The National Assembly assigned the Government a GDP growth target of 6-6.5% in 2024.

The economic growth target for 2023 assigned by the National Assembly to the Government is 6-6.5%, inflation 4-4.5%, GDP per capita around 4,700-4,730 USD.

On the afternoon of November 9, with nearly 90.5% of delegates in favor, the National Assembly passed the Resolution on socio-economic development.

National Assembly deputies vote to pass the 2024 socio-economic resolution on the afternoon of November 9. Photo: Hoang Phong — National Assembly deputies vote to pass the 2024 socio-economic resolution on the afternoon of November 9. Photo: *Hoang Phong*

The National Assembly has decided to increase GDP growth by 6-6.5% next year. This is equivalent to the target set for 2023, but the world economy is facing difficulties and is affected by geopolitical conflicts, so this year's GDP is forecast to only increase by over 5%.

In previous discussions, some opinions said that the economic context in 2024 still faces many risks and is difficult to predict, so the GDP growth target of 6-6.5% is quite high, it should be lower, around 5-6%.

Chairman of the Economic Committee Vu Hong Thanh, when reporting on the reception and explanation, said that the GDP scenario for next year was made based on taking into account favorable factors, difficulties and goals of the 5-year socio-economic development plan (2021-2025).

The three growth drivers of investment (private sector, FDI, public investment, state-owned enterprises), consumption, tourism and export are being strongly promoted. Many important, key national projects with spillover effects are being accelerated to be put into operation.

At the same time, on the basis of this year's GDP reaching over 5%, the expected growth rate next year is 6-6.5% "demonstrating the Government's determination to continue to recover and develop the economy and society sustainably". However, to achieve this goal, the National Assembly's standing body requested the Government to be more proactive in management.

15 main socio-economic targets assigned by the National Assembly :

STT	Target	Plan 2024
1	GDP growth rate	6-6.5%
2	GDP per capita	4,700-4,730 USD
3	Proportion of processing and manufacturing industry in GDP	24.1-24.2%
4	Consumer Price Index (CPI) Growth Rate	4-4.5%
5	Average labor productivity growth rate	4.8-5.3%
6	Proportion of agricultural labor/total labor	26.5%
7	Urban unemployment rate	< 4%
8	Poverty rate decreased	> 1%
9	Number of doctors per 10,000 people	13.5 doctors
10	Number of hospital beds per 10,000 people	32.5 hospital beds
11	Rate of trained workers	69% (with degree, certificate 28-28.5%)
12	Health insurance participation rate	94.1% of the population
13	Percentage of communes meeting new rural standards	80%
14	Rate of collection and treatment of urban solid waste	95%
15	Percentage of industrial and export processing zones with wastewater treatment systems that meet environmental standards	92%

According to the Resolution, the proportion of processing and manufacturing industry in GDP is 24.1-24.2%; labor productivity growth rate is 4.8-5.3%. These targets are all lower than in 2023, 1.3-1.6% and 0.2-0.7%, respectively.

Delegates suggested keeping next year's plan the same as this year's, but Mr. Vu Hong Thanh explained that these targets depend on the GDP scale, the processing and manufacturing industry, and the labor force operating in the economy. In 2024, with a growth rate target of 6-6.5%, the labor force will be about 51.8 million workers and the growth of the industrial and construction sector will be 7.83%.

In 2024, the world and regional situation is forecast to continue to be complicated and unpredictable, affecting the processing and manufacturing industry because the world market has not fully recovered and there is a lack of orders.

Regarding labor, the economic restructuring will lead to labor shifts between economic sectors, but at a slow pace. "A portion of the labor force will have to move to new jobs and specialized fields, requiring time to study, research, and adapt," Mr. Thanh said.

Based on this, the Standing Committee of the National Assembly believes that setting a target for the growth rate of the processing, manufacturing and labor industries in 2024 is appropriate.

The National Assembly requested the Government to prioritize promoting economic growth, maintaining macroeconomic stability, controlling inflation and ensuring major balances of the economy.

Monetary and fiscal policies must be operated flexibly and expanded reasonably, with a focus. "The monetary and credit markets need to ensure stability, strive to further reduce interest rates, increase access to and absorption of capital, and focus credit on priority areas and growth drivers," the Resolution stated.

The National Assembly noted the need to improve mechanisms and remove difficulties to restore stable development in markets such as corporate bonds, real estate, and labor; and to abandon unnecessary projects to avoid dispersion and waste. In addition, the Government needs to accelerate the project to restructure the system of credit institutions associated with handling bad debts until 2025, especially handling weak banks.

In the field of public investment, the National Assembly requested to accelerate disbursement from the beginning of the year, increase decentralization and delegation of authority, and enhance the responsibility of leaders.

Regarding public finance, strictly control the budget deficit, public debt, government debt, and national foreign debt within the permitted limits. The Government continues to exempt, reduce, and extend taxes, fees, charges, land rents, restructure debt, and introduce appropriate policies related to the global minimum tax.

Mr. Minh

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