Make the impossible possible
In a few days, the “2024 economic train” will reach its destination. Despite facing numerous challenges, Vietnam’s economy has made an impressive achievement: GDP growth reached over 7%; achieved and exceeded all 15 main targets; attracted nearly 40 billion USD in FDI capital and realized capital reached a high level…
The overall health of the economy has recovered strongly, as shown by the state budget revenue. The budget revenue managed by the tax sector alone has reached more than 1.7 million billion VND, reaching 116% of the estimate (as of December 18). It is estimated that in 2024, the total revenue managed by the tax authority will exceed the estimate by about 245,588 billion VND, equal to 113.7% compared to the implementation in 2023.
Another notable highlight of 2024 is that key infrastructure projects will be completed one after another with the spirit of "overcoming the sun and rain", typically the 500kV line 3 project Quang Trach (Quang Binh) - Pho Noi (Hung Yen).
Prime Minister Pham Minh Chinh visits and encourages construction workers of the Thanh Hoa 500 kV transformer station in Thieu Phuc commune, Thieu Hoa district - Photo: VGP/Nhat Bac
Under the strong direction of the Government and the Prime Minister, the project has been operating at a "lightning speed" and its quality has been tested by withstanding Typhoon Yagi.
Mr. Phan Duc Hieu, Standing Member of the National Assembly's Economic Committee, commented that the completion of the project is a model of improving the efficiency of capital use and preventing waste. The 500kV Quang Trach - Pho Noi transmission line put into operation has brought great economic benefits and opportunities for production and business development.
Going beyond the scope of a key project in the electricity industry, the 500kV line 3 is a testament to the spirit of "turning the impossible into possible", "only discussing and not backing down" that the Government and the Prime Minister always emphasize in their directives throughout 2024.
In 2024, the Prime Minister directed the organization to launch and well implement the emulation campaign "500 days and nights of high determination, great efforts, competing to successfully complete expressway projects".
A series of expressway projects have been started, completed and put into operation this year, such as the Dong Dang – Tra Linh, Huu Nghi – Chi Lang expressway projects, the expansion of Terminal T2 – Noi Bai International Airport; the opening of Dien Chau – Bai Vot, Cam Lam – Vinh Hao sections, bringing the total to more than 2,000km of expressway put into operation.
According to the Ministry of Transport, the eastern North-South Expressway project (phase I) has been completed, increasing the total length of expressways nationwide to 2,021 km.
The total number of expressway projects under construction is about 1,700 km across the country, from expressway projects on the North-South axis, projects connecting the East-West axis, connecting the Northwest region, the Central Highlands region, connecting regions, connecting 48 provinces and cities. Of which, about 1,200 km are expected to be completed by 2025, bringing the total number of expressway kilometers nationwide to over 3,000 km.
Following the achievements of 2024, the targets set for 2025 are also very high. Among them, there is a double-digit growth target, which is over 10%. In the latest telegram, Prime Minister Pham Minh Chinh assigned the Ministry of Planning and Investment to preside over and coordinate with relevant agencies to review and develop a scenario for GDP growth in 2025, striving for a double-digit level.
Speaking at the Ministry of Planning and Investment's summary conference on December 28, Prime Minister Pham Minh Chinh said that if growth continues at an average of 6.5-7% in the coming years, the two 100-year goals will not be achieved (the 100-year goal of the Party's founding and the 100-year goal of the country's founding).
Double-digit growth is almost a must if the country is to move to a new status, becoming a high-income country by 2045. Many lessons from countries show that they have fallen into the middle-income trap because of flat growth.
That is what Dr. Nguyen Van Dang, Ho Chi Minh National Academy of Politics, recommends for Vietnam to rise up to make a breakthrough, not to be calm and progress slowly.
“We can increase GDP per capita to 8,000-9,000 USD but cannot surpass 10,000 USD, which means we are only at the upper middle-income level and cannot join the group of developed countries with GDP per capita over 13,000 USD, the human development index must exceed 0.8. That is the challenge,” Mr. Dang analyzed.
Laying the foundation for 10%+ growth
To achieve double-digit growth, the foundations for this goal need to be built. And in fact, in 2024, in addition to the achievements “measured” through the above numbers, the Government's activities will also leave their mark with many other important tasks.
That is to promote the building and improvement of institutions; fight waste; carry out the revolution of streamlining the apparatus under the direction of the Party; launch century-old projects such as high-speed railways, restart nuclear power, etc. These are proactive preparations for an "era of rising up".
The high-speed rail project has been approved by the National Assembly.
As shared by Dr. Tran Dinh Thien, former Director of the Vietnam Economic Institute, if we do not fully prepare in terms of thinking, attitude, conditions and resources, we may turn that message into a dream, into an illusion.
Paying special attention to institutions, Prime Minister Pham Minh Chinh emphasized that institutions are resources and driving forces for development; investing in institutions is investing in development. Appropriate institutions will create strong driving forces for development, whereas inappropriate institutions will hinder development. Perfecting institutions will effectively contribute to the implementation of two strategic tasks of building and defending the Fatherland.
According to the Government leader, institutions must go ahead, paving the way for development breakthroughs, maximizing potential and creativity, meeting the requirements of promoting industrialization, modernization and international integration, especially achieving the double-digit growth target in the coming years to achieve the two 100-year goals.
Economic sectors must also take proactive action towards this goal. From the perspective of the Industry and Trade sector, referring to the double-digit GDP growth figure, Minister Nguyen Hong Dien requested that the industrial sector must grow by 12-13%.
In 2024, the Industrial sector grew by about 8.4% on the low base of the previous year, but by 2025, this sector must achieve a growth rate one and a half times higher than the current one.
“It is a formidable challenge, requiring us to truly make a breakthrough in thinking and be decisive in action,” the Minister of Industry and Trade emphasized.
Dr. Nguyen Dinh Cung, former Director of the Central Institute for Economic Management, noted that removing institutional bottlenecks and abandoning the mindset of “if you can’t manage it, ban it” is key. He also said that it is necessary to promote the private enterprise sector – which currently accounts for only 10% of GDP – to become an important driving force of the economy.
“If we want the country to rise up, have high economic growth and an independent, self-reliant economy, we must develop a team of Vietnamese entrepreneurs and a team of scientific and technological researchers. They are organically linked and inseparable from each other.
Without technology, without the capacity to receive technology transfer and without a strong private enterprise force, there can be no independent and self-reliant economy," Dr. Nguyen Dinh Cung affirmed.
Vietnamnet.vn
Source: https://vietnamnet.vn/kinh-te-2024-ve-dich-hanh-trinh-moi-vao-ky-nguyen-vuon-minh-2357565.html
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