Vietnam continues to be a bright spot in the global economy.

At 2:00 p.m. this afternoon (October 23), at the National Assembly House, Hanoi, the program of the 6th Session of the 15th National Assembly continued to be deployed under the chairmanship of Politburo member and National Assembly Chairman Vuong Dinh Hue.

Overview of the National Assembly discussion session on the afternoon of October 23, the 6th session of the 15th National Assembly.

Leading the discussion, Vice Chairman of the National Assembly Nguyen Duc Hai said that, implementing the program of the 6th Session, this afternoon, the National Assembly listened to reports on the mid-term assessment of the implementation of the 5-year socio -economic development plan 2021-2025 and the economic restructuring plan for the period 2021-2025; the implementation of the state budget in 2023, the state budget estimate, the central budget allocation plan for 2024, the 3-year financial-state budget plan 2024-2026; mid-term assessment of the implementation of the national financial plan and borrowing and repayment of public debt for the 5-year period 2021-2025; mid-term assessment of the implementation of the medium-term public investment plan for the period 2021-2025; Results of implementing Resolution No. 43/2022/QH15 on fiscal and monetary policies to support the Socio-Economic Recovery and Development Program.

Successfully achieving the "dual goal"

Reporting at the meeting, Minister of Planning and Investment Nguyen Chi Dung said that since the beginning of the term, Vietnam's economy has gone through three basic stages, from preventing and strictly controlling the spread of the pandemic to safely, flexibly and effectively adapting, reopening the economy, promoting recovery and responding and adapting to new difficulties and challenges of the global economy.

Faced with great difficulties and challenges, the Party, State, National Assembly and Government have wisely led and directed in a timely, focused, effective manner, in accordance with many major policies and decisions.

Thanks to the efforts of the entire political system, the entire people, the entire army and the business community, our country has successfully achieved the "dual goal" of focusing on disease prevention, control and prevention, and socio-economic recovery and development; although there are still limitations and shortcomings, we have basically achieved the set general goals and many important results in various fields...

Minister Nguyen Chi Dung emphasized: "After half a term, our country has basically firmly overcome difficulties and challenges and achieved many important and quite comprehensive results, creating a foundation for socio-economic development, promoting growth, improving competitiveness in the medium and long term; and continuing to be a bright spot in the global economy."

However, according to the Minister of Planning and Investment, economic growth still faces many challenges; macroeconomic stability is not really solid due to the impact of external factors. In 2023, many main growth drivers will slow down and face many difficulties; export turnover is estimated to decrease by 3.5%, import will decrease by 4.2%; bad debt tends to increase; core inflation remains high; real estate and corporate bond markets have potential risks.

Besides, after the pandemic, the resilience of many businesses has reached its limit; production and business activities continue to face many difficulties, especially in terms of output markets, cash flow, capital mobilization, administrative procedures and increasing pressure from market and partner requirements for sustainable development...

Bộ trưởng Nguyễn Chí Dũng: Việt Nam tiếp tục là điểm sáng trong nền kinh tế toàn cầu

Minister Nguyen Chi Dung said that economic growth still faces many challenges.

Regarding the implementation of the Economic Restructuring Plan for the 2021-2025 period, Minister Nguyen Chi Dung said that, based on Resolution No. 31/2021/QH15