PM’s report on socio-economic situation at the NA’s 8th session

In his report on the implementation of the 2024 socio-economic development plan and another for 2025 delivered at the ongoing 8th session of the 15th National Assembly, which opened on October 21, Prime Minister Pham Minh Chinh called for greater efforts to achieve the annual GDP growth target of over 7%, according to a report from the Vietnam News Agency.

The Government leader said it is estimated that 14 out of the 15 targets set for this year will be fulfilled, and the per capita GDP target would be met if the GDP growth surpasses 7%.

Notably, the labor productivity growth target, which had not been met for the past three years, has now exceeded the plan, he said, stressing progress in maintaining macro economy stability, taming inflation, ensuring major economic balances, and controlling public, Government, and foreign debts, as well as state budget overspending.

The PM said the national GDP in the first nine months expanded by 6.82% and it is expected to grow 6.8-7% this year, higher than the 6-6.5% assigned by the legislature.

During the reviewed period, the consumer price index (CPI) rose 3.88%, the state budget revenue topped 85% of the annual projection, up 17.9% compared to the same period last year; and the total import-export turnover amounted to 578.5 billion USD, up 16.3%.

The leader touched upon strides in public investment with a focus on key projects, and described foreign direct investment (FDI) as a highlight now that disbursement in this field hit 17.3 billion USD, up 8.9%, the highest in the past years.

He said the economic structure has been shifting towards the digital economy, green economy, with an increasing share of the industrial, construction, and service sectors, noting the industrial sector has rebounded positively, serving as a key growth driver.

PM Chinh highlighted efforts in sustainable poverty reduction, doing away with temporary and dilapidated houses, and supporting victims of Typhoon Yagi - the strongest to hit Vietnam in decades.

The PM told the legislature that the Government has focused on streamlining administrative procedures, creating a favorable and healthy business environment, and accelerating digital transformation, the building of a digital Government, and digital economy, while pushing ahead with decentralization, all-people defense posture, and crime combat.

Another highlight was external affairs and international integration that helps raise the country’s position and reputation in the international arena, he continued.

The PM also pointed out limitations and challenges relating to macro economy stability, production, business, bad debt, public investment disbursement, site clearance, compensation and resettlement, institutions and laws, decentralization, and personnel quality.

 

For the remainder of the year, he asked ministries, agencies, and localities to continue harmoniously and effectively implement tasks and solutions, striving to achieve all of the 15 set targets, and keep inflation below 4.5% and credit growth at around 15%. State budget revenue is expected to increase by over 10%, while the disbursement rate of public investment is set to reach at least 95% of the plan.

The Government leader urged reviewing and refining the legal framework, pushing forward with administrative reforms and improving the investment and business environment, speeding up national key projects while simultaneously ensuring strong measures against corruption, wastefulness, and other negative phenomena.

More attention should be paid to cultural and social affairs so as to raise people’s living standards as well as national defense, security, and social order, foreign affairs and international integration, he said.

Outlining the 11 key tasks and solutions for 2025, PM Chinh stressed the need to spur growth, renew traditional growth engines, promote new boosters, accelerate public investment disbursement right in the beginning of this year, especially for national major projects, and selectively lure foreign investments.

Other tasks include consolidating infrastructure, especially in transport, energy, and climate change response, restructuring sectors in parallel with digital transformation, green transition, and just, sustainable energy transition, fostering support industries and services, developing a high-quality workforce, improving healthcare services, coping with climate change and natural disasters, ramping up efforts against corruption, wastefulness and other negative phenomena, and having the European Commission (EC)’s “yellow card” warning against the Vietnamese seafood lifted, according to the PM.