Amid rapid developments and growing challenges in the global economy, Vietnam's economy has been affected by many adverse external factors at the same time that internal shortcomings have proven difficult to eliminate.

Rapid economic recovery, Vietnam’s position heightened

With the motto "Solidarity, discipline, flexibility, innovation, and effectiveness", the Government has coordinated fiscal and monetary policies and other policies to boost growth, maintain macroeconomic stability, control inflation, and ensure major balances of the economy since early this year.

In the first 9 months of the year, Vietnam’s GDP grew 4.24%, CPI increased 3.16%, the monetary and foreign exchange markets were stable, interest rates fell, and imports and exports increased steadily producing a trade surplus of 22 billion USD. Energy security and food security were maintained, disbursement of public investment capital was 4.68% higher than the same period last year, and disbursed foreign direct investment (FDI) reached 16 billion USD, up 2.2%.

Budget deficit and public debt indicators were under control, below warning limits and thresholds. The salary fund appropriation reached 23.5 billion USD, sufficient to ensure salary reform from 2024 to 2026.

Prime Minister Pham Minh Chinh said: "Many reputable international organizations praised the results and prospects of the Vietnamese economy, predicting that Vietnam will soon recover. Vietnam's national brand value was 431 billion USD, rising 1 place to 32nd out of the 100 strongest national brands in the world."

PM Chinh said Vietnam is paying special attention to external affairs: "Vietnam has strengthened foreign affairs and international integration, which has been a highlight of 2023, gaining many historic achievements, creating new opportunities for national growth, and enhancing Vietnam's role, position, and reputation in the international arena. Vietnam has established a comprehensive strategic partnership or strategic partnership with all 5 permanent members of the United Nations Security Council and many G20 countries, and has contributed to maintaining a peaceful, stable environment for national construction and defense."

In 2024: Vietnam aims to overcome difficulties, mobilize resources for growth

The Prime Minister said Vietnam’s GDP is likely to grow 5%, failing to achieve the set target of 6.5%, while macroeconomic stability is not really sustainable. Vietnam’s industrial production is recovering slowly, especially the processing and manufacturing industries.

Vietnam's economy is forecast to continue suffering from negative impacts and challenges. In that context, the Government has set a GDP growth target of 6-6.5%, while average income per capita will be between 4,700 and 4,730 USD and average inflation will be 4-4.5%.

To hit these targets, the government will continue flexible monetary policies and reasonably expand fiscal policy. Prime Minister Chinh said Vietnam will continue to reduce lending interest rates, focus credit on growth drivers, including investment, consumption, and export, and on priority areas. The Government will also strengthen the infrastructure, especially the highway system, and upgrade airports, ports, and urban and inter-regional infrastructure       .

"We will strive to complete a number of important transportation infrastructure projects and accelerate highway projects to fulfill the task of building more than 3,000 km of highways by 2025. We will continue to invest in developing digital, agricultural, and rural infrastructure to adapt to climate change, and upgrading industrial park infrastructure and energy infrastructure. We are determined to ensure electricity for production, businesses, and households," said PM Chinh.

In social protection, the Government will continue to implement its plan to build at least 1 million social houses by 2030, develop a flexible and effective labor market, continue  to adjust the regional minimum wage and wage policies for the business sector according to regulations, and effectively implement policies on ethnicity, religion, and belief.

PM Chinh said: "We will deploy an Action Program to implement commitments made at the 2021 United Nations Climate Change Summit (COP26) and the Political Declaration on Just Energy Transition (JETP), promote green energy transition, develop renewable energy and hydrogen, and complete surveys and assessments of offshore renewable energy."

Vietnam will also improve its economic diplomacy, promote substantive and effective bilateral and multilateral relationships, cultural diplomacy, and people-to-people exchanges, strengthen foreign information and citizen protection, maintain a peaceful, stable environment, create favorable conditions, and attract resources to serve national development and enhance Vietnam's international position and reputation.