 The National Assembly convenes its mid-year session in Hanoi on May 22, 2023. (Photo: quochoi.vn) |
Highlights of Vietnam’s developments
Deputy Prime Minister Khai says Vietnam’s economy is continuing last year’s recovery, when the country achieved GDP growth of 8.02%, GDP per capita of 4,109 USD, CPI of 3.15%, and state budget revenue growth of 12.5%. Last year, Vietnam fulfilled its goals of increasing development investment, strengthening social security, and reforming wages.
Mr. Khai says: ‘The indicators of Vietnam’s public debt, government debt, and foreign debt continued to decrease and were within safe limits. By the end of last year, the Government had provided 4.45 billion USD to more than 1.4 million employers and more 68.43 million employees needing support. Vietnam's national brand value reached 431 billion USD, ranking 32nd in the group of 100 strong national brands. Three reputable international credit rating agencies, Moody's, S&P, and Fitch, have maintained or upgraded Vietnam's credit rating.
 Deputy Prime Minister Le Minh Khai (Photo: VOV) |
In the first four months of this year, Vietnam maintained its macro-economy and major economic balances. Amid economic difficulties around the world, Vietnam’s GDP maintained its growth momentum, reaching 3.32% in the first quarter. Interest rates continued to decrease, the average lending interest rate fell 0.7% since from the end of last year and the banking system remained liquid. Vietnam’s export surplus was 7.56 billion USD, compared to 2.25 billion USD in the same period last year and disbursement of public investment capital increased 640 million USD over last year. The Government has concurrently started 12 North-South expressway projects with a totaling 724 km.
Vietnam has also enhanced external affairs and international integration, said Deputy Prime Minister Le Minh Khai.
He said: 'Vietnam has effectively deployed high-level foreign affairs programs of the Party and State leaders, contributing significantly to deepening substantive bilateral cooperation and promoting its role within multilateral forums. Vietnam achieved significant results in economic diplomacy and attracted resources for development. Vietnam completed negotiations on a Free Trade Agreement with Israel and deployed forces to participate in search and rescue efforts during the earthquake disaster in Turkey which has improved Vietnam’s international status.'
Investment focused on growth drivers
Deputy Prime Minister Le Minh Khai said Vietnam’s economy continues to be impacted by negative external factors and internal limitations and inadequacies that have lasted for many years. In that context, the Government wants to maintain macroeconomic stability, control inflation, promote growth, and ensure economic balances. The government will focus on growth drivers, investment, and export and accelerate value-added tax refunds to spur production, business, and import-export activities.
Mr. Khai said the government will accelerate disbursement of public investment capital and strive for disbursement rate of at least 95% this year, while focusing on attracting new investment capital and encouraging investment projects in the form of public-private partnership (PPP).
Deputy Prime Minister Le Minh Khai said: ‘The government will focus on reviewing and removing obstacles to major projects. We will promote high-added-value services and high-tech applications, restructure the tourism market, expand the international tourism market, promote tourism recovery and development, and diversify tourism products and tapping the potential and advantages of each region and locality.
Vietnam will speed up the modernization of national defense and security, maintain independence, unity, sovereignty, and territorial integrity, comprehensively deploy external activities, strengthen international integration, promote economic diplomacy, especially in digital economy development, green and sustainable development, continue citizen protection, and promote cultural diplomacy and external information.
Deputy Prime Minister Le Minh Khai said implementation of the socio-economic development plan will require great efforts by everyone, greater national unity, and an innovative spirit.