8% growth target: Great determination and not small challenges

The 8% growth target is a great determination of the Government and requires synchronous and drastic solutions, from perfecting policies to removing "bottlenecks" for businesses.

With the ambitious growth scenario, the corresponding growth targets for the industrial-construction sector are about 9.5% or more, services increase by 8.1% or more, and agriculture, forestry and fishery increase by 3.9% or more. (Photo: Vietnam+)

The 9th extraordinary session of the 15th National Assembly recently discussed the Project to supplement the socio-economic development target for 2025 with an ambitious growth figure of 8% or more.

This goal demonstrates the Government's great determination in creating momentum for the next breakthrough development phase, but also poses many challenges, requiring synchronous and drastic solutions.

Determined to break through

According to the program of the 9th Extraordinary Session of the 15th National Assembly, Minister of Planning and Investment Nguyen Chi Dung presented the Project with the target of GDP growth of the whole country in 2025 to reach 8% or more. The purpose is to contribute to creating a solid foundation to achieve double-digit growth rate for a long enough period, starting from 2026.

The highlight emphasized by the Commander of the Planning and Investment sector is rapid but sustainable growth, maintaining macroeconomic stability, controlling inflation, ensuring major balances while developing harmoniously between the economy and society, protecting the environment and ensuring national defense and security.

With this ambitious growth scenario, Minister Nguyen Chi Dung said the corresponding growth targets for the industrial-construction sector are about 9.5% or more (of which the processing and manufacturing industry increases by 9.7% or more), services increase by 8.1% or more, and agriculture, forestry, and fishery increase by 3.9% or more. Along with that, economic sectors will grow about 0.7-1.3% higher than in 2024.

On the sidelines of the National Assembly session on February 12, delegate Phan Duc Hieu (Thai Binh delegation, Standing member of the National Assembly's Economic Committee) Welcome the Government to set growth targets showing determination from the beginning of the year.

Besides, Mr. Hieu said that in the Prime Minister's presentations at the National Assembly session, the word "strive" was not used but instead "resolutely break through."

Therefore, Mr. Hieu believes that setting an 8% growth target more clearly demonstrates the determination of the Government and the Central Government.

"The growth target is more clearly expressed by the figure of 8% per year and is very welcome," Mr. Hieu shared.

However, achieving this goal is not easy. And, Mr. Hieu emphasized again that when setting this goal, it will also be necessary to revise and adjust a number of other indicators. In particular, the indicators on public debt ceiling, fiscal and monetary policies have not yet had corresponding changes, so this goal is difficult to achieve.

Big challenge and double benefit

Affirming that the 8% growth target is a big challenge. However, Mr. Phan Duc Hieu said that if achieved, it will bring great benefits to the country.

"If the above target is achieved, it will be very good. Because, firstly, it will contribute to the success of the entire upcoming period. Second, it will create a material and immaterial foundation for the economy," Mr. Hieu said.

Analyzing further, Mr. Phan Duc Hieu said that the material foundation is the growth rate with specific financial figures. The immaterial foundation is the necessary reform requirements to achieve this goal.

Although he did not offer specific solutions, Mr. Hieu said he hoped the Government would more clearly demonstrate new solutions to achieve the growth target of 1%. He emphasized that the current solutions of the National Assembly and the Government are still valid, so new and creative solutions are needed to create more growth momentum.

“These new solutions need to demonstrate differences from previous Resolutions or changes in current policies. And, the content of the Government's submission on these new points is still a bit vague and needs to be clarified to create consensus and high determination throughout the system,” Mr. Hieu suggested.

In addition, Mr. Hieu believes that the Government should develop a comprehensive solution to stimulate the economy. Because, to increase GDP by 1%, countries will often have policy stimulus packages. These stimulus packages do not necessarily have to be officially named, but can be a group of support policies to promote consumption, production, business and export.

"There is no better policy solution than tax. That means focusing on supporting businesses. One is to reform personal income tax to increase disposable income for people, thereby promoting consumption. Two is to review all tax policies for businesses. If it is not really necessary, we should not increase taxes," Mr. Hieu suggested.

In addition, Mr. Hieu said that it is necessary to quickly review and immediately amend regulations that increase costs for businesses, making investment capital ineffective. He gave an example of deposits in some import-export activities, such as paper scrap. According to him, the current deposit level is too high and no longer suitable for the actual situation when paper scrap has become a rare material.

"Right now, businesses need the most support in resolving administrative procedures, especially in terms of time. This is a huge support," Mr. Hieu said./.

Source: https://baoquangninh.vn/muc-tieu-tang-truong-8-quyet-tam-lon-va-nhung-thach-thuc-khong-nho-3343743.html