This year's growth depends largely on credit flows.

Tăng trưởng năm nay phụ thuộc rất lớn vào dòng vốn tín dụng - Ảnh 1. — Dr. Tran Du Lich speaks at the forum - Photo: HT

P must identify the drivers of double-digit growth.

Speaking at the forum, Dr. Tran Du Lich said that Vietnam has never had such a strong atmosphere and confidence as it does now, since the Central Committee sent out the message of entering a new era.

"I would like to emphasize that the double-digit growth target this year is not just a number but an aspiration. The issue is that we must carry out a real institutional revolution.

Currently, the conclusions on the apparatus arrangement are being implemented synchronously with the resolution of overlapping regulations. Each administrative procedure needs to be cut by at least 30%, maybe even more.

Besides, we have to determine what is the driving force for double-digit growth. If Vietnam grows by 8% this year, absolute GDP will be around 38 - 40 billion USD," said Mr. Tran Du Lich.

He also said that this year's growth depends largely on credit flows. The State Bank expects to increase total outstanding credit by 16%, equivalent to about VND2.5 quadrillion.

This amount of money injected into the economy will create a great boost for aggregate demand. However, he noted that if capital is not put into production and business but flows into stocks or real estate, the risk of falling into a state of virtual growth and financial bubbles like in 2016 is very high.

The biggest concern of businesses is administrative procedures.

Tăng trưởng năm nay phụ thuộc rất lớn vào dòng vốn tín dụng - Ảnh 2. — Mr. Nguyen Ngoc Hoa, Chairman of Ho Chi Minh City Business Association (HUBA) - Photo: HT

Mr. Nguyen Ngoc Hoa, Chairman of the Ho Chi Minh City Business Association (HUBA), said that setting a growth target of over 8% and aiming for double-digit growth is necessary, because when the economy grows, businesses also have opportunities to develop. The business community is very hopeful about these breakthroughs.

One of the important bottlenecks that businesses want to be resolved is administrative procedures.

Because currently, when there is a problem that needs to be solved, businesses have to get opinions from many departments and branches - sometimes up to more than ten units - and have to wait for feedback. Then the file continues to be submitted to the Ho Chi Minh City People's Committee, which has to get opinions from many other units.

Each processing step takes about a week, even 10 to 15 days, making the process cumbersome and lengthy.

Therefore, it is necessary to enhance the responsibility of the parties involved. The agency assigned to preside should not wait for full opinions from departments and branches to make a decision. If by the prescribed deadline, it has not received enough opinions, the presiding agency should be given the right to make a decision based on available information and analysis.

These adjustments are not too difficult but have great significance for the business community. It is important to clearly stipulate the processing time for all stakeholders, thereby increasing responsibility and creating favorable conditions for businesses.

Regarding the issue of decentralization between the central and local levels, he said that new thinking is needed in management. Previously, in the process of building laws, the approach was "choose to give or choose to leave".

Now, the thinking can be applied: The State only controls important issues, and what the central government does not control, the local authorities have full authority to decide.

"However, for this mechanism to be effective, the local management apparatus needs to be strengthened and there must be a team of qualified personnel to assume responsibilities when delegated," Mr. Hoa noted.

Great risk of "origin laundering"

According to Mr. Nguyen Ngoc Hoa, Vietnam is facing the opportunity to attract large FDI flows in the context of conflicts between major economies. However, the challenges are not small. The biggest risk is the situation of transferring origin to Vietnam to avoid taxes (also known as "origin laundering").

The State needs to soon have solutions to prevent this situation, while creating conditions for Vietnamese enterprises to invest more deeply in input stages, reducing dependence on imported raw materials, instead of just taking advantage of human resources.

P must identify the drivers of double-digit growth.

The biggest concern of businesses is administrative procedures.

Great risk of "origin laundering"

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