Vietnam's economic vehicle in 2024 reaches the finish line successfully
In the context of an economic picture with many bright spots, intertwined with difficulties and challenges, the Government and localities have urgently implemented solutions to overcome the consequences of natural disasters, quickly bringing affected businesses and production households back to operation; focusing on promoting and maximizing the effectiveness of growth drivers.
As Politburo member and Prime Minister Pham Minh Chinh has repeatedly emphasized, public investment plays an important role in creating spillover effects, leading and activating social resources for development. In 2024, the Government will allocate VND677.3 trillion for public investment.
Vietnam's economic growth relies on a "triumvirate", which is also three growth drivers: Export of goods in the context of gradually increasing global aggregate demand; disbursement of public investment capital, maintaining macroeconomic stability to create confidence and motivation for foreign investors to disburse FDI capital; and domestic consumption.
Of the three economic growth drivers in 2024, managers can be most proactive in controlling investment drivers to boost economic growth throughout the year. Therefore, the Government and localities have mobilized the participation of the entire political system, promoting the sense of responsibility of all levels and sectors, especially the responsibility of leaders.
Given the importance of non-state investment, the Government has issued many directives to open up, attract and effectively use non-state capital for development.
3 main strikers of the country
Delegate Tran Hoang Ngan (HCM City National Assembly Delegation) said that in terms of exports, Vietnam continues to grow but the proportion of the domestic sector is still low. Therefore, we need to have policies to connect FDI enterprises with domestic enterprises; have strategies to develop mechanical engineering industry, supporting service industry, materials and accessories industry and especially need to pay more attention to products with Vietnamese brands, agricultural products, seafood, and pay attention to on-site exports through encouraging tourism development.
According to the delegate, total social investment capital continues to increase, but the private sector increases slowly while the foreign-invested sector increases rapidly. Therefore, there needs to be comprehensive policies to support Vietnamese enterprises, especially small and medium-sized enterprises.
It is necessary to continue improving the investment environment, removing institutional bottlenecks, and helping Vietnamese enterprises mobilize social resources for economic development. In addition to encouraging the development of new driving forces such as science and technology and innovation, digital transformation, green transformation, circular economy, etc., we need to awaken three endogenous driving forces: agriculture, culture and tourism. These are Vietnam's strengths. These three areas are truly the country's main drivers. Therefore, the Government should pay more attention to these three areas.
Emphasizing that 2025 is a very important period in focusing on completing at the highest level the targets of the Resolution of the 13th National Party Congress, delegate Pham Hung Thang (Ha Nam National Assembly Delegation) suggested that the Government continue to review, amend and supplement mechanisms and policies to remove difficulties and obstacles for businesses, especially administrative procedures and loan interest rates, creating favorable conditions for businesses to recover and develop.
At the same time, strengthen management, focus on implementing solutions to handle difficulties and obstacles, accelerate disbursement of public investment capital, prioritize resource allocation for investment in connecting infrastructure, and national target programs. Study the mechanism to allow localities to transfer capital from slow and ineffective projects to other key projects to promote investment resources.
