Keep momentum, keep pace, accelerate, break through

With the viewpoint of directing and managing the economy in 2025 as maintaining momentum, keeping pace and accelerating, making breakthroughs, the Prime Minister emphasized, "any target that has not been achieved must be achieved, and if the target has been achieved, quality and efficiency must be improved", striving to the highest level to complete the set goals.

With the viewpoint of directing and managing the economy in 2025 as maintaining momentum, keeping pace and accelerating, making breakthroughs, the Prime Minister emphasized, "any target that has not been achieved must be achieved, and if the target has been achieved, quality and efficiency must be improved", striving to the highest level to complete the set goals.

The National Assembly listened to the Government's socio-economic report.

Any target that has not been achieved must be achieved.

The 15th National Assembly has just opened its 8th session. Reporting on the main content of the implementation of the 2024 Socio-Economic Development Plan and the 2025 Plan, at the opening session, Prime Minister Pham Minh Chinh said that it is estimated that 14/15 targets for 2024 will be achieved or exceeded (the GDP per capita target will be achieved if GDP growth is over 7%). "The highlight is the target of increasing labor productivity exceeding the set plan, after 3 years of not achieving it," the head of the Government emphasized.

Regarding the economy, the Prime Minister assessed that development investment has achieved positive results. Public investment is focused and key, not spread out. By September 30, 2024, ministries, agencies and localities have allocated VND 664,900 billion in detail, reaching 98.1% of the plan. The Government has submitted to the National Assembly Standing Committee for consideration and adjustment of VND 8,400 billion from ministries, branches and localities that have not allocated or disbursed to other ministries, branches and localities. Estimated payment by September 30, 2024 reached 47.29% of the plan assigned by the Prime Minister.

Focus on implementing many important and key projects and works with the spirit of "overcoming the sun, overcoming the rain, not losing to the wind and storm", "eating and sleeping quickly", "not enough work during the day, working at night", "3 shifts, 4 shifts", "through holidays, holidays, and Tet"; completing the 500 kV Project, Circuit 3, Quang Binh - Hung Yen after more than 6 months of rapid construction and actively implementing many key power projects and works, completing a number of expressway sections, increasing the total length to 2,021 km.

“Business development continues to be on a positive trend. Attracting foreign investment is a bright spot, with realized capital reaching 17.3 billion USD, up 8.9%, the highest in many years, while global investment has declined,” the Prime Minister reported to the National Assembly.

Regarding the 2025 Socio-Economic Development Plan, the Prime Minister clearly stated his guiding and operating viewpoint: "Thoroughly analyze and closely evaluate the implementation of the 5-year Socio-Economic Development Plan 2021 - 2025, from which there will be breakthrough solutions in the spirit of 'whichever target has not been achieved must be achieved, whichever target has been achieved must be improved in quality and efficiency', striving to the highest level to complete the set goals".

The next viewpoint stated by the Prime Minister is to maintain momentum, keep pace and accelerate, make breakthroughs. Stick closely to reality, promptly respond to arising issues in the spirit of "dare to think, dare to do, dare to break through for the common good", "what is said is done, what is committed is done; what is done, what is done must be effective", "The Party has directed, the Government has agreed, the National Assembly agrees, only discuss doing, not retreating".

The Government also identified 11 key tasks and solutions for 2025. Prioritizing promoting growth, continuing to renew traditional growth drivers, and strongly promoting new growth drivers is the first task.

“Promote new growth drivers, especially digital transformation, green transformation, circular economy, sharing economy, knowledge economy; regional economy, regional and urban linkages; build financial centers, free trade zones and new, high-tech industries and fields (such as semiconductor chips, artificial intelligence, cloud computing, Internet of Things, etc.). Effectively implement the Semiconductor Industry Development Strategy,” the Prime Minister reported to the National Assembly.

More specific information on a number of areas was also mentioned by Prime Minister Pham Minh Chinh, such as increasing the ability to absorb and access credit capital; striving for credit growth of over 15%, striving for state budget revenue in 2025 to be at least 5% higher than in 2024...

Revive the capital market

According to the assessment of the National Assembly's Economic Committee (the agency in charge of reviewing and evaluating the implementation results of the National Assembly's Resolution on the Socio-Economic Development Plan for 2024; expected Plan for 2025), both the corporate bond market and the real estate market are facing difficulties.

