The Economic Committee proposed controlling risks in the stock market, gold, corporate bonds, and real estate.
On the morning of October 21, presenting a report on the review and assessment of the implementation results of the socio-economic development plan, Chairman of the Economic Committee Vu Hong Thanh said that in addition to the achieved results, the socio-economic situation in 2024 still faces a number of difficulties and challenges.
Accordingly, macroeconomic stability still has potential risks, and achieving higher-than-expected growth has not fully reflected potential difficulties in the economy such as dependence on exports and public investment.
Emerging industries and fields such as digital economy, green economy, artificial intelligence, semiconductor chips, etc. have not yet changed clearly.
Exports face a number of difficulties, technical barriers, anti-dumping investigations and still depend largely on processed products. Meanwhile, high-tech industries and high-quality services have not developed strongly. Trade surplus still depends heavily on the FDI sector; the service trade deficit has not improved.
Production and business activities of enterprises still face many difficulties. In the first 9 months of 2024, an average of 18,200 enterprises withdrew from the market each month.
The financial and monetary markets still have potential challenges, bad debt is high, the handling of weak banks is slow, credit growth in the first months of the year is still low, the ability of enterprises to absorb capital and access credit capital is limited, and the pressure to repay corporate bonds due is high.
"The exchange rate has had periods of unusual fluctuations that affect business operations; gold market management still has many shortcomings, causing pressure on the foreign currency market and exchange rates," said Mr. Vu Hong Thanh.
In addition, cyber security risks to the Vietnamese financial system have become permanent and present with unpredictable consequences. Liquidity in the corporate bond market has improved significantly but still faces many challenges.
Monopoly, price inflation, wave creation, land speculation
Regarding the real estate market, the Economic Committee's audit report assessed that the real estate market has shown signs of recovery but still faces difficulties. The imbalanced product structure in the market has pushed up the prices of apartments in the primary and secondary segments, making it difficult for those with real housing needs to access them.
The situation of "abandoning deposits" after winning land use rights auctions recurs, negatively affecting price levels and the housing market.
"The situation of monopoly, price inflation, wave creation, land speculation, pushing up land prices makes buying and selling almost only take place among speculators while people and businesses have difficulty accessing land because land prices are high, beyond their ability to pay," the Economic Committee's report pointed out.
Besides, the issuance of documents guiding the implementation of the Land Law, the Real Estate Business Law and the Housing Law, despite many efforts and attempts, has not yielded the expected results.
According to the Economic Committee, the situation of monopoly, price inflation, wave creation, land speculation, pushing up land prices makes buying and selling almost exclusively take place among speculators.
In addition, some bottlenecks have not been effectively resolved, such as the slow implementation of the National Power Plan for the 2021-2030 period, with a vision to 2050, and the National Energy Master Plan for the 2021-2030 period, with a vision to 2050.
"This delay could cause consequences for coal production, energy supply security, and electricity supply security of our country in the near future," the Economic Committee warned.
According to the audit report, counterfeit goods, poor quality goods, and goods of unknown origin continue to be one of the pressing issues of society. They leave negative consequences, affecting health and finances, reducing consumer confidence in the transparency of the goods market, and reducing the reputation of genuine manufacturers and businesses.
Controlling risks of gold and real estate markets
Regarding the socio-economic development plan for 2025, the Economic Committee proposed continuing 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.
Focus on removing difficulties, reviving the capital market, creating favorable conditions for people and businesses to borrow capital to restore and develop production and business.
Implement monetary policy proactively, flexibly, promptly and effectively; carefully calculate the impact and effectiveness when operating interest rates and exchange rates; regulate currency and market liquidity appropriately to stabilize the credit system, strictly control credit quality and bad debt.
Ensure smooth, effective, legal operations and control risks of the stock, gold, corporate bond and real estate markets.
There are solutions to prevent the downward trend of the real estate market combined with better control of the number of new houses being built, overcoming the imbalance between supply and demand or demand but no ability to pay.
Stimulate consumption, expand consumer demand, develop domestic market, promote export, develop domestic tourism, continue to reduce logistics costs. Stabilize commodity prices, ensure supply of essential goods, especially electricity, gasoline, and oil.
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