction. Regarding investment, promote faster disbursement of public investment and promote private investment and FDI through measures to improve the business environment and minimize administrative procedures. Ministries and local sectors are required to focus on promoting three growth drivers: investment, consumption, and export.
The second quarter of 2023 continues to be strongly affected in the context of the uncertain difficulties of the global economy. Many countries in the world are struggling with difficulties, aggregate demand is declining, affecting our country's international trade activities. Vietnam's economy is highly open, production depends heavily on imported raw materials and fuels and consumer markets, while resilience and competitiveness are limited, even a small fluctuation in the world will have a big impact on the domestic situation.
However, with the spirit highlighted at the regular Government meeting in May, Prime Minister Pham Minh Chinh thoroughly emphasized "not to embellish, not to blacken but to see the truth clearly, to assess the true nature to achieve the goal of stabilizing the macro economy, controlling inflation, growth and reducing budget deficit and public debt. This is the room for development in the second half of the year and the coming years".
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