The National Assembly's Economic Committee proposed adjusting the targets on budget deficit and public debt only after fully implementing solutions and ensuring public debt safety as well as debt repayment capacity.
Overspending can be adjusted if necessary.
On the afternoon of February 10, the National Assembly Standing Committee discussed the Submission of a supplementary project to promote socio-economic development in 2025, aiming for a growth rate of 8% or higher.
Presenting this content, Minister of Planning and Investment Nguyen Chi Dung emphasized the special importance of 2025. Accordingly, the country's GDP needs to achieve a growth rate of 8% or more, creating a solid foundation to maintain double-digit growth in the next period, starting from 2026.
The Minister also noted that economic growth must go hand in hand with sustainability, ensuring macroeconomic stability, controlling inflation and maintaining major balances. At the same time, it is necessary to develop harmoniously between the economy, society and environmental protection, associated with ensuring national defense and security.
According to the submission, the Government proposed that the National Assembly consider adjusting the GDP growth target to 8% or more, while the average consumer price index (CPI) fluctuates between 4.5-5%.
If necessary, the Government can adjust the state budget deficit to about 4-4.5% of GDP to mobilize more resources for development investment. Of which, public debt, government debt and foreign debt can reach or exceed the warning threshold, about 5% of GDP.
Regarding the growth scenario for 2025, Minister Nguyen Chi Dung said that economic sectors are expected to grow about 0.7-1.3% higher than in 2024. The industry and construction sector, especially the processing and manufacturing industry, will continue to play a key role in promoting growth.
Total social investment capital is expected to reach at least 174 billion USD, equivalent to about 33.5% of GDP, about 3 billion USD higher than last year. Of which, public investment is expected to be about 36 billion USD (equivalent to 875,000 billion VND), an increase of about 84,300 billion VND compared to the previously assigned 2025 plan (790,700 billion VND).
Pay attention to solutions to ensure national financial security and public debt safety.
The Economic Committee, during the review process, basically agreed with the targets, requirements and economic growth scenarios for 2025 mentioned in the Government's submission and report.
The Government's submission to the National Assembly for consideration of adjusting the economic growth target for 2025 clearly demonstrates its determination and efforts to complete the socio-economic development goals for the 2021-2025 period. This not only contributes to consolidating a solid economic foundation but also creates a premise for sustainable growth, aiming to achieve double-digit growth over a long enough period, bringing the country into a period of prosperous development - Chairman of the Economic Committee Vu Hong Thanh emphasized.
However, the auditing agency also noted that the production and business situation in early 2025 has not shown many signs of improvement. Specifically, the industrial production index (IIP) in January 2025 increased slightly by 0.6% over the same period, while the purchasing managers' index (PMI) remained below 50 points for two consecutive months, reflecting a contraction in production activities.
Therefore, the Economic Committee recommends that the Government focus on analyzing and evaluating factors ensuring the feasibility of the Project, with special attention to measures to ensure national financial security and public debt safety. In addition, some opinions suggest considering adjusting the labor productivity growth target, because this target is closely related to GDP growth rate.
Regarding inflation targets, an average CPI adjustment of about 4.5 - 5% is considered necessary to create room for fiscal and monetary policy management and promote growth. However, inflation is an important factor that directly affects macroeconomic stability, people's lives and business costs. Therefore, the Government needs to have solutions to control inflation in line with the goals of economic growth and stability - Mr. Thanh noted.
Regarding the proposal to adjust the targets on deficit spending and public debt, the Chairman of the Economic Committee said that this is a necessary adjustment to mobilize resources for development investment.
However, the Government needs to use resources effectively, comply with the provisions of the law on state budget and public debt management. The management must ensure that the deficit and public debt are within the scope decided by the National Assembly in Resolution No. 23/2021/QH15 and Resolution No. 159/2024/QH15.
Any adjustment should only be made after all necessary solutions have been implemented, while ensuring public debt safety and debt repayment capacity, especially the Government's debt repayment obligation compared to total budget revenue. In addition, there are opinions suggesting that the Government consult the State Audit on this issue - Mr. Thanh said.
To achieve the GDP growth target of 8% or more by 2025, the Economic Committee emphasized the need to continue strengthening internal capacity and promoting rapid and sustainable growth. Maintaining macroeconomic stability is considered an important foundation in the context of many fluctuations in the world, creating a solid foundation for long-term growth - Chairman Vu Hong Thanh affirmed.
Other important solutions were also mentioned by the review body, including strengthening international trade relations and taking advantage of opportunities from trade and technology shifts in the context of economic competition between major powers.
Monetary policy needs to be operated flexibly, proactively and effectively, while fiscal policy needs to ensure spending according to estimates, savings, focusing on key projects and social security. Controlling financial risks, ensuring budget balance, short-term and long-term deficit and public debt are also important tasks.
In addition, it is necessary to create favorable conditions for investment, production and business, especially in administrative procedures, investment processes, planning and land access. Promote digital transformation strongly, substantially and with widespread impact.
At the same time, it is necessary to continue simplifying administrative procedures and reducing the time for carrying out investment and business procedures to support businesses and avoid the process of streamlining the apparatus affecting business operations and people's lives.
In addition, the audit report also emphasized the need for mechanisms and policies to protect and encourage cadres to dare to innovate, be creative, and take responsibility for the common good, not for personal gain. This is one of the important solutions to promote socio-economic development in the coming time.
Source: https://baodaknong.vn/tang-truong-tren-8-uy-ban-kinh-te-nhan-manh-rui-ro-tran-no-cong-242411.html
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