National Assembly delegates worried as businesses still face many difficulties

On October 26, the National Assembly met in groups all day to discuss and evaluate the results of the implementation of the 2024 Socio-Economic Development Plan; and to plan the 2025 Socio-Economic Development Plan. Many delegates highly appreciated the economic results achieved in 2024, but also expressed concerns and worries about the feasibility of the 2025 target, saying that the internal difficulties of the economy have not yet been resolved...

Delegation of National Assembly of Hanoi City discussed in groups

Many delegates expressed their joy at the results achieved when economic growth recovered positively, estimated at about 6.8-7% for the whole year, exceeding the target set by the National Assembly (6-6.5%), and was positively assessed by international organizations for its growth prospects. The macro economy was basically stable, inflation was controlled under the condition of a high increase in the minimum wage; major balances of the economy were ensured; public debt, government debt, and budget deficit were controlled, much lower than the targets approved by the Central Government and the National Assembly. The financial and monetary markets were basically stable; average lending interest rates for new transactions of commercial banks continued to decrease.

High growth in import-export and foreign direct investment is a bright spot of Vietnam's economy in 2024. In the first 9 months of 2024, export turnover increased by 15.4% and import turnover increased by 17.3% over the same period, with a trade surplus of nearly 20.79 billion USD. Total registered foreign direct investment (FDI) capital was more than 24.8 billion USD, up 11.6% over the same period. Realized FDI capital is estimated at 17.34 billion USD, up 8.9%, the highest since 2021, reflecting the continued improvement of the investment environment, foreign investors continue to be interested in and trust in Vietnam's investment environment. In addition, international visitors to Vietnam in the first 9 months reached 12.7 million, up 43% over the same period last year; It is expected that there will be more than 18 million international visitors this year, equivalent to before the COVID-19 pandemic.

Discussing in groups, delegate Nguyen Anh Tri, Hanoi delegation, said that the economy in 2024 has achieved great success in the agricultural sector, which is an important foundation for the economy. In addition, investment in transport, technology, and telecommunications infrastructure has also been promoted and improved, creating a solid foundation for economic development.

However, there are still many unfinished problems. Education is very difficult, with problems such as textbooks, exams, lack of teachers, lack of schools, especially in difficult areas... it is difficult to reassure voters and people.

In addition, the issue of land bidding and land prices is very strange and unprecedented… making it impossible for those who want to buy a house to access. “It is time for the Government to focus on economic scientists and good land managers to research and propose policies to prevent and manage this situation…”, delegate Nguyen Anh Tri suggested.

From his perspective, he also believes that the current very serious problem is the waste of materials, time, and documents from the time the resolution is issued until it is put into practice. He suggests that there should be measures and sanctions on this issue in order to be more successful.

Delegate Hoang Van Cuong commented that despite many fluctuations this year, Vietnam still achieved many important achievements, and was upgraded by international organizations in terms of credit, happiness index and innovation. Some notable indexes are national credit increased to BB+ and BA, happiness ranked 54/143, innovation ranked 44/132, and e-Government increased 15 places.

Regarding the economy, Mr. Cuong said that economic growth in the third quarter reached 7.4%, and in the first 9 months of the year it increased by 6.82%, almost reaching the pre-pandemic period. Notably, the industrial sector achieved the highest growth (8.34%) thanks to exports, mainly contributed by FDI enterprises. However, domestic enterprises encountered difficulties, causing a trade deficit.

A worrying point is the 21% increase in the number of enterprises withdrawing from the market, showing that the domestic economy is still weak and lacks autonomy. This requires measures to improve the capacity of domestic enterprises, in an effort to achieve a solid recovery without depending on foreign countries.

Regarding the forecast, Mr. Cuong warned that export growth is slowing down due to a decrease in international orders since September. Along with that, although domestic consumption increased by 8.8%, it depends largely on the tourism sector and does not reflect the growth in people's shopping. He suggested that solutions are needed to bring domestic consumption, while improving the capacity of domestic enterprises.

National Assembly Delegate Pham Duc An speaks during the discussion session at the group.

Sharing the same view, delegate Pham Duc An, Hanoi delegation also said that although many important results have been achieved, the economy still faces many difficulties and shortcomings. The delegate said that although exports have achieved good results, they still depend heavily on foreign investment, and the domestic sector is running a trade deficit of up to 17 billion USD, especially in services. Signs show that our country's economy is facing many difficulties, with the number of dissolved enterprises being greater than the number of newly established enterprises. This number shows that the health of enterprises is very difficult, which leads to an increase in bad debts in banks.

Regarding the State budget, delegates were concerned about the fact that the economy is still facing difficulties but the State budget revenue has increased by nearly 18% compared to the same period. "When the economy is facing such difficulties, what source can compensate, or what we did not collect before, we now collect", delegates asked and suggested that the structure of revenue sources should be discussed in more depth.

Source: https://thoibaonganhang.vn/dai-bieu-quoc-hoi-lo-lang-khi-doanh-nghiep-con-gap-nhieu-kho-khan-157134.html