Promote disbursement of public investment capital and strengthen gold market management

On the morning of April 25, the National Assembly Economic Committee met for the 14th plenary session, examining the socio-economic content, which will be presented to the National Assembly at the opening session. The seventh session will open on May 20. next.

In his opening speech, Chairman of the Economic Committee Vu Hong Thanh stated that in 2023, up to 1/3 of the targets will not be met as planned. If 2024 does not maintain the momentum of recovery and development, it will be difficult to complete the goals of the 5-year plan 2021-2025.

The average growth in the first three years of the term was only 5.24%, but according to the National Assembly’s resolution, the 5-year GDP plan increased by 6.5-7%. To achieve this target, the last 2 years of the term must increase. 8.5%, but in the first quarter of 2024 it only increased by 5.66%, even though it was the highest in the first quarter of 2020 until now.

From the above reality, Chairman Vu Hong Thanh asked the delegates attending the meeting to evaluate the situation honestly, objectively and accurately to see if the internal factors of the economy have recovered or not. Find new motivations to achieve the targets of 2024 as well as the 5-year plan.

Gold market management is still inadequate, bad debt is increasing

Summary report on additional assessment of the results of implementation of the 2023 Socio-Economic Development Plan, the situation in 2024, Generalized by Deputy Minister of Planning and Investment Do Thanh Trung, compared to the report at the Meeting On Friday, the 15th National Assembly, the results of implementing the 2023 economic and social development plan have had more positive changes.

GDP growth rate reached 5.05% (reported to reach over 5%); State budget revenue reached 1,754.1 trillion VND, exceeding 8.2% (an increase of 133.4 trillion VND compared to the number reported to the National Assembly and estimated for 2023); Trade surplus is about 28.3 billion USD (reported about 15 billion USD); FDI capital attraction reached nearly 36.6 billion USD (reported about 27-30 billion USD); Realized FDI capital reached nearly 23.2 billion USD (reported about 20-22 billion USD)…

“The Government has focused on directing, responding, adapting and striving to achieve the highest level of economic and commune targets by 2023, but 5/15 major targets did not meet the set goals. The main reason is that the world situation has many complex and unpredictable changes, strongly affecting developing countries. Our country’s economy continues to suffer “double impacts” from adverse external factors and internal limitations and inadequacies for many years. Natural disasters, droughts, storms, floods, saltwater intrusion, landslides, riverbanks, and coastlines continue to develop unpredictably, causing serious consequences.”, Deputy Minister Do Thanh Trung reported.

Regarding the situation in the first months of 2024, the Ministry of Planning and Investment’s assessment is that production and business activities still face many challenges. Industrial production recovery is still slow. Agricultural production, especially in the Mekong Delta and Central Highlands, faces many difficulties due to drought and increased saltwater intrusion. The situation of heat, drought, and water shortage is forecast to continue to become complicated, posing potential risks to agricultural production and electricity production. We need to be proactive and ready to respond promptly.

Purchasing power decreases, people tighten spending; The growth rate of domestic consumer demand in the first quarter is lower than the same period in 2023 and the years before the epidemic 2011-2019. Low domestic market demand and high competition are the biggest difficulties facing processing and manufacturing enterprises today. In the first quarter, there were nearly 74 thousand businesses withdrawing from the market, an increase of 22.8% over the same period in 2023, mainly small and medium-sized enterprises. Credit growth as of April 4 only increased by 0.95% compared to 2023.

“The real estate market is still difficult, especially in terms of regulations and procedures for developing social housing projects. The aviation industry faces many difficulties, the number of commercial aircraft has decreased, increasing domestic air ticket prices, affecting tourism development and people’s travel needs,” Mr. Trung said.

The next difficulty mentioned by the Deputy Minister is that basic macroeconomic stability is maintained but there are still potential risks; Inflation pressure and exchange rates are issues of concern. The average CPI growth rate tends to increase gradually in the first months of the year. The USD selling rate at commercial banks tends to increase. The financial market, currency, and banking system still have potential risks. Gold market management is still inadequate, with large differences in domestic and world gold prices. The on-balance sheet bad debt ratio as of the end of January is 4.79% (end of 2022 is 2.03%, 2023 is 4.55%). The corporate bond market is still difficult, with great pressure on bond maturity in 2024.

Some mechanisms, policies, regulations, and administrative procedures are still slow to be amended and are still troublesome, causing difficulties for businesses and people. As prescribed for fortifying micronutrients in food in Decree No. 09/2016/ND-CP, fire prevention and fighting (Decree No. 136/2020/ND-CP, Circular No. 02/2021/TT-BXD ), tax management for related party transactions (Decree 132/2020/ND-CP)…

Promote and renew growth drivers

Regarding the direction, tasks, and key solutions in the coming time, the Deputy Minister clearly stated that continuing to prioritize promoting growth associated with macroeconomic stability, controlling inflation, and ensuring major balances of the economy. economy;. Closely monitor the domestic world situation, coordinate closely, effectively, and harmonize macroeconomic management policies, proactively respond early and remotely to situations that may arise; promote and renew growth drivers in investment, consumption and export; Promote production and business, remove difficulties for businesses, create jobs and livelihoods for people.

The next solution mentioned by the Deputy Minister is to strengthen financial discipline and state budget; Continue to implement solutions to collect correctly, fully, and promptly, expand collection bases, manage e-commerce tax collection, and strictly implement regulations on electronic invoices; Thoroughly save expenditures, especially regular expenditures, to reserve resources for key, important national projects and resources for implementing wage and social security reforms. Continue to effectively implement tax, fee and charge policies… to support businesses, production and business.

Leaders of the Ministry of Planning and Investment also emphasized solutions to promote disbursement of public investment capital, identifying this as a key political task of ministries, branches and localities. Timely handle difficulties and obstacles to accelerate the progress of key and important national projects, airports, seaports, highways, inter-regional, inter-provincial, and energy projects. Mobilize and effectively use ODA loans of 2.5 billion USD for sustainable development of the Mekong Delta.

Continue to operate monetary policy proactively, flexibly, promptly and effectively; harmonious balance between reducing interest rates and stabilizing exchange rates; remove difficulties in accessing credit. Develop and effectively deploy credit packages to support a number of priority industries and fields; Completing regulations and strengthening gold market management is also the content mentioned by the Deputy Minister.

Ensure domestic petroleum supply, prepare supply plans, regulate power sources to ensure power supply, and cope with possible extreme operating scenarios, Mr. Do Thanh Trung reported.

Nguyen Le

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