Tran Quoc Phuong, Deputy Minister of Planning and Investment, spoke on the economy's prospects in 2023

DNHN - According to Mr Phuong, the outcomes gained in 2023 will provide an essential foundation for our country to continue striving for the achievement of the stated 5-year targets. However, preliminary estimates indicate that 2023 will also be fraught with difficulties and obstacles, both globally and locally.

According to Tran Quoc Phuong, Deputy Minister of Planning and Investment, the country's economy is still recovering, but economic development will be more challenging in the fourth quarter and 2023. The overall tendency of many international organizations is to raise the growth prediction for 2022 while decreasing the growth forecast for 2023 for Vietnam.

The World Bank predicts that our country's GDP would rise 7.5% in 2022 and 6.7% in 2023. According to the IMF, Vietnam's growth rate will be 7% in 2022 and 6.7% in 2023. Production and commercial operations have continued to thrive, with public investment capital from the Socio-economic Recovery and Development Program and three National Target Programs vigorously implemented. Macroeconomic stability is maintained, and the corporate investment climate is improving, providing a solid foundation for growth and development.

Mr Phuong added, "from the end of July 2022 until now, the Ministry of Planning and Investment has chaired and coordinated with other ministries, sectors, and localities to research, synthesize, develop, advise, and report to the Government and the Prime Minister on the proposed socio-economic development plan in 2023, which has focused on analyzing and emphasizing some comments on the context of the previous situation and assessment of new factors appearing reversible changes.

However, despite a high level of economic openness, the economy's autonomy and domestic production capacity remain low, limiting the influence of risks and difficulties on economic development and macroeconomic stability. Our country is enormous. Difficulties and challenges are increasing, particularly inflationary pressures, increased production costs, and supply chain risks; demand in large and traditional export markets is weakening; domestic market competitiveness, protection, and stability are deteriorating; policies of our country's main economies, trade and investment partners are being adjusted; unusual changes in natural disasters, epidemics, storms, floods, water security...

The Ministry of Planning and Investment is advising and developing the 2023 Plan, which is expected to identify 15 socioeconomic development targets based on sticking to development goals for the entire period of 2021-2025, forecasting the ability to achieve in 2022, striving to control inflation at an appropriate level to create room to manage economic growth, supporting and developing labour - employment, developing social fields and continuing to improve people's living standards. The Ministry of Planning and Investment has worked with other ministries, agencies, and local governments to identify significant tasks and solutions by the end of 2022, as well as 12 sets of duties and solutions for 2023.

In light of the obstacles and challenges outlined above, it is critical to make every effort and resolve to rapidly, effectively, substantively, and thoroughly execute the National Assembly Resolutions, the Government, and the Recovery and Development Program. socioeconomic, COVID-19 prevention and control program (2022 - 2023).

To strive, to respond flexibly and swiftly to new situations while also focusing on both backlog and persistent difficulties and effectively executing basic solutions in the medium and long term to achieve the five-year development objectives Maintain unity and tight coordination in the implementation of measures to both restore and boost growth while maintaining macroeconomic stability, managing inflation, and safeguarding key balances.

Simultaneously, it is critical to continue to focus on and foster the growth of cultural and social spheres. People and employees, particularly the poor, low-income, and disadvantaged, need timely assistance to stabilize and improve their lives. Continue to consolidate and preserve national defence and security while being globally and thoroughly integrated.

The implementation organization must keep a close eye on the situation and be proactive in forecasting, advising, and operating. Coordination of fiscal, monetary, trade, price control, and other macroeconomic policy. The policy response is quick, targeted, focused, effective, and timely, taking into consideration the delay in formulation, submission to competent authorities for promulgation, implementation organization, and policy impact time.

P.V