NA adopts resolution on socio-economic development plan for 2024

The Government set 12 key socio-economic targets for next year, focusing on reaching the gross domestic product (GDP) growth of 6.0 - 6.5 per cent.

The National Assembly (NA) approved the resolution on the socio-economic development plan for 2024 with a majority vote of 90.49 per cent at its ongoing sixth session in Hà Nội on Thursday.

The Government set 12 key socio-economic targets for next year, including a gross domestic product (GDP) growth of 6.0 - 6.5 per cent; a per capita GDP reaching around US$4,700 - 4,730 person, processing and manufacturing industries in GDP of around 24.1-24.2 per cent, and social labour productivity of 4.8-5.3 per cent.

Presenting the report on the draft resolution on the socio-economic development plan for 2024, Chairman of the NA's Economic Committee Vũ Hồng Thanh stated that some opinions suggested that setting the growth target of 6.0-6.5 per cent was relatively high, and proposed a lower range, around 5-6 per cent.

Explaining this issue, the NA's Standing Committee clarified that the GDP growth target was based on the analysis and forecast of the domestic and international situation, taking into account the favourable and challenging factors of 2024 and aligning with the goals and tasks of the five-year development plan.

Setting the target at a high level reflected the Government's determination to achieve the set goals while ensuring harmony and flexibility in goal implementation.

In response to opinions to clarify the proportion of processing and manufacturing industries in GDP and the rate of social labour productivity growth in 2024, Thanh stated that the processing and manufacturing industries still faced difficulties due to the incomplete recovery of the world market and a lack of production orders, leading to production halts and scale reduction.

Regarding labour producvity, he said the ongoing economic restructuring would result in the shift of labour between economic sectors, but at a slow pace due to a portion of the workforce needing to transition to new specialised jobs, requiring time for learning, research, and adaptation.

The targeted average labour productivity growth rate in 2024 would be around 4.8-5.3 per cent, and the proportion of processing and manufacturing industries in GDP was expected to be around 24.1-24.2 per cent, aligning with growth targets and forecasts for the growth rate of the processing and manufacturing industries and the labour force, he said.

Commenting about the reduction of interest rates to increase credit accessibility and absorption, Thanh emphasised that continuing to aim for reduced interest rates for loans would enhance access to capital, contributing to overcoming difficulties for businesses, individuals, and the economy.

The State Bank of Vietnam needed to closely monitor domestic and international developments, predict inflation and market interest rates to continue guiding credit institutions in implementing cost-cutting measures to reduce interest rates for loans, he said.