Maintain economic growth associated with social security

Despite the distortions and sabotage plots of hostile forces, Vietnam's economy has continuously grown, recognized and highly appreciated by countries and international organizations...

From a backward economy, Vietnam has risen to the Top 40 leading economies in the world, Top 20 economies with the largest trade turnover in the world. (Source: Vietnam Insider)

Recently, a number of high-ranking leaders have been disciplined for violating the Party Charter, violating things that Party members are not allowed to do, or because they have fallen, degenerated, become corrupt, or become negative, causing unpredictable consequences for the country's economy and society. This is one of the reasons that hostile forces have taken advantage of to step up activities against the Party and the State.

Strong development, affirming position

With the ultimate goal of destroying the great national unity bloc, dividing the relationship between the people and the Party and the State, causing political instability, social instability, and plotting to change the regime in our country, hostile forces often spread rumors: "The fight against corruption and negativity is a struggle for power and internal fighting within the Party", "All day long, only worrying about fighting for power, making the country's economy, culture, and society unable to develop", or "Vietnam's economy is falling behind because it is still busy burning the furnace"...

But there is an undeniable fact that Vietnam's economy has continued to grow despite the slowdown of the world economy, which has been affected by many crises and political conflicts. From a backward economy, Vietnam has risen to the Top 40 leading economies in the world, Top 20 economies with the largest trade turnover in the world, an important link in 16 Free Trade Agreements.

In October 2023, the International Monetary Fund (IMF) forecast that in 2024, the global economy will grow by about 2.9% of gross domestic product (GDP), of which Vietnam will grow by about 5.8%, which is twice the world average and is among the 20 economies with the highest growth in the world in 2024.

In fact, Vietnam enters 2024 with basic advantages from general macroeconomic stability and is a bright spot in the post-Covid-19 global economic picture. The economy is gradually recovering, with GDP growth in 2023, each quarter higher than the previous quarter.

Many of Vietnam's international rankings are highly appreciated and recognized by the world. According to the World Happiness Report 2023, Vietnam ranks 4th in Southeast Asia and 65th in the world with a happiness score of 5.8. Vietnam's happiness index has increased 12 places, from 77th in 2022 to 65th in 2023.

According to the announcement of the World Intellectual Property Organization (WIPO), Vietnam's innovation index - GII in 2023 ranked 46/132 countries and economies worldwide, up 2 places compared to 2022. Vietnam's national brand value in 2023 reached 431 billion USD, up 1 place to 32/100 strong national brands in the world. In addition, the indexes on digital communication, digital payment, digital economy and international credit rating on long-term credit of Vietnam also increased.

At the same time, international forecasts believe in the prospect of a rapid recovery in the coming time of the Vietnamese economy. It can be seen that the most difficult period of Vietnam on the journey of economic recovery after the Covid-19 pandemic has passed, at least in some areas such as real estate, textiles, footwear and electronics industry...; the economic growth index in 2024 is forecasted to be more positive than in 2023.

The good news is that, with the actual developments of the economy since the beginning of the year, the World Bank has raised its forecast for Vietnam's economic growth to 6.1% in 2024 and forecasts a growth rate of 6.5% in 2025 and 2026; inflation is at 4.5% in 2024 and will decrease to 3.5% in 2026. Many other international financial institutions and banks have also raised their forecast for Vietnam's economic growth in 2024 due to recent positive prospects, especially its effective resilience to adverse fluctuations in the world economy.

This has proven the correctness of the Party and the State, especially in the fight against corruption and negativity - "fighting rats" but still "being peaceful". Many high-ranking officials who were disciplined for their violations not only did not reduce the trust of the masses but on the contrary, increased the people's trust in the Party, which is the driving force to promote and develop the economy.

Workers leave work at an Apple supplier in Bac Ninh, Vietnam. (Source: Getty Images)

Persistently pursuing development goals, ensuring the interests of people and businesses

In addition to the unpredictable factors regarding the recovery of the world economy and export markets in the context of escalating geopolitical tensions, Vietnam also faces many domestic risks. That is, the real estate market may take longer than expected to recover, natural disasters cause economic damage, and energy supply shortages may reduce export growth...

