Priority focus is on stabilizing the macro economy and controlling inflation.

On the first working day of the 7th Session of the 15th National Assembly, the Report on the supplementary assessment of the results of the implementation of the socio -economic development plan and the state budget in 2023; the implementation of the socio-economic development plan and the state budget in the first months of 2024 was presented. Chairman of the Economic Committee Vu Hong Thanh said that the world situation in 2024 will continue to have complicated and unpredictable developments. The priority focus in management is to stabilize the macro-economy, ensure major balances of the economy; control inflation and exchange rates to prevent shocks...

Chairman of the Economic Committee Vu Hong Thanh

Chairman of the Economic Committee Vu Hong Thanh said that in 2023, under the leadership of the Party Central Committee, directly and regularly led by the Politburo and the Secretariat headed by General Secretary Nguyen Phu Trong; the accompaniment and supervision of the National Assembly, the drastic and close direction of the Government and the Prime Minister; the support of the people and the business community, our country's socio-economy has overcome many difficulties and challenges, achieving many positive results.

Stable macro-economy, controlled inflation, major balances basically ensured, disbursement of public investment capital and construction of transport infrastructure were promoted, these were outstanding achievements, creating the premise for the process of economic recovery, growth and development. Compared to the report at the 6th Session of the 15th National Assembly, some indicators achieved more positive results such as: state budget revenue, trade surplus, attracting and disbursing FDI capital... The fields of culture, society, health,education , training, and vocational training continued to receive attention. The work of building and perfecting institutions and laws was focused on, completing a huge amount of work. National defense and security were maintained; foreign affairs and international integration achieved many achievements.

In addition to the achieved results, the socio-economic situation in 2023 also has limitations and shortcomings that need to be overcome. Economic growth by stage tends to decrease gradually, the quality of economic growth is still low and slow to improve. Economic growth in 2023 does not reach the target, creating a huge challenge for the growth target for the 2021-2025 period; the target of increasing social labor productivity in the third year is not achieved. The processing and manufacturing industry has slowed down sharply and lost its role as the main driving force of growth while the service sector has not proven its role as a locomotive leading growth.

Chairman of the Economic Committee Vu Hong Thanh also said that budget revenue is not sustainable; revenue forecast analysis is not accurate, affecting the quality of the estimate; tax arrears are still high; equitization and divestment of state capital in enterprises are difficult and entangled; transferring sources and canceling estimates at the end of a large budget year, and submitting plans to increase revenue and save expenditure is slow. The rate of labor in the informal sector is still quite high; labor quality is still inadequate compared to requirements; there is still a shortage of medicine in some public hospitals; the situation of local surplus and shortage of teachers has not been completely resolved, school violence and food safety and hygiene are still occurring in some places. Ensuring information security, network security, and handling bad and toxic information face many challenges; crimes related to social order, corruption, economics, intellectual property infringement, fraud, and property appropriation in cyberspace are complicated.

Overview of the meeting

Regarding the implementation of the 2024 Socio-Economic Development Plan and State Budget, the Chairman of the Economic Committee said that the world situation in 2024 will continue to have complex and unpredictable developments. In the country, 2024 is a "sprint" year, which is very important in successfully implementing the Resolution of the 13th National Party Congress and the Resolution of the National Assembly on the 5-year Socio-Economic Development Plan 2021 - 2025. With that meaning and importance, right from the beginning of the year, the National Assembly held the 5th Extraordinary Session to review important contents, including amending and approving the Land Law and the Law on Credit Institutions; the Government and the Prime Minister have closely directed the implementation of socio-economic development tasks, State budget estimates, improving the business environment, and enhancing national competitiveness. Thanks to that, economic growth has recovered positively.

To fulfill the economic growth target and other targets and tasks according to the Resolution on the Socio-Economic Development Plan for 2024 and other resolutions of the National Assembly, in the remaining months of 2024, the Government needs to continue to effectively implement the main tasks and solutions according to the Resolution of the National Assembly on the Socio-Economic Development Plan for 2024.

The Chairman of the Economic Committee emphasized a number of priorities in macroeconomic management. Specifically, it is necessary to strengthen endogenous capacity, promote rapid and sustainable economic growth; stabilize the macro economy, ensure major balances of the economy; control inflation and exchange rates to prevent shocks affecting people's lives, production, business, import and export. Improve the capacity for analysis, forecasting, and timely and effective policy responses. Continue to restructure the economy, innovate the growth model; consolidate, maintain the role and renew the main growth drivers, traditional growth drivers, and promote new growth drivers.

There needs to be effective solutions to remove bottlenecks in labor productivity; promote conversion, use of clean energy, digital transformation, application of science and technology; quickly and effectively implement the Planning and Implementation Plan of the 8th Power Plan. Ensure the supply of essential goods, especially electricity, gasoline, and oil, to prevent the recurrence of power shortages that affect production, business and people's lives.

In addition, it is necessary to continue to operate monetary policy in a truly proactive, flexible, timely and effective manner. Maintain stable liquidity and ensure the safety of the banking system; resolutely and effectively implement the Project on restructuring credit institutions in conjunction with handling bad debts and handling weak banks; have fundamental and sustainable solutions to direct cash flow back to production and business, and continue to have solutions to reduce lending interest rates. Strengthen management and supervision of the stock market, corporate bond market, real estate market along with solutions to stabilize and promote the development of markets, strengthen investors' confidence. Harmoniously coordinate monetary policy and fiscal policy in the goal of promoting economic growth.

In addition, it is necessary to strengthen management, combat revenue loss, transfer pricing, and trade fraud; actively collect tax debts; manage expenditures closely following the budget, economically and effectively, allocating resources to key national projects, reforming wages and social security; proactively control and respond to risks, ensuring state budget balance, deficit spending, and public debt; and save to combat waste and negativity in state budget management and use.

Source: https://thoibaonganhang.vn/trong-tam-uu-tien-la-on-dinh-kinh-te-vi-mo-kiem-soat-lam-phat-151831.html