Deputy Minister of Planning and Investment Tran Quoc Phuong: The Ministry of Planning and Investment proposes to submit to the Government and the Prime Minister to direct striving for an 8% growth rate in 2025 – Photo: VGP
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There is a basis for achieving a 7% growth rate in 2024
According to Deputy Minister of Planning and Investment Tran Quoc Phuong, the sharing of the Vice Governor of the State Bank is a very positive signal, and the 15% credit growth target for this year is achievable. This is one of the good stimulants compared to the 2024 economic growth. This shows that from now until the end of 2024, only one month is left. Therefore, the solution to complete the goals is to accelerate all the solutions that have been proposed since the beginning of the year. From the resolutions and inter-sectoral directions of the Government and the Prime Minister, we must implement them in the last month with the highest intensity and level possible to achieve the best results.
The content of the socio-economic report of the Ministry of Planning and Investment submitted to the Government this morning mentioned that most of the international organizations’ forecasts on Vietnam’s economic growth in 2024 have increased compared to their forecasts at the beginning or middle of the year. These are very objective comments from international organizations. Of course, each organization’s forecast will differ. The scenario for directing the socio-economic development that the Ministry of Planning and Investment reported to the Government in the third quarter of 2024 shows that in the last quarter of 2024, if there are no major fluctuations, such as storms, floods, or negative impacts from the outside, we have a basis for achieving a 7% growth rate in 2024.
Reviewing all the growth drivers from now until the end of the year, Deputy Minister of Planning and Investment Tran Quoc Phuong pointed out the opportunities to increase growth.
First, about exports: The export market signal is currently relatively good. Orders are not only returning to businesses in 2024 but up to now, the growth of exports is very good. A little more effort could lead to further growth.
Second, about investment, both foreign investors and experts have assessed that while the global investment market is gloomy, foreign investment in Vietnam is very positive. This is something we can be confident about when talking about the investment momentum in 2024, which has been very positive, contributing to the overall growth of the year.
Here, we also need to evaluate another aspect, which is domestic investment through the business registration indexes of Vietnamese enterprises. The recent months have shown an increase in the number of newly registered businesses. This indicates a bold assertion about the confidence and prospects of the economy, as well as the Government’s economic management, the resilience and growth of businesses and investors. We can trust in the investment momentum towards 2024.
Finally, the consumption motive. We somehow hear about the invasion of consumption, online shopping, and electronic shopping by foreign companies. We are concerned that we do not have revenue from these activities. However, in the consumption of goods in the domestic market, we see positive signs, but the increase has not met expectations. Hopefully, at the end of the year, there will be important industries in our country that can affect the increase in domestic consumption. We can take advantage of the opportunity to spend during Christmas and New Year holidays.
Regarding tourism, the number of Vietnamese tourists in November was very positive, with more than 1.5 million tourists visiting Vietnam. To achieve the goal of more than 8 million tourists in 2024, from now until the end of the year, there will be about 2 million more tourists. This is a goal that the tourism industry needs to strive for, and with a little more effort, we will achieve the goal of 8 million tourists.
“I believe that with the high efforts of the levels and branches and the correct solutions that have been proposed since the beginning of the year, we increase the degree and intensity of implementation in the last month, we can not only achieve the expected goal of 7%, higher than the target assigned by the National Assembly, but we can also achieve a little higher than 7%. This is the growth result of 2024, and we are fully hopeful,” said Mr. Phuong.
There is a basis for setting a target of 8% GDP growth in 2025
For 2025, the National Assembly has issued a resolution on the socio-economic development plan for 2025. Accordingly, the economic growth target is set at 6.5-7%. We strive to achieve 7-7.5%. The Prime Minister directed more resolutely and boldly set a target of 8% for 2025.
“We have a basis to talk about this goal because the growth momentum from 2024 can be carried over into 2025, the final year of the 2021-2025 plan. At the same time, there are many new factors with fundamental changes, especially institutional changes that have been passed by the National Assembly at the 8th session with many laws being passed. The great thought of these laws is to break through, remove difficulties, and simplify administrative procedures. The main idea of the laws is to remove bottlenecks and obstacles. These laws will take effect from the beginning of 2025, and the “fall point” can stimulate growth by releasing resources that have been stagnant for a long time, contributing largely to growth from 2025. With the high determination of the Government and the Prime Minister, we have directed striving for an 8% growth rate. This is also a step to prepare as the General Secretary has stated: We are ready to step into a new era, the era of national soaring. Clearly, with the noble goal of the Party and State, economic growth will be of utmost importance. The growth rate must be higher for us to achieve the goal of 100 years of the Communist Party of Vietnam in 2030, becoming a developing country with a high middle income and a modern industry,” said Mr. Phuong.
Moreover, towards the long-term goal of 2045, becoming a developed country with a high income. To achieve this long-term goal, we must start now. We do not discuss whether it is too much or not, but once it is set, we must be determined to do it.
Although the resolution of the National Assembly has been passed, the Ministry of Planning and Investment proposes to submit to the Government and the Prime Minister to direct on the basis of 8%.
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