On October 23, when the sixth session of the 15th National Assembly opened, Prime Minister Pham Minh Chinh presented a report on the results of the 2023 socio-economic development plan.

Workers’ income up 6.8%

The PM said the socio-economic situation continues its recovery this year, with general goals reached and many important results gained in various fields. 

Following the encouraging results in the first nine months of the year, Vietnam strives to have at least 10 out of 15 criteria meeting or exceeding targets.

The macro economy has been stable with controlled inflation, accelerated GDP (gross domestic product) growth and ensured major balances. The growth rate reached 5.33 percent in the third quarter and 4.24 percent in the first nine months.

The nine-month consumer price index (CPI) increased by 3.16 percent. The import-export trade increased steadily month after month with a trade surplus of $22 billion.

By the end of September, 51.38 percent of the public investment disbursement plan had been implemented, up 4.68 percent, or VND110 trillion, compared with the same period last year. 

The state budget overexpenditures and criteria on public investments have been controlled within the safety line. About VND560 trillion have been arranged for wage reform in 2024-2026.

The head of the cabinet affirmed that international prestigious institutions have hailed the results of Vietnam’s economic development. The value of the Vietnam national brand has reached $431 billion, up by one grade to the 32nd out of 100 strong national brands.

Regarding workers’ average income, the government reported that the figure increased by 6.8 percent, while 94 percent of households said they have stable incomes or higher incomes than the same period last year.

The UN’s World Happiness Report 2023 showed that Vietnam’s happiness index has jumped by 12 grades, from 77th to 65th in the global ranking.

The Prime Minister has requested all ministries, branches and localities to overcome difficulties, promote the recovery and develop production and business. The priority tasks are accelerating public investment disbursement; recovering and developing corporate bond and real estate markets; and effectively using resources and ensuring the supply of essential goods.

The 5 percent GDP growth rate and 3.5-4 percent inflation rate are the core criteria for 2023.

3,000 kilometers of highways

Regarding the socio-economic development plan for 2024, the Prime Minister emphasized six points.

It is necessary to tighten discipline and laws, improve law enforcement effectiveness; continue to promote prevention and fight against corruption and negative phenomena; stop the situation of state agencies avoiding and laying blame on each other; and protect officials who dare to think, dare to do, and dare to take responsibility.

Chinh has requested comprehensive and effective implementation of the resolutions of the Party and National Assembly, especially the three strategic breakthroughs, six key tasks and 12 groups of major solutions.

“We need to promote the strength of the entire political system and the entire people; arouse the desire to build a strong and prosperous country; tighten discipline and make proactive, flexible, prompt and effective policy responses,” Chinh said.

Among the key tasks and solutions for 2024, Chinh stressed the need to continue to operate the monetary policy in an active, flexible, timely and effective manner together with the harmonious implementation of the reasonably expanded fiscal policy.

He has also requested the continued reduction of lending interest rates, the concentration of credit for the driving forces (investment, consumer, exports), and priority business fields; effective deployment of existing preferential credit packages and the design of new packages. The credit growth rate is expected to be over 15 percent in 2024.

It is necessary to gather strength to fix existing problems, increase state budget collections and practice thrift in state budget expenditure. It is estimated that the state budget collections in 2024 will increase by 5 percent compared with the implemented figure of 2023 to prioritize resources for investment and development.

The government is going to submit to the National Assembly a plan to continue implementing policies on tax, fee and charge remissions, and timely, reasonable policies in response to the global minimum tax regime.

Regarding infrastructure development, Chinh promised to urge the implementation of expressways to have over 3,000 kilometers of highways by 2025; and speed up the construction of some national railways. 

Thu Hang