Basis for achieving growth target of 7%
In the first half of 2024, Vietnam's economy grew by 6.42% GDP, far exceeding the 3.84% rate in the first half of last year. This positive result opens up a positive signal for the second half of this year. Vietnam's economic picture in the first half of the year has many bright colors, but to achieve the growth target of 6.5%-7% for the whole year 2024, the Government and related agencies still have a lot of work to do to transform the economy. solve difficulties and stimulate growth drivers.
In particular, 2024 is a "sprint" year, which is very important in successfully implementing the Resolution of the 13th Party Congress and the National Assembly's Resolution on the 5-year socio-economic development plan 2021- 2025.
Commenting on the fulcrum of economic growth in the second half of the year, economic expert, Associate Professor Dr. Ngo Tri Long - former Director of the Institute of Price Market Research - pointed out that global inflation is continuing its cooling trend. , helping Vietnam reduce pressure from the inflation import channel. The major balances of the economy continue to ensure; Monetary policy is managed flexibly and cautiously with the priority goal of controlling inflation; Positive fiscal policy space contributes to solving difficulties and supporting domestic production, while creating conditions for monetary policy to cope with external shocks. On the other hand, policies to exempt, reduce, and extend taxes, fees, and land use fees in the last 6 months of the year contribute to reducing production costs and reducing prices of consumer goods and services. The Ministry of Planning and Investment is optimistic when it is expected that Vietnam will attract about 39-40 billion USD in FDI in 2024.
Focus on solving difficulties for businesses
Delegate Tran Hoang Ngan (Ho Chi Minh City Delegation) supported and highly appreciated the 11 solutions that the Government reported to the National Assembly at the 7th Session, especially the short-term solutions as we continue to continue to implement a controlled expansionary fiscal policy; flexible and effective monetary policy; Continue to submit to the National Assembly tax exemptions and reductions in land rental fees, with a 2% value added tax reduction in the immediate future. In addition, we continue to restructure debt, stabilize exchange rates, stabilize interest rates, and control inflation.
The delegate said that in order to recover the economy better, the National Assembly and the Government need to continue to support capital for the Bank for Social Policies so that there is capital to support jobs for workers and support for vulnerable subjects. This will also contribute to sustainable poverty reduction.
In recent years, despite many difficulties, budget revenue has still increased. Therefore, public debt has been reduced to 37% of GDP. Thus, we still have great room to continue using fiscal policy leverage to support businesses. Continuing to support businesses to recover and develop production and business is also the foundation for creating jobs for people.
In addition to continuing to support businesses , according to delegates, we need to consider a policy of building social housing for workers to rent. Accordingly, it is necessary to consider this as a public investment like we build dormitories for university students. Delegate Thach Phuoc Binh (Tra Vinh) proposed that the Government consider increasing capital sources for localities to implement loan programs to support employment, maintain and expand jobs.
