Promote stronger growth
The socio-economic situation in recent times has confirmed a clear recovery, with each month being more positive than the previous month, each quarter being more positive than the previous quarter, achieving many important and quite comprehensive results. Accordingly, the economic growth in the second quarter reached 6.93% over the same period last year, and the overall growth in the first 6 months reached 6.42%; the macro-economy was basically stable, inflation was controlled, and major balances were ensured.
Total registered FDI capital in the first 7 months reached over 18 billion USD, up 10.9% over the same period, of which newly registered FDI reached nearly 10.8 billion USD, up 35.6%; realized FDI capital was about 12.6 billion USD, up 8.4%.
The Government has issued and synchronously implemented many policies and solutions to support businesses and production and business. Innovation, digital transformation, green transformation, circular economy, new industries and sectors such as chips, semiconductors, artificial intelligence, etc. continue to be strongly promoted. In particular, reform of wage policy is focused on implementation; regulations have been completed to increase the basic salary for the public sector, pensions, and social allowances from July 1, 2024.
Regarding monetary policy, the State Bank focuses on stabilizing exchange rates and the foreign exchange market; increasing access to credit capital, focusing on priority sectors, striving for annual credit growth of about 15%; continuing to reduce lending interest rates. Effectively implementing policies to extend, exempt, and reduce taxes, fees, and charges.
Promoting quality growth
According to a report by the Ministry of Planning and Investment, the economy needs to achieve growth in the third quarter of 2024 from 6.5% to 7.4%, to create a foundation to complete and exceed the 2024 socio-economic development target with a growth rate of 6.5%.
Looking positively at the socio-economic situation, Dr. Can Van Luc - Bank for Investment and Development (BIDV) - said that it is necessary to focus on issuing and implementing policies and solutions to remove obstacles (legal, land valuation, VAT refund, capital access, social housing development, fire prevention and fighting, etc.).
Regarding the growth target, Dr. Can Van Luc emphasized the need to effectively promote traditional driving forces (export, investment, consumption) while better exploiting new driving forces (digital economy, green economy, circular economy, energy conversion, regional linkages, etc.) combined with promoting public investment disbursement, effectively implementing fiscal and operational support packages, and coordinating policies to promote growth, stabilize the macroeconomy, stabilize exchange rates, financial and monetary markets, and ensure social security.
In the long term, Mr. Can Van Luc recommended promoting growth quality, such as labor productivity, application of science and technology, development of high-quality human resources, digital transformation, green transformation... Management levels should further promote economic restructuring, in order to attract and allocate resources effectively (such as equitization of state-owned enterprises, restructuring of projects, weak credit institutions) to reduce risks, costs, and increase the health and efficiency of the market.
Proposing solutions, National Assembly delegate Nguyen Thi Viet Nga (Hai Duong delegation) said that there should be research on appropriate tax mechanisms for imported goods (through e-commerce channels) to ensure balance between tax collection goals, control costs related to tax collection and create development momentum for e-commerce.
In addition, it is necessary to strictly implement the discipline of State budget expenditure to ensure the implementation of the set targets for 2024 and reduce pressure on budget revenue. On the other hand, the budget mechanism at the regional level needs to be studied and developed, including considering the establishment of a Regional Development Investment Fund. This is to create momentum for economic development and improve regional connectivity.
Timely inform and support businesses to quickly meet new standards of export partner countries; maximize and effectively take advantage of recovery opportunities of large, traditional markets, and export opportunities for key product groups of our country, especially agricultural products.