The size of the corporate bond market is still small compared to the long-term capital needs of enterprises. The total outstanding corporate bond debt at the end of August 2024 was only about VND 1,025 trillion, equivalent to 10% of GDP. This figure, the auditing agency emphasized, is still low compared to countries in the region such as Malaysia (54% of GDP), Singapore (25%), and Thailand (27%).

Estimated state budget deficit in 2025 is about 471,500 billion VND

In the 2025 plan, the Government estimates state budget revenue at about VND 1,966.8 trillion, an increase of 15.6% compared to the 2024 estimate and an increase of 5% compared to the 2024 estimate. State budget expenditure is expected to be about VND 2,527.8 trillion, an increase of about VND 408,400 billion compared to the 2024 estimate, ensuring investment needs for important national infrastructure projects, key works, public sector salary expenditures and issued policies and regimes. The 2025 state budget deficit is estimated at about VND 471,500 billion (about 3.8% of GDP), ensuring that the indicators on public debt, government debt, and foreign debt of the country are within the permitted range.

In addition, according to the National Assembly's Economic Committee, the real estate market is still facing difficulties, especially in terms of regulations and procedures for developing social housing projects. Real estate enterprises continue to face difficulties in liquidity and cash flow. The imbalanced product structure in the market has pushed up apartment prices in the primary and secondary segments, making it difficult for people with real housing needs to access. The situation of "abandoning deposits" after winning the auction for land use rights has recurred, negatively affecting the price level and the housing market.

The situation of monopoly, price inflation, wave creation, land speculation, pushing up land prices makes buying and selling almost exclusively take place among speculators, while people and businesses have difficulty accessing land because land prices are high, beyond their ability to pay. "In addition, the issuance of documents guiding the implementation of the Land Law, the Real Estate Business Law and the Housing Law, despite many efforts and attempts, has not achieved the expected results," Chairman of the National Assembly's Economic Committee Vu Hong Thanh reported to the National Assembly.

Regarding the proposed Socio-Economic Development Plan for 2025, the additional review committee emphasized a number of key tasks and solutions, including focusing on removing difficulties, reviving the capital market, and creating favorable conditions for people and businesses to borrow capital to restore and develop production and business.

Implement proactive, flexible, timely and effective monetary policies; carefully calculate the impact and effectiveness when operating interest rates and exchange rates; regulate currency and market liquidity appropriately to stabilize the credit system, strictly control credit quality and bad debts; ensure smooth, effective and legal operations, and control risks in the stock, gold, corporate bond and real estate markets.

Speaking on the sidelines of the National Assembly, economic expert Tran Hoang Ngan (a delegate from Ho Chi Minh City) said that this year's budget revenue figures show a broad economic recovery across all sectors. "Ensuring financial and monetary security means creating an important foundation. There must be a financial foundation to have room for fiscal expansion, to continue reinvesting, to build more foundations, especially to invest more in economic and social infrastructure for development," Mr. Ngan analyzed.

Still looking at the growth drivers, this expert said that in recent years, a lot of capital has been focused on public investment, thereby creating a foundation for infrastructure, especially transport infrastructure. And when the infrastructure is synchronized, logistics costs will be reduced, thus, this will be a sustainable growth driver in the coming time. In particular, infrastructure in health and education contributes to improving the quality of people's lives.

In addition to infrastructure, the Ho Chi Minh City delegate also emphasized the importance of institutions. This session has a large amount of work on institutions, not only the foundation of market economic institutions, but also institutions on culture, science, technology, and innovation.

“The economic recovery as before the pandemic will create more foundations and bases to enter a new era as General Secretary To Lam said. It can be said that Vietnam has all the conditions for the country to enter a new era, an era of the country developing into a high-income country,” said Mr. Tran Hoang Ngan.

According to the agenda, the National Assembly will spend most of October 26 discussing the results of the implementation of the 2024 Socio-Economic Development Plan and the draft Socio-Economic Development Plan for 2025 (combined with discussions on some other budget issues).

Source: https://baodautu.vn/kinh-te-nam-2025-giu-da-giu-nhip-tang-toc-but-pha-d228076.html