In that context, to achieve the set growth target, domestic and international experts have made many noteworthy recommendations. These include accelerating public investment disbursement to support short-term aggregate demand and narrow the emerging infrastructure gap; urging banks to improve capital adequacy ratios, while strengthening the institutional framework for safety supervision and early intervention; accelerating reforms to green the economy, build human capital and improve the business environment; further integrating the domestic private ecosystem into global supply chains; focusing on developing capital markets to meet capital needs for long-term projects...

In another assessment by the World Bank, Vietnam - one of the fastest growing economies in the world, aims to become a high-income country by 2045. To achieve this goal, Vietnam needs to achieve GDP growth at comparable prices of about 6.5% per year for the next 20 years. This target is still within reach because the Vietnamese economy has grown at over 6.5% and has recovered quickly since the Covid-19 pandemic.

To strive to fulfill the goals of the 2024 Socio-Economic Development Plan and the Economic Restructuring Plan for the 2021-2025 period, the Government prioritizes economic management on creating synergies and promoting strong momentum from the synchronous and effective implementation of resolutions of the Party and the National Assembly, especially the 3 strategic breakthroughs, 6 key tasks and 12 main groups of solutions. The Government prioritizes and strongly promotes growth associated with consolidating and maintaining macroeconomic stability, controlling inflation, and ensuring major balances of the economy.

In order to achieve the goal of becoming a modern industrialized country, with a focus on building a digital economy, in the coming time, the issues that need to continue to be focused on are:

Continue to operate monetary policy proactively, flexibly, promptly and effectively. Continue to implement policies on tax exemption and reduction, fee and charge reduction, and credit loan interest rate reduction. Focus credit on growth drivers (investment, consumption, export) and priority sectors. Strive for credit growth of more than 15% in 2024 and public investment disbursement rate of more than 95% of the plan; increase state budget revenue by about 5% compared to 2023; cut at least 10% of administrative procedure compliance costs and business regulations. Timely issue appropriate and effective policies related to global minimum tax. At the same time, strictly control budget deficit, public debt, government debt, foreign national debt, and direct debt repayment obligations of the Government within the limits permitted by the National Assembly.

Focus on developing the domestic market in conjunction with expanding and diversifying international markets, effectively exploiting signed free trade agreements (FTAs), promoting negotiations and signing new FTAs; supporting businesses to improve their capacity and participate in global supply chains; restoring and developing various types of markets for corporate bonds, land use rights, real estate, labor, science and technology.

Perspective of Long Thanh airport project, Dong Nam. (Source: ACV)

Promote the construction and development of a synchronous and modern strategic infrastructure system, especially the highway system, upgrading airports, ports, urban and inter-regional infrastructure...

Effectively and substantially restructure the economy in conjunction with growth model innovation, enhancing competitiveness and endogenous capacity of the economy; develop digital economy (according to Google, Vietnam's digital economy is expected to reach 45 billion USD in 2025 compared to 30 billion USD in 2023), green economy, circular economy, e-commerce, emerging industries and fields; restore and strongly develop industries, especially processing, manufacturing, and semiconductor chip production.

It is necessary to continue tightening discipline and order while promoting the proactiveness, flexibility, creativity, daring to think, daring to do, and daring to take responsibility of authorities at all levels, taking people and businesses as the center, the subject, the driving force and the goal of development; creating a favorable, safe and equal investment and business environment for businesses to develop and contribute to the common interests of the country, localities, people and businesses.

The positive signals of our country's economy not only make our entire Party, people and army enthusiastic in implementing the Resolution of the 13th National Party Congress, but also make the distorted arguments of hostile forces seem out of place and unsuccessful.

Source: https://baoquocte.vn/giu-vung-tang-truong-kinh-te-gan-voi-an-sinh-xa-hoi-292637.html