National Assembly "finalizes" 2024 growth target; foreign affairs activities reap important achievements

On the afternoon of November 9, with over 90% of delegates in favor, the National Assembly voted to pass the draft Resolution on the Socio-Economic Development Plan for 2024.

Quốc hội 'chốt' mục tiêu tăng trưởng năm 2024; hoạt động đối ngoại gặt hái thành tựu quan trọng

Overview of the National Assembly session on the afternoon of November 9.

GDP 2024 from 6-6.5%

Presenting a summary report explaining, accepting and revising the draft Resolution on the Socio-Economic Development Plan for 2024, Chairman of the National Assembly's Economic Committee Vu Hong Thanh said that the world, regional and domestic context in 2024 continues to face many risks, challenges and unpredictability, so the target of Gross Domestic Product (GDP) growth of about 6-6.5% is quite high, so it should be lower, around 5-6%.

The Chairman of the National Assembly Standing Committee explained that the GDP growth target for 2024 is built on the basis of analysis and forecast of the domestic and international situation, taking into account favorable and difficult factors of 2024, closely following the orientation, goals and tasks of the 5-year socio-economic development plan for the 2021-2025 period.

"Based on the estimated GDP growth in 2023 expected to reach over 5% and the forecast of many difficulties and challenges in the world and the country, affecting our economy, the expected GDP growth rate in 2024 is about 6-6.5%, demonstrating the Government's determination to continue to recover and develop the socio-economy sustainably, striving to achieve the goals in the 5-year socio-economic development plan 2021-2025; at the same time, to ensure harmony and flexibility in implementing the goals for 2024, therefore, I would like to ask the National Assembly to keep the draft Resolution," said Mr. Vu Hong Thanh.

However, the Chairman of the National Assembly's Economic Committee suggested that the Government should be more proactive in its management to achieve the highest results, be flexible, proactive, and strive to exceed the economic, social, and environmental targets decided by the National Assembly.

Regarding the proposal to clarify the basis, motivation and conditions for achieving the GDP growth target of 6.5% in 2024, the National Assembly Standing Committee reported that 2024 is the fourth year of implementing the 5-year Socio-Economic Development Plan 2021-2025, a pivotal year of special importance in implementing the Resolution of the 13th National Party Congress.

According to the National Assembly Standing Committee, potential risks from the global economic environment still exist, continuing to negatively impact the prospects for economic growth recovery in our country. However, there are also advantages, opportunities and chances.

Growth drivers in investment (private investment, FDI, public investment, state-owned enterprises), consumption, tourism and export continue to be strongly promoted.

Major difficulties and challenges have been identified and focused on; outstanding issues continue to be effectively addressed, especially in the areas of enterprises, investment projects, real estate markets, and corporate bonds. Many important, national key projects with spillover effects are being accelerated for implementation...

Foreign affairs and economic diplomacy activities have also achieved important and historic achievements, opening up new opportunities to attract FDI, export, promote new industries and fields, train digital technology human resources, and create new growth drivers.

"These are important premises and factors for Vietnam to continue to strive and set an economic growth target of about 6-6.5% in 2024, in order to achieve the highest target for the entire 5-year period of 2021-2025, according to the assessment of the National Assembly Standing Committee," Mr. Vu Hong Thanh emphasized.

Efforts to address bottlenecks

In the Resolution, the National Assembly requested the Government and relevant agencies to effectively carry out key tasks and solutions, such as continuing to operate monetary policy proactively, flexibly, promptly and effectively; coordinating synchronously, harmoniously and closely with a reasonable, focused and key expansionary fiscal policy and other policies.

Efforts to resolve bottlenecks and remove difficulties for production and business; continue to strongly promote growth drivers (investment, consumption, export), closely follow the direction of growth model innovation, economic restructuring, labor productivity improvement, competitiveness, and improvement of the investment and business environment.

At the same time, strengthen the capacity for analysis and forecasting, grasp the situation, and have timely, appropriate, and effective policy responses to newly arising issues.

The National Assembly requested to closely monitor developments in the world and regional economic situation, prices, and inflation, especially energy price developments, to plan and operate appropriate monetary policies; to harmoniously balance interest rate reduction and exchange rate stability.

In addition, it is necessary to strengthen inspection and supervision to ensure stability of the monetary and credit markets; continue to strive to reduce interest rates and simplify administrative procedures to increase access to and absorption of credit capital, focusing on priority areas and growth drivers.

15 main targets of the 2024 Socio-Economic Development Plan:

1. Gross domestic product (GDP) growth rate from 6.0-6.5%.

2. GDP per capita is about 4,700-4,730 USD.

3. The proportion of processing and manufacturing industry in GDP reaches about 24.1% - 24.2%.

4. Average consumer price index (CPI) growth rate 4.0-4.5%.

5. Average social labor productivity growth rate is 4.8%-5.3%.

6. The proportion of agricultural labor in the total social labor force reaches 26.5%.

7. The rate of trained workers is about 69%, of which those with degrees and certificates is about 28-28.5%.

8. Unemployment rate in urban areas below 4%.

9. The poverty rate (according to multidimensional poverty standards) decreased by more than 1%.

10. The number of doctors per 10,000 people is about 13.5 doctors.

11. The number of hospital beds per 10,000 people is about 32.5 hospital beds.

12. Health insurance participation rate reached 94.1% of the population.

13. The rate of communes meeting new rural standards reached 80%.

14. The rate of collection and treatment of urban solid waste meeting standards and regulations reaches 95%.

15. The rate of industrial parks and export processing zones in operation with centralized wastewater treatment systems that meet environmental standards is 92%.

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