In 2023, the economy will recover, and in 2024, the GDP is projected to increase by 6 to 6.5%.

DNHN - The Economic Committee of the National Assembly continued its 13th session on the morning of September 27, examining the implementation of the Socio-Economic Development Plans for 2023 and 2024.

According to Dau Online, a report summarising this content, Deputy Minister of Planning and Investment Do Thanh Trung summarised that the socio-economic situation in 2023 will continue the positive trend of recovery, and that next month will be better than the previous month. the previous quarter, the subsequent quarter was higher than the previous quarter, achieving the set overall objectives and achieving many significant results in all fields.

Mr. Trung estimated that, based on the results of the first eight months of 2023, at least ten out of fifteen objectives will meet or exceed their objectives for the entire year. According to the report, the GDP target is "striving for the highest level." The CPI is anticipated to exceed the estimated 3.5% to 4.5%.

According to Deputy Minister Do Thanh Trung, the macroeconomy is stable, inflation is under control, growth is encouraged, and major balances are guaranteed. The monthly average of the consumer price index (CPI) decreased gradually; the eight-month average increased by 3.1%. The monetary market is fundamentally stable; interest rates, exchange rates, and credit growth limits are appropriately managed; and credit is directed towards production and business activities and priority areas.

The domestic foreign exchange market and exchange rates are relatively stable, market liquidity is maintained, and all legal foreign currency requirements have been satisfied. In eight months, state budget revenue is projected to reach 69.4 percent of the budgeted amount, with a goal of reaching 100 percent of the budgeted amount for the entire year, while implementing exemptions, reductions, and extensions of taxes, fees, charges, and land rent to support, and resolving problems for individuals and businesses.

The export and import volume continued to increase relative to the previous month the following month. In the first eight months of 2023, the trade surplus is 20.19 billion USD (during the same period in 2022, the trade surplus was 1.34 billion USD), contributing to the maintenance of the balance of payments and supporting the equilibrium between the supply and demand of foreign currency. The estimated trade surplus for the entire year of 2023 is 14.4 billion US dollars. Food and energy security (electricity, petrol, oil) are guaranteed; The labour market recovered quickly and essentially met demand.

Development investment continues to produce positive results, serving as a key factor in promoting economic growth; Disbursement of public investment capital by the end of August reached 42.35 percent of the plan, higher than the same period in 2022 (39.15 percent), and nearly 87,000 billion dong more in absolute terms. In eight months, total registered FDI capital reached 18,15 billion USD, an increase of 8.2% over the same period, while realised FDI capital reached 13,1 billion USD, an increase of 1.3%. The business development climate is improving; 149,4 thousand businesses entered the market over the course of eight months. Numerous reputable international organisations have a high regard for the achievements and future prospects of the Vietnamese economy.

Mr. Trung stated unequivocally that production and business activities face numerous obstacles; domestic market demand has decreased, and exports to key markets have decreased over the same time period. Access to credit remains difficult, credit growth is low, bad debt tends to increase, and the real estate and corporate bond markets pose potential risks; the management of weak credit institutions and the divestment of state-owned enterprises continue to be hampered by numerous obstacles.

There are times and places where anticipation, reliance, and fear of difficulty are prevalent. Still, administrative procedures are arduous and congested; Decentralisation and decentralisation continue to present challenges; In some instances, the responsibilities of leaders and competent individuals have not been fully promoted. In some cases and among some officials and public servants, the psychology of avoiding and shifting responsibility has not been effectively overcome, according to the Ministry of Planning and Investment's leaders.

Mr. Trung stated that the expected socio-economic development plan for 2024 includes 15 main objectives in the fields of economy, society, and environment, based on the National Assembly's 5-year objectives for 2021-2025.

GDP per capita reaches approximately 4,700 - 4,730 USD; the proportion of processing and manufacturing industry in GDP reaches approximately 24.1%-24.2%; (4) The average growth rate of the consumer price index (CPI) is approximately 4-4.5%; the average growth rate of social labour productivity is approximately 4.8%-5.0%...

In general, 2024 is a year filled with opportunities, advantages, difficulties, and challenges. However, the Ministry of Planning and Investment predicts that the economy will continue to face even more difficulties and challenges than in 2023.

TH