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The 7th Session of the 15th National Assembly of the Socialist Republic of Vietnam Opens at the National Assembly House
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Regarding the additional assessment of 2023 results, at the 6th Session of the 15th National Assembly, the Government reported to the National Assembly on the socio-economic situation for the first nine months and the estimate for the whole of 2023. In the final months of 2023, the Government and the Prime Minister directed all levels and sectors, as well as localities, to vigorously implement the Resolutions and Conclusions of the Central Committee, the National Assembly, and the Government, continuing to prioritize growth promotion, maintaining macroeconomic stability, curbing inflation, ensuring the major balances of the economy, and promoting the progress of approval of planning and disbursement of public investment capital.
The work of building and perfecting the institutional system was given attention, with many innovations in direction and methods, removing difficulties for production and business, and handling long-standing problems. Consolidation of national defense and security was strengthened, and social order and safety was maintained, while international integration was promoted.
The socio-economic situation in the final months continued to recover, with each month being more positive than the previous one and each quarter being higher than the previous one, basically achieving the set general objectives and making important achievements in various fields. The assessments reported to the National Assembly were basically appropriate, with many positive changes. Some socio-economic indicators were higher than the reported figures.
The GDP growth rate reached 5.05% (the reported figure was above 5%), lower than the set target but at a high level in the world and the region. The economy’s scale reached $430 billion, entering the group of upper-middle-income countries, with inflation under control and the consumer price index increasing by 3.25% on average (the reported figure was around 3.5%). The monetary and foreign exchange markets were basically stable, interest rates decreased, and state budget revenue reached over 1,750 trillion VND, exceeding the target by 8.2%, meeting the requirements of socio-economic development, national defense, security, social security, and other urgent tasks.
Many policies and solutions were implemented synchronously, promptly, and effectively to support the economy, businesses, and people; the state budget deficit was about 3.5% of GDP, and public debt and government debt were about 37% and 34% of GDP, respectively, much lower than the ceiling and warning threshold.
The fields of culture and society continued to receive attention; social security was ensured, and people’s lives were constantly improved, with 94.1% of households having increased and stable incomes. National defense, security, and social order and safety were strengthened and ensured; national sovereignty was upheld; and foreign affairs and international integration were promoted.
Many reputable international organizations highly assessed the results and prospects of our country’s economy. Fitch Ratings upgraded Vietnam’s long-term national credit rating to BB+ (from BB), with a “Stable” outlook; Vietnam’s business environment ranking in 2023 rose 12 places; and the Global Innovation Index rose two places.
Deputy Prime Minister Le Minh Khai affirmed that, in the context of rapid, complex, and unpredictable changes in the world and regional situation, the achievements of 2023 are highly appreciated, respected, and proud. However, our country still has limitations and difficulties. Economic growth has not reached the set target. Production and business activities, as well as access to credit, remain challenging. The growth rate of labor productivity has not met requirements. Investment and business procedures are still cumbersome. The lives of a part of the people remain difficult. The development of high-quality human resources has not seen a clear change. Discipline and compliance of a part of the cadre, civil servant, and public employee workforce are still lacking. Security, social order, and safety, as well as crime in some areas, still have complex underlying factors. Natural disasters, droughts, storms, floods, saltwater intrusion, extreme weather events, and land erosion continue to be unpredictable and cause severe consequences.
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Deputy Prime Minister Le Minh Khai
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Regarding the implementation of the socio-economic development plan in the first months of 2024, Deputy Prime Minister Le Minh Khai emphasized that the focus is on perfecting the institutional system, mechanisms, and policies; renewing traditional growth drivers and effectively exploiting new growth drivers; promoting the disbursement of public investment capital, the National Target Programs, exports, and domestic consumption stimulus; saving state budget expenditures; ensuring electricity and fuel supply; developing tourism; handling long-standing problems; and promoting national digital transformation. Working with localities to remove difficulties and promote socio-economic development; directly inspecting and urging important and key national projects and works in the spirit of “three shifts, four working groups,” “overcoming the sun, winning over the rain,” “working through holidays, holidays, and Tet,” and “only discussing doing, not discussing backing down,” determined to complete as early as possible and with the highest quality.
In general, the socio-economic situation in the first months of 2024 continued to develop positively, achieving better results than in the same period in 2023 in all fields.
The results achieved in the first months of 2024 showed that the macro-economy was basically stable, inflation was under control, and the major balances were ensured. GDP growth in the first quarter of 2024 reached 5.66%, the highest in the period of 2020–2023, which is a great effort in the context of many difficulties facing the economy. The consumer price index (CPI) averaged 3.93% in the first four months compared to the same period. Flexibly managing monetary policy to reduce interest rates to support economic growth.
The development of socio-economic infrastructure has been promoted, especially important and key national transport and energy infrastructure projects. Planning work has continued to receive attention; 110 out of 111 plans have been completed in terms of formulation, appraisal, and approval; most industry, field, and provincial planning schemes have been approved, announced, and implemented, especially the approval of all six regional socio-economic planning schemes and the submission to the National Assembly for approval of the National Sea Space Planning Scheme.
Continue to effectively implement social security policies, take care of people with revolutionary achievements, reduce poverty, and improve people’s lives.
The work of building and perfecting the institutional system has seen many innovations and has been focused on resources. Seriously implementing the National Assembly’s law and ordinance development program; reviewing, perfecting, and submitting to the National Assembly the draft laws at the 5th Extraordinary Session and the 7th Session of the 15th National Assembly, ensuring progress and quality.
Effectively implementing national defense and homeland protection policies. Defense and security potential are given priority in investment, especially the main pillars, contributing to maintaining national defense and security and firmly protecting independence, sovereignty, unity, and territorial integrity.
Many long-standing problems and projects have been focused on and have achieved positive results. In particular, the preparation of dossiers and conditions for the consideration and approval of the policy of compulsory transfer of weak banks has been completed, ensuring the safety of the system.
Regarding the limitations, shortcomings, and difficulties and challenges, Deputy Prime Minister Le Minh Khai affirmed that although economic growth has achieved quite results, it is still facing many challenges. Production and business activities of enterprises and people are facing many difficulties. Industrial production recovery is slow.
Agricultural production, especially in the Mekong Delta region, is facing many difficulties due to prolonged and severe drought and saltwater intrusion.
The real estate market is recovering slowly, and the progress of the VND 120,000 billion social housing lending package has not met the requirements. The progress of some key transport infrastructure and site clearance projects is slow. Some mechanisms, policies, regulations, and administrative procedures are still overlapping and cumbersome and have not been amended promptly.
The Deputy Prime Minister clearly stated the Government’s direction and administration view, which is to thoroughly grasp and seriously implement the Resolution of the 13th Party Congress and the Resolutions of the Party, the National Assembly, and the Government. Promote a proactive, active, innovative, and creative spirit, dare to think, dare to do; ensure flexibility, timeliness, and effectiveness in direction and administration. Be determined not to back down in the face of difficulties, and persist in the set goals. Strengthen unity and consensus; promote decentralization, delegation, and resource allocation, along with strengthening inspection and supervision; and maintain administrative discipline. In any case, it is necessary to ensure political and social stability, strengthen national defense and security, promote foreign affairs and international integration, and step up information and propaganda to create social consensus and mobilize, encourage, and arouse the patriotism and aspirations of businesses, people, and the whole society.
Regarding tasks and key solutions, Deputy Prime Minister Le Minh Khai mentioned 11 groups of tasks and solutions to be promoted in the near future. Prioritize promoting growth in association with maintaining macroeconomic stability, curbing inflation, and ensuring the major balances of the economy; closely and effectively coordinate economic macro-management policies in harmony.
Continue to innovate processes and improve the quality of law and ordinance formulation and issuance. Ensure the quality and progress of law and ordinance projects, resolutions, mechanisms, policies, new, pilot, and special regulations submitted to the National Assembly. Expedite the construction and issuance of detailed documents guiding the implementation of laws and ordinances, ensuring their effectiveness at the same time as the laws and resolutions.
Focus on effectively and practically restructuring the economy in association with renewing the growth model, improving productivity, quality, efficiency, and competitiveness. Promote the development of the digital economy, green economy, circular economy, sharing economy, new industries and fields, and new business models.
Speed up the progress of important national transport infrastructure projects, especially the construction of 1,000 km of highways, striving to put into use about 3,000 km by 2025, opening up new development space and momentum, increasing land value, and reducing logistics costs.
Pay attention to developing high-quality human resources in association with promoting scientific and technological research, development, and application. Continue to drastically renew education and training.
Develop culture comprehensively and synchronously, associating economic development with culture and society in harmony.
Improve the quality of medical examination and treatment services, grassroots health care, and disease prevention; proactively respond effectively to diseases; ensure drugs, vaccines, and medical equipment; and strengthen the management of the medical environment and food hygiene and safety.
Strengthen natural resource management and environmental protection, prevent and control natural disasters, respond to climate change, and ensure water security.
Continue to perfect a streamlined, efficient, and effective state administrative apparatus; innovate public service management, civil servants, and public employees, building a contingent of cadres, civil servants, and public employees with sufficient virtues, capacity, and integrity, who are truly servants of the people; implement the new salary policy from July 1, 2024; and complete the arrangement of district- and commune-level administrative units in the period of 2023–2025 in September 2024.
Effectively implement military and defense strategies and schemes, enhance national defense and security potential, firmly protect independence, sovereignty, unity, and territorial integrity, closely and accurately grasp and assess the situation, and not be passive or surprised.
Deploy foreign affairs and international integration activities synchronously, comprehensively, and effectively; maintain a peaceful and stable environment and create favorable conditions to attract resources for national development, and raise Vietnam’s prestige and position internationally.
Promote information and propaganda, especially policy communication; timely fight and refute false information, wrong views, and hostile arguments. Effectively implement mass mobilization work, promote the role of the Vietnam Fatherland Front, socio-political organizations, and social organizations, contributing to consolidating the great national unity bloc, creating social consensus, and gathering strength for development.
Deputy Prime Minister Le Minh Khai affirmed that the task of implementing the socio-economic development plan in the remaining months of 2024 is very heavy, but with a spirit of solidarity, dynamism, innovation, and creativity, promoting the spirit of self-reliance and self-improvement, with higher determination, greater efforts, and more drastic actions, we will surely overcome all difficulties and challenges, take advantage of all opportunities, and promote rapid and sustainable socio-economic development, ensuring national defense and security and extensive and effective international integration, striving to achieve the highest goals set for 2024 and the whole period of 2021–2025.
