Economic growth in 2024 will exceed the target set by the National Assembly

It is expected that in 2024, the socio-economic situation will reach and exceed 14/15 targets, of which the GDP growth rate for the whole year is estimated at about 6.8 - 7%, exceeding the target set by the National Assembly from 6-6.5%.

On the morning of September 30, in Ho Chi Minh City, the National Assembly's Economic Committee held a plenary session to review the Report on the assessment of the implementation results of the 2024 Socio-Economic Development Plan and the draft Socio-Economic Development Plan for 2025.

Deputy Chairman of the National Assembly's Economic Committee Nguyen Dinh Viet speaks at the meeting. Photo: Le Quan

At the meeting to summarize the socio-economic situation in the first 8 months and the estimate for the whole year of 2024, Deputy Minister of Planning and Investment Tran Quoc Phuong said that in the first 8 months of 2024, although the world and domestic situation had many risky and unpredictable factors, based on the results of the first 8 months, it is expected that the socio-economic situation in the whole year of 2024 will reach and exceed 14/15 main targets, including reaching and exceeding all social targets.

As for the GDP growth rate for the whole year, it is estimated to reach about 6.8-7%, exceeding the target set by the National Assembly (6-6.5%) and even exceeding the forecasts of international organizations, belonging to the group of few countries with high growth in the region and the world.

In a more specific analysis, Deputy Minister Tran Quoc Phuong said that the GDP growth rate exceeded the target set by the National Assembly thanks to many sectors maintaining a fairly good growth momentum such as the service sector continuing to grow, estimated to increase by 7.0% for the whole year; the consumer price index (CPI) growth rate for the whole year is estimated to increase by less than 4.5%; the State budget revenue is estimated to increase by 10.1% for the whole year compared to the estimate...

In particular, FDI attraction was the brightest spot when registered FDI capital in 8 months reached nearly 19.3 billion USD, up 6.2% over the same period; realized FDI capital was estimated at 13.55 billion USD, up 3.4%, the highest since 2021.

In the field of infrastructure, there has been strong investment, with clear breakthroughs, especially in transport and electricity infrastructure. To date, 2,021 km of expressways have been completed and put into operation, opening up many new development spaces.

The Government has launched a 500-day emulation movement to complete 3,000 km of expressway by 2025. The 500kV circuit 3 Quang Trach - Pho Noi project alone, with a scale of nearly 1 billion USD, was inaugurated after more than 6 months of rapid construction. Infrastructure serving digital transformation, developing digital government, digital economy, and digital society continues to be strongly promoted. In 2024, Vietnam's e-Government development index will increase by 15 places.

The work of perfecting institutions and laws has been directed resolutely, with the spirit of reform and innovation in thinking, thinking, and doing, promoting decentralization and delegation of power. Since the beginning of the year, the Government has submitted to the National Assembly 14 Laws and 23 Resolutions and allowed the Land Law, Housing Law, and Real Estate Business Law to take effect early from August 1, 2024. At the same time, it has issued and directed the issuance of 121 documents detailing and guiding their implementation.

“The Government continues to promote economic restructuring, renew the growth model, improve productivity, quality and competitiveness of the economy. It has summarized, evaluated and proposed amendments to the Law on Public Investment in the spirit of breakthrough and reform to promote disbursement of public investment capital and remove difficulties for production and business,” Deputy Minister Tran Quoc Phuong said at the conference.

Deputy Minister of Planning and Investment speaks at the meeting. Photo: Le Quan

Although many results have been achieved in the first 8 months and the whole year is expected to exceed the target set by the National Assembly, Deputy Minister Tran Quoc Phuong commented that the socio-economic situation is facing many difficulties and challenges such as macroeconomic stability still has potential risks, especially from external factors such as inflation and exchange rates; production and business activities are facing many difficulties; domestic purchasing power shows signs of slowing down, trade surplus still depends on the FDI sector...

Regarding the solution to implement the solution from now until the end of the year, Deputy Minister Tran Quoc Phuong said that priority will be given to promoting growth associated with maintaining macroeconomic stability, controlling inflation, striving for a GDP growth rate of about 7%, and completing all 15 main targets.

Continue to remove difficulties in accessing credit, focusing on production and business and priority areas.

Continue to review and improve institutions, laws, mechanisms and policies to remove difficulties for production and business; submit to the National Assembly for promulgation immediately in the 8th Session draft laws (amended) and draft laws amending many laws on investment, public investment, finance, state budget, public assets, etc.

Speaking at the meeting, Ms. Le Thi Lan, Deputy Head of the Social Committee, assessed the socio-economic situation report of the Ministry of Planning and Investment as quite comprehensive, assessing the overall situation and providing solutions for implementation.

According to Ms. Lan, 2024 will have many difficulties and challenges, especially the impact of storm No. 3, but the expected targets achieved and exceeded are very noteworthy.

However, Ms. Lan said that many social issues have not been resolved for a long time, such as the increasing rate of people suffering from epidemics. She gave an example of Ho Chi Minh City, where the number of epidemics increased 8 times compared to last year, and the problem of upper-level hospitals still being overloaded, and the problem of lack of medicine and medical supplies has not been resolved.

"This issue needs to be evaluated and clarified as to whether it is due to lack of budget or slow vaccination leading to an increase in the epidemic," Ms. Lan said, suggesting a careful evaluation of this issue.

Chairman of the Economic Committee Vu Hong Thanh also assessed that, in the context of many difficulties in the world and in the country, but up to now, according to the newspaper, 14/15 targets have been met, which is a great effort of the Government. In socio-economic management, there are many bright spots with many economic indicators increasing, especially the bright spot in attracting foreign investment.

Despite achieving many positive results, Chairman Vu Hong Thanh said that the export sector has grown well, but it depends mainly on foreign enterprises. The results of public investment disbursement are still low, so solutions are needed to promote disbursement from now until the end of the year.

Receiving comments from National Assembly deputies, Deputy Minister Tran Quoc Phuong said that the Ministry of Planning and Investment will receive them to complete the report to submit to the Government and then to the National Assembly.

Speaking more about GDP growth, Deputy Minister Tran Quoc Phuong affirmed that this year, it will certainly exceed the target set by the National Assembly. If there were no impact from storm No. 3, the growth rate would be even higher.

Regarding the investment environment, the Deputy Minister said that foreign investors are very confident and consider Vietnam a safe and attractive destination.

Source: https://baodautu.vn/tang-truong-kinh-te-nam-2024-se-vuot-muc-tieu-quoc-hoi-de-ra-d226205.html