(VOVWORLD) - Vietnam’s economic landscape has seen bright spots since the beginning of the year, said National Assembly deputies while assessing socio-economic performance this year and plan for next year. At the ongoing 8th session of the 15th National Assembly, the deputies agreed on the need to clearly identify challenges in order to create appropriate solutions to achieve this year's economic development goals and create momentum for the following years.
 The 8th session of the 15th National Assembly (Photo: quochoi.vn) |
Vietnam's GDP growth in the first nine months of 2024 was 6.82%. GDP growth for the year is projected to be 6.8-7%, which is higher than the target set by the National Assembly of 6-6.5%. International organizations have estimated that Vietnam will remain in the group of countries with the highest growth rates.
Institutional breakthroughs to remove obstacles facing businesses
Vietnam has climbed 4 places in the Global Innovation Index, 11 places in the Happiness Index, 15 places in the e-Government Index, and 8 places in the Global Cybersecurity Index to 17th of 194 countries. However, National Assembly deputies said Vietnam still faces challenges to its economic growth and social stability goals.
 Dang Bich Ngoc, a NA deputy for Hoa Binh province (photo: quochoi.vn) |
Dang Bich Ngoc, a deputy for Hoa Binh province, said institutional barriers must be frankly examined. “The National Assembly and the Government should continue its strong innovation in legislation and enforcement and regularly review the quality and efficiency of policies for timely adjustment. A mechanism is needed for reviewing the responsibility of organizations and individuals who issue legal documents which hinder socio-economic development. Decentralization and delegation of power for localities should be enhanced,” said Ngoc.
 NA deputy Trinh Lam Sinh of An Giang province (Photo: quochoi.vn) |
Deputy Trinh Lam Sinh of An Giang province agreed with the government’s main tasks and solutions to create breakthroughs in institutional reform and fine tuning the legal system. “The high proportion of exports by businesses with foreign direct investment shows that they are doing very well with the government's incentive policies. Many large corporations have promised to invest in electronics, semiconductor chips, and renewable energy. However, domestic enterprises are facing many difficulties. I recommend that the Government continue to issue incentives to facilitate domestic businesses,” Sinh added.
Identifying growth drivers
Many deputies praised the government for defining a green orientation as a breakthrough opportunity and a direction for Vietnam’s sustainable economic growth.
 Le Dao An Xuan, a NA deputy for Phu Yen province (photo: quochoi.vn) |
Le Dao An Xuan, a deputy for Phu Yen province, said, “The State's pioneering role in green transformation should be promoted through regulations on green public procurement. Regulations should be issued early in 2025, with priority given to regulations on the proportion of total public expenditure spent on green public procurement and piloting green products to promote green consumption at the local level.”
Lawmakers proposed that the Government, in addition to focusing on traditional growth drivers, should also promote new growth drivers like science, technology, innovation, digital transformation, green transformation, and the circular economy.
 Tran Thi Van, a NA deputy of Bac Ninh province (photo: quochoi.vn) |
Tran Thi Van of Bac Ninh province, said, “I agree with the tasks and solutions set by the Government, including renewing traditional growth drivers and promoting new ones. Developing high-quality human resources and a knowledge-based economy should be identified as one of three strategic breakthroughs to realize the goal of making Vietnam a high-income country by 2045. This is an urgent task in the golden population period.”
Lawmakers agreed that the Government's continued review of bottlenecks to promptly resolve them and identifying growth drivers for the remaining months of this year and next year are important for achieving or exceeding the goals set by the National Assembly.