On the afternoon of October 23, the National Assembly worked in the hall to listen to reports from the Government and the Economic Committee on the mid-term assessment of the implementation of the 5-year socio-economic development plan and the economic restructuring plan for the 2021-2025 period.
Building international financial centers in Ho Chi Minh City and Da Nang
Presenting the Government's report, Minister of Planning and Investment Nguyen Chi Dung said that after half of the term, our country has basically steadfastly overcome difficulties and challenges and achieved many important and quite comprehensive results.
The scale and potential of the economy are constantly expanding. At current prices, GDP in 2021 is estimated to reach nearly VND 8.5 quadrillion (about USD 366 billion); in 2022 it is estimated to reach more than VND 9.5 quadrillion (about USD 408 billion); in 2023 it is estimated to reach more than VND 10 quadrillion (about USD 435-439 billion).
During the first half of the term, according to Mr. Dung, the Government has focused on handling newly emerging issues in the real estate market, corporate bonds, etc.
Minister of Planning and Investment Nguyen Chi Dung (Photo: Pham Thang).
Public debt safety indicators and 3-year government debt are controlled below the limit and warning threshold, contributing to strengthening the national credit rating.
"Infrastructure investment has been focused on when many expressway projects were started simultaneously. Since the beginning of the term, 659km of expressway has been put into operation, bringing the total number of expressway kilometers put into use to 1,822km," according to a report by Minister Nguyen Chi Dung.
He also stated that social security and social protection policies were fully and promptly implemented; the multidimensional poverty rate according to the new standards decreased from 4.03% in 2022 to 2.93% in 2023.
However, according to the Government, economic growth faces many challenges, and macroeconomic stability is not really solid due to the impact of external factors. "The pressure to achieve the 5-year average growth target (6.5-7%) is very high," said Minister Dung.
Forecasting that the coming time will be full of difficulties and challenges, the Government has determined to focus on prioritizing growth promotion in conjunction with maintaining macroeconomic stability, controlling inflation, promoting growth, and ensuring major balances of the economy.
One of the solutions mentioned by Minister Nguyen Chi Dung is to research and develop new, high-tech industries; improve productivity, quality, efficiency and competitiveness of the economy.
In particular, the Government aims to build international and regional financial centers in Ho Chi Minh City and Da Nang.
Another solution emphasized by Mr. Dung is to review and arrange a streamlined, effective and efficient apparatus; build and perfect a synchronous legal framework to promptly and effectively implement the salary policy reform plan from July 1, 2024.
Achieving growth target is 'extremely difficult'
From the perspective of the auditing agency, Chairman of the Economic Committee Vu Hong Thanh mentioned a number of emerging socio-economic issues in the 3 years 2021-2023.
In particular, the progress of equitization and divestment at state-owned enterprises remains slow; the situation of cross-ownership at some credit institutions has not been completely resolved.
Chairman of the Economic Committee Vu Hong Thanh (Photo: Pham Thang).
"Credit growth is low and bad debt is high due to the weak capital absorption capacity of enterprises and the economy. Business operations still face many difficulties in terms of law, capital, and input costs; the lack of orders is common, and workers are losing their jobs in many industrial parks," according to the Chairman of the Economic Committee.
He also assessed that administrative procedures in many sectors and fields are still cumbersome and complicated, with many "sub-licenses" related to business operations... causing difficulties and increasing compliance costs for people and businesses.
The Economic Committee also believes that economic growth in 2024-2025 may recover better than in 2023, but achieving the average growth target of about 6.5%-7% and higher than the average of the 5 years 2016-2020 (6.25%) is "an extremely difficult task".
Many tasks and solutions were emphasized by the auditing agency. In particular, the Economic Committee suggested that the Government proactively analyze and forecast developments in international markets to have appropriate proactive response scenarios.
The auditing agency noted the need to accelerate institutional improvement, remove barriers, focus on implementation; focus on promoting disbursement of public investment capital, especially key projects such as preparing the North-South high-speed railway project, developing energy infrastructure, digital infrastructure, ensuring energy security, etc.
In addition, the Economic Committee also proposed tightening administrative discipline and order; stepping up the fight against corruption, negativity, and group interests; practicing thrift and fighting waste; and pushing back the fear of mistakes, responsibility, and shirking responsibility.
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