Prime Minister Pham Minh Chinh has required utmost efforts to fulfil to the highest possible level the targets and tasks for 2023 while chairing the regular Government meeting for September and an online meeting between the Cabinet and localities on September 30.
Despite the weak external environment, the Vietnamese economy remains resilient, and recovery is expected to pick up in the near term, said Asian Development Bank (ADB) Country Director for Vietnam Shantanu Chakraborty.
Deputy Minister of Finance Vo Thanh Hung highlighted Vietnam’s flexible monetary policy management in an effort to promote consumption, investment and business while addressing the 10th ASEAN Finance Ministers and Central Bank Governors Meeting (AFMGM) which was held in Indonesia on August 24 and 25.
To reach this year’s GDP growth target of 6.5%, economic expansion in the second half of 2023 must stand at around 9%, which requires harmonious and close coordination among the Government, ministries, sectors, and localities to maximise resources and seize every opportunity, experts have said.
Strong disbursement of public investment, especially from the second quarter of this year, has helped increase demands and promote growth of economic sectors.
The northern province of Hung Yen has overfulfilled the 2023 target for state budget revenue from domestic sources, excluding land use fees, in just the first half of the year.
Despite strong efforts and more positive signals recorded, Vietnam’s economic growth stood at only 3.72% in the first half of 2023, putting heavy pressure on the realisation of this year’s GDP growth target of 6.5%, said Deputy Minister of Planning and Investment Tran Quoc Phuong.
The total disbursement of public investment reached 11.2 billion USD as of the end of July. According to the Ministry of Finance, the figure fulfilled only 35.5% of the plan set for 2023, but still higher than what recorded in the same period last year.
Localities in the south-eastern region are mobilising all resources to speed up the progress of major transport projects that will enhance inter-regional connectivity, reduce traffic jams, and create a driving force for socio-economic development in the region.
The Government will not change the growth target of 6.5% for 2023 and strive to reach an economic expansion of about 9% in the rest of the year, stated Prime Minister Pham Minh Chinh at a cabinet meeting in Hanoi on August 5.
Prime Minister Pham Minh Chinh on August 5 chaired a cabinet meeting to evaluate the socio-economic performance in July and the first seven months of this year, as well as the progress of the socio-economic recovery and development programme, the allocation and disbursement of public investment, and the implementation of the three national target programmes.
The total disbursement of public investment reached 267.6 trillion VND (11.2 billion USD) as of the end of July, fulfilling only 35.49% of the plan set for 2023, but higher than the 34.47% recorded in the same period last year, according to the Ministry of Finance.
The disbursed capital sourced from the state budget topped 291 trillion VND (12.3 billion USD) in the first seven months of 2023, equivalent to 41.3% of the yearly target and rising 22.1% from a year earlier, showing an observable improvement in public investment disbursement, said the General Statistics Office (GSO).
Politburo member and Chairman of the National Assembly (NA) Vuong Dinh Hue had a working session with the Hanoi Party Committee’s Standing Board on July 25 to look into the implementation of some resolutions of the NA.
The Vietnam Banks Association (VNBA) has suggested the Government submit a request to the National Assembly for a resolution to support firms and people to overcome difficulties and promote business development like they did during the COVID-19 pandemic.
Given the prolonged difficulties for Vietnam’s export market, investment and consumption could use a boost to help Vietnam reach this year’s growth target.
The state budget revenue stood at 875.8 trillion VND (37 billion USD) in the first half of 2023, equivalent to 54% of this year’s target, reported the Ministry of Finance (MoF).
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