At least 10 socio-economic developments targets met, exceeded this year

The Gross Domestic Product (GDP) growth in the third quarter reached 5.33 per cent, the GDP in the first nine months of this year it reached 4.24 per cent, he said.

In a testament to the resilience and adaptability of Việt Nam, over two-thirds of the socio-economic development targets for this year have been met or surpassed, even amid mounting global uncertainties and local challenges.

At least 10 out of 15 socio-economic development targets are assessed to have been met or exceeded this year, even though Việt Nam implemented the 2023 socio-economic development plan amid many difficulties. The situation in the region and the world is changing rapidly and becoming increasingly complex, and competition and conflicts are intensifying.

"The Vietnamese macroeconomy is basically stable, inflation is controlled, growth is promoted, and major balances are essentially guaranteed," Prime Minister Phạm Minh Chính said when he presented a report on the results of implementing the 2023 socio-economic development plan and the plan for next year at the opening ceremony of the 15th-tenure National Assembly’s sixth plenary session in Hà Nội on Monday morning.

The Gross Domestic Product (GDP) growth in the third quarter reached 5.33 per cent, and the GDP growth in the first nine months of this year reached 4.24 per cent, he said.

The nine-month average consumer price index (CPI) increased by 3.16 per cent. The currency and foreign exchange markets were essentially stable; interest rates were declining. Imports and exports increased gradually over the months, with a trade surplus of nearly US$22 billion in the first nine months of this year, he said.

Energy security and food security were ensured. The labour market showed positive recovery, he said.

Disbursement of public investment capital by the end of September reached 51.38 per cent of the plan, 4.68 per cent higher than the same period last year, he said.

“Many reputable international organisations highly appreciate the results and prospects of Việt Nam’s economy and predict that Việt Nam will recover quickly in the near future,” he said.

Việt Nam's national brand value reached $431 billion, ranking 32nd out of 100 strong national brands in the world, he said.

Although facing many rapid, complex, unpredictable and unprecedented changes, the Government still strived to achieve the targets thanks to the close and timely leadership and direction of the Politburo and the Secretariat, headed by Party General Secretary Nguyễn Phú Trọng, he said.

Foreign affairs were the highlight of this year, gaining many important and historic achievements, creating new advantages, new opportunities for socio-economic development and continuing to consolidate and enhance the position and reputation of Việt Nam in the international arena, he added.

Regarding the main tasks and solutions next year, he said that the Government would continue to prioritise promoting growth, maintaining macroeconomic stability, controlling inflation, and ensuring major balances of the economy; accelerate approval and disbursement of public investment capital, accelerate approval of socio-economic recovery and development programme and three national target programmes; actively restore and develop the corporate bond market and real estate market; focusing on removing difficulties for production and business; unlocking and effectively using resources, he said.

Besides, it would focus on economic restructuring associated with innovating growth models and improving competitiveness; developing high-quality human resources associated with promoting research, development and application of science and technology, he said.

More efforts needed

Presenting a verification report evaluating the results of implementing the 2023 socio-economic development plan, the National Assembly’s Committee for Economic Affairs chairman Vũ Hồng Thanh said in addition to the results achieved, the committee proposed the Government focus on evaluating some issues more carefully.

It's projected that five objectives won't be met this year. For the third year in a row, the social labour productivity growth goal hasn't been realised; the primary engines of economic growth are decelerating, some even declining, under significant external pressures. In the first nine months of the year, goods exports fell by 8.2 per cent compared to the same timeframe last year, with several crucial export product categories witnessing steep declines, and primary export markets either shrinking or showing minimal growth.

Moreover, the committee opined that certain challenges remained unresolved. Despite the streamlining of administrative procedures, many remained burdensome and intricate.

The promulgation of circulars and technical regulations was still inadequate, causing difficulties for people and businesses, he said.

The implementation of the project to restructure the system of credit institutions associated with handling bad debts in the 2021-25 period, as well as the plan to handle weak credit institutions, projects and works that were behind schedule, continued slowly, he said.

Furthermore, while the economy was in dire need of capital, it encountered difficulties in assimilating it. Despite reductions in deposit and lending interest rates, credit growth as of September 29, 2023, had only risen by 6.92 per cent.

Throughout 2023, the State Bank of Vietnam revised the operational interest rate four times, leading to a yearly decrease of between 0.5 to 2 per cent. However, by the close of August, the average deposit and lending interest rates for new deals had only dropped by roughly 1.0 per cent compared to the end of the previous year.

Businesses continued to grapple with challenges related to market access, cash flow, and bureaucratic procedures, and the existing infrastructure wasn't up to par. Production and logistical expenses were on the rise. Moreover, the synergy between Foreign Direct Investment (FDI) businesses, State-owned companies, and domestic private firms remained subpar.

Therefore, in the last months of this year, the committee proposed the Government strongly promote the three growth drivers (investment, consumption, export); pay more attention to promoting recovery and growth engines of the economy; unlock resources and operations of markets; improve the competitiveness of the economy, and strive to achieve planned targets this year, he said.

The committee agreed with the major orientations and targets for the 2024 socio-economic development plan of the Government, he said.

However, the committee proposed the Government evaluate the feasibility of the GDP growth target; evaluate more carefully the preparation of State budget estimates; and research and supplement social housing development targets according to Resolution No 06-NQ/TW dated January 24, 2022 of the Politburo, he said.

Additionally, the Government was asked to overcome shortcomings to accelerate the disbursement of public investment capital from the beginning of next year, especially for major national projects, major works and three national target programmes; enhance the responsibility of leaders in deciding investment policies and resolutely eliminating unnecessary, scattered and ineffective projects, he said.

Also at the session, president of the Việt Nam Fatherland Front Central Committee Đỗ Văn Chiến presented a report summarising the opinions and recommendations of voters and people sent to the sixth session of the 15th National Assembly.

Voters and people assessed that while the world and domestic situation faced many unusual difficulties and challenges, the Party Central Committee, Politburo, and Secretariat promptly issued instructions to direct the implementation of socio-economic, national defence, and foreign affairs issues to achieve important and comprehensive results, he said.

22-working day session

Speaking at the 15th-tenure National Assembly’s sixth plenary session in Hà Nội on Monday, Chairman of National Assembly Vương Đình Huệ said the meeting agenda focused on several law projects and socio-economic development issues.

The session was held in two stages, with the first lasting between October 23 and November 10 and the second from November 20 to 28, he said.

The legislature was set to discuss and vote on nine draft laws consisting of revised laws on land; real estate business; housing; water natural resources; telecommunications; the management and protection of defence facilities and military zones; grassroots security forces; identity cards; and credit organisations, along with a resolution on piloting a number of mechanisms and policies to tackle regulation hurdles involving laws related to investment in building road facilities, he said.

Lawmakers would also comment on eight draft laws, consisting of the laws on social insurance (amended); archives (amended); defence industry, security and industrial mobilisation; road traffic; road traffic safety and order; the capital city (amended); organisation of People's Courts (amended); and amending and adjusting a number of articles of the law on property auction, he said.

The NA would mull a series of socio-economic issues involving the implementation of the plans for socio-economic development and the State budget in 2023 and draft plans for next year, among others, he said.