Prime Minister Pham Minh Chinh presents report on socio-economic development at NA's 9th session
WVR - On the morning of May 5, at the opening session of the 9th Session of the 15th National Assembly, Prime Minister Pham Minh Chinh presented a supplementary assessment report on the results of the implementation of the socio-economic development plan and the state budget in 2024; the implementation of the socio-economic development plan and the state budget in the first months of 2025.
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| Prime Minister Pham Minh Chinh said the socio-economic development achieved in 2024 better than that of 2023 in most areas. |
Socio-economic achievements create momentum for reform and development force
Reviewing the additional results of the implementation of the 2024 socio-economic development plan, Prime Minister Chinh stated that there have been many more positive changes. Specifically, Vietnam has completed and exceeded all 15/15 socio-economic targets.
The macroeconomy is stable, the major balances of the economy are ensured; budget deficit and public debt are controlled, the economy recovers strongly. The growth rate of Gross Domestic Product (GDP) reached 7.09%, the highest in the region and among the group with high growth rates in the world, raising the size of the economy to 476.3 billion USD, up three places to 32nd place in the world.
Notably, labor productivity is estimated to increase by 5.88% (reported at about 5.56%); trade surplus reaches 24.77 billion USD (reported at nearly 20.8 billion USD); GDP per capita reaches 4,700 USD (approaching the upper middle-income threshold); inflation is controlled at 3.63%; the currency and foreign exchange markets are basically stable, lending interest rates continue to decrease; State budget revenue reaches a record of over 2 million billion VND, up 20.1% compared to the estimate...
Many investment cooperation projects in emerging fields are implemented, creating good spillover. The Global Innovation Index in 2024 increased by 2 places to 44th out of 133 ranked countries... Three strategic breakthroughs are focused on implementing drastically, synchronously and effectively.
At the same time, innovation in the thinking of institutional building and improvement contributes to removing bottlenecks, unblocking resources, and developing the country's economy. Administrative procedures are cut, simplified, and compliance costs for people and businesses are reduced.
The infrastructure system has made a breakthrough. National defense, security, and social order and safety are strengthened, national sovereignty is maintained; foreign affairs and international integration are promoted.
"The socio-economic results achieved in 2024 are better than in 2023 in most areas, and are basically highly appreciated by the people of the whole country and the international community, creating momentum for reform, creating development force, creating a vibrant atmosphere and creating people's firm belief in the leadership of the Party", Prime Minister Pham Minh Chinh affirmed.
Regarding the implementation of the socio-economic development plan in the first months of 2025, the Prime Minister said that since the beginning of the year, the world situation has had many complicated and difficult changes. Traditional and non-traditional security issues have become increasingly fierce and difficult to control.
In that context, the Government and the Prime Minister have directed ministries, branches and localities to synchronously, drastically and effectively implement tasks and solutions in key areas.
As a result, the growth of gross domestic product (GDP) in the first quarter of 2025 is estimated at 6.93% over the same period last year, reaching the highest growth rate compared to the first quarter of the years in the period 2020-2025. Many localities have double-digit growth in the first 4 months of the year. The macro economy is stable, inflation is controlled, and major balances are ensured. Credit growth is positive. The consumer price index (CPI) in the first quarter of 2025 increased by 3.22%, creating room for flexible and effective management of micro-policies.
To successfully achieve the GDP growth target of 8% or more in 2025
Also at the opening session, Chairman of the National Assembly's Economic and Financial Committee Phan Van Mai presented the Verification Report on the supplementary assessment of the results of the implementation of the socio-economic development plan and the State budget in 2024; the implementation of the socio-economic development plan and the State budget in the first months of 2025.
According to Mr. Mai, in 2024, Vietnam's socio-economic situation will recover positively, achieving all 15/15 main targets, creating comprehensive changes in all fields.
In the first months of 2025, the macro economy is stable; inflation is controlled; industry, trade, services, and tourism grow positively; foreign investment attraction continues to flourish; science and technology, innovation, and digital transformation are promoted. Attention is paid to the fields of culture, society, health, social security, sports, and media. Politics are stable; national independence and sovereignty are maintained; security and social order are guaranteed.
Proactive, comprehensive and effective foreign affairs have expanded development space and enhanced the country's position. In particular, the national parade and march to celebrate the 50th anniversary of the Liberation of the South and National Reunification has aroused national pride and strongly encouraged the aspiration to build a prosperous and happy country.
However, in addition to the achieved results, the Chairman of the National Assembly's Economic and Financial Committee recognized that there are still some difficulties and challenges that need to be focused on overcoming, such as: Economic growth in the first quarter of 2025 has not met the set scenario; domestic consumption has increased slowly and has not yet played a driving role; the progress of public investment disbursement has changed but in general has not met expectations;
To successfully achieve the GDP growth target of 8% or more in 2025, creating a solid foundation for the double-digit growth period in the following years, Mr. Phan Van Mai said that it is necessary to focus on synchronous, drastic and flexible implementation of tasks and solutions such as:
First, continue to closely follow and promptly analyze developments in the world economy, policies of major economies, global shifting trends to proactively manage; consolidate internal strength, maintain macroeconomic stability, and enhance resilience in an uncertain context.
Second, strongly promote traditional growth drivers (investment, consumption, export) and effectively exploit new drivers (digital transformation, innovation, green economic development, digital economy).
Third, stabilize the macro economy, control inflation within the set target; operate monetary policy proactively and flexibly; have solutions to reduce capital costs; develop a healthy financial market; control risks of corporate bonds maturing at the end of the year.
Fourth, strengthen financial discipline, promote the role and responsibility of the collective and individual leaders. Continue to implement effective measures, restructure the revenue and expenditure of the State budget, public debt, keep public debt level not exceeding the permitted limit according to the Resolution of the National Assembly...
Fifth, proactively respond to risks from trade wars, adjust tariffs; develop practical support plans for businesses. Have policies to promote consumption of Vietnamese goods, promote exploitation of the domestic market, expand and diversify export markets, and effectively utilize new-generation FTAs.
Sixth, develop high-quality human resources to meet the requirements of developing new production forces; promote innovation, digital transformation...
Seventh, continue to promote administrative procedure reform, implement decentralization and delegation of authority in conjunction with effective inspection and supervision; resolutely cut compliance costs for businesses and people; strictly control the quality of newly issued regulations, ensuring maximum convenience for production and business activities.
Eighth, proactively, economically and effectively manage budget expenditures; control budget deficit and public debt within safe limits; reasonably expand fiscal policies to promote investment and development. At the same time, strengthen tax management, combat revenue loss, transfer pricing and tax evasion.
Ninth, ensure social security, develop culture, education, health, create jobs; proactively respond to climate change, prevent and combat natural disasters, protect the sustainable ecological environment. Strengthen national defense and security, maintain political and social stability.
Tenth, proactively research and promptly issue policies to respond to the risk of structural unemployment due to automation, artificial intelligence and digital transformation; at the same time, support training and career transition for affected workers.
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