The 4th session of the 15th National Assembly, photo taken on October 24, 2022 (quochoi.vn)

Clear evidence of the effectiveness of mechanisms and policies

The deputies noted that in the first 9 months of 2022 the economy recovered comprehensively. The macro-economy was stable; inflation was controlled; and the major balances of the economy were maintained despite difficult conditions. The Consumer Price Index (CPI) increased 2.73%, while the GDP grew 8.83%. Many international organizations praised the achievements and prospects of Vietnam’s economy.

Deputy Tran Hoang Ngan of Ho Chi Minh City said: “This year we have exceeded 14 of 15 targets. It is a very respectable effort, which motivates us to strive to fulfill the socio-economic targets set by the 13th National Party Congress.”

Deputy Nguyen Thi Thu Nguyet of Dak Lak province said that the government has actively and effectively implemented the socio-economic recovery and development program. Many deputies agreed that, along with short- and medium-term solutions, the government has implemented long-term solutions to ensure sustainable development, typically Vietnam’s commitments at COP26, and mechanisms to mitigate climate change.

National Assembly deputies attend the 4th session of the 15th National Assembly. (photo: quochoi.vn)

Improving the adaptability and resilience of the economy

The deputies said that although inflation has been largely controlled, global oil price hikes have hurt production and people's lives. They asked the government to take appropriate steps to respond to petroleum price fluctuations.

Deputy Hoang Duc Thang of Quang Tri province said: “It’s necessary to have a strategy to deal with petroleum prices. In the future we’ll have to face many unpredictable economic developments, including oil and gas price fluctuations.”

In its socio-economic development plan for 2023, the government aims to effectively restructure the economy, reform the growth model, and improve the productivity, quality, efficiency, competitiveness, self-reliance, adaptability, and resilience of the economy.

Public investment will focus on key infrastructure projects to ensure harmony among localities and boost the digital economy, the green economy, and the circular economy. Total public investment in 2023 will be very large, requiring an improved public investment management mechanism.