Vietnam Economy 2024: What does the government need to do to achieve economic growth targets?

Vietstock – Vietnam Economy 2024: What does the government need to do to achieve economic growth targets?

According to Dr. Nguyen Bi Lin said that the government and local governments need to implement six sets of solutions to successfully and comprehensively implement the 2024 economic and social development plan and create favorable momentum for efforts to achieve the highest goals of the 2021 five-year plan. -In 2025, create status and strength for the country’s rapid and sustainable development in the next period.

In order to fully implement the 2024 economic and social development plan outline, Ruan Bilin (former director of the National Bureau of Statistics) recommended that the government and local governments implement the following six sets of solutions:

One is, the government instructed ministries and localities to urgently assess the shortcomings, deficiencies and challenges that hinder the current growth momentum groups, especially those in the institutional and legal environment. On this basis, we propose solutions to maximize the power and effectiveness of each driving force for economic growth.

The government and local governments must formulate detailed growth plans based on the specific capabilities of each industry, field, and location. Free up resources and strengthen the sense of responsibility and responsibility of ministries, branches, and local leaders. The government continues to carry forward the spirit of urgency, closeness and concreteness in work guidance and strictly enforces sanctions against irresponsible civil servants.

twoContinue to implement fiscal and monetary policies, and prioritize reasonable fiscal policies to support growth. Monetary policy should be proactive, flexible, timely and effective, focused and coordinated, and should be synchronized, coordinated and closely coordinated with expansionary fiscal policy and other policies. Efforts will be made to crack production and operation bottlenecks and resolve difficulties; and continue to stimulate growth momentum.

In particular, the government must promptly update and adjust plans according to changes in the world economy to support enterprises in overcoming difficulties, stabilizing and developing production.

The National Bank needs to unswervingly implement appropriate credit and interest rate policies, coordinate with demand, ensure the interests of relevant entities in the economy, safeguard the value of the Vietnamese dong, and reduce the pressure of currency inflation on the economy; flexibly adjust the exchange rate and stabilize the price of imported raw materials , improve the competitiveness of domestic products.

thirdPublic investment continues to be an important driver, promoting, underwriting and compensating growth for other drivers. The government and local governments must innovate the planning, allocation and assessment methods of public investment projects to make each project an effective project.

In particular, the government needs to formulate appropriate public investment strategies, plans and programs to properly and accurately meet the investment needs of various industries, fields and places. Concentrate investment in large projects, eliminate scattered investment, shorten project implementation time to the greatest extent, put projects into use as soon as possible, and improve the efficiency of public investment funds.

In addition, the government needs to improve the investment management mechanism, strengthen public asset management, and improve budget revenue and expenditure efficiency.

In order to disburse public investment funds quickly, the government needs programs to facilitate the role, allocation and handling of responsibilities among ministries, agencies and local heads in the disbursement of public investment funds. Leading cadres must directly direct and eliminate difficulties and obstacles in land resources. At the same time, efforts should be made to improve the capabilities of investors and construction and installation contractors.

In particular, we must focus on the issue of land clearing. The government should treat land clearing as an independent project and implement it in a targeted manner based on actual conditions to improve readiness for project implementation. Mechanisms for site clearance and compensation levels must be satisfactory, ensure people’s rights when resettling, and achieve consensus when deploying.

In addition, there must be a mechanism to promptly adjust bidding specifications, winning bid prices, and prices of materials and building materials when market prices fluctuate; ensure that construction and foundation materials are sufficient and timely.

Four isExport-led growth strategies play an important role in the context of globalization and the reshaping of supply chains. Exports of goods and services will remain an important driver not only in this decade but also in the next decade.

The government urgently needs to grasp which industries and fields will become the development trend of the world economy in the coming period, and promptly revise and supplement the export-oriented growth strategy so that Vietnam’s economy can integrate into the trend and become part of the world’s economic pioneer group. many areas of the world economy.

According to the World Trade Organization (WTO) assessment, Vietnam’s high-tech export potential ranks fourth in the world, and it took 15 years to become a strong exporter of high-tech products. Textiles and clothing are no longer the leading export products, but are being replaced by high-tech products. The government needs to determine what to do specifically; which industries should be invested and developed in the high-tech field; can Vietnam shorten the time it takes to realize its potential and become a high-tech export power?

year isthe government needs to actively formulate and implement solutions to ensure national energy security; improve forecasting capabilities and quality, and have comprehensive solutions to ensure long-term sufficient oil supply.

Electricity is an important energy source and is indispensable in production and consumption. Governments need to forecast demand, develop plans and quickly implement solutions to ensure adequate power supply for production and consumption under any circumstances.

At the same time, the government urgently formulated and issued policies and plans to gradually make electricity prices operate in accordance with market mechanisms; accelerate the construction of a synchronized, competitive, and transparent energy market to achieve diversification of ownership forms and operating methods; study and issue sanctions regulations to require the power industry to Compensate companies when power outages cause production losses.

The business community needs to innovate technology, invest in and use energy-saving technologies and equipment; focus on investing in the use of renewable energy such as solar energy installed on factory roofs, actively respond to adverse energy fluctuations, and reduce costs caused by rising energy prices.

Sixth isThe world economic landscape is changing rapidly and complexly; the application of high technology, artificial intelligence, and green development is an inevitable trend that cannot be delayed and is rapidly changing the world economic landscape in this decade.

At the same time, global supply chains were reorganized into a loose global economic order. Our country’s economy is very open. If Vietnam wants to develop, it cannot stay away from the world economic trend.

Therefore, the government must seize the opportunity and create new impetus for development. The government urgently needs to formulate strategies, formulate comprehensive and synchronized solutions, formulate detailed and specific implementation plans and roadmaps, create and develop a number of leading industries and fields, and cultivate new economic growth drivers, such as: technology fields, semiconductor chips , artificial intelligence; circular economy; renewable energy.

It has the advantages of a stable national political situation and macro environment, a complete legal environment, and a continuously improving business environment; a vibrant economy, an expanding consumer market, and members of many large-scale and important multilateral and bilateral trade agreements; Vietnam’s geographical location Superior and extremely attractive, it has attracted the attention of many world-leading technology companies who want to invest. The party and the country need to act urgently, break through thinking, seize opportunities, and create new driving forces for rapid and sustainable development without losing opportunities or falling behind.

With the motto of flexibility, innovation, timeliness and efficiency, with the government’s management capabilities and experience and the timely and effective cooperation of the National Assembly; with the initiative, flexibility, creativity and spirit of the business community to cope with difficulties and challenges, Vietnam’s economy will overcome difficulties and shortcomings, To achieve the economic development goals of the society in 2024, it has been approved by Congress.

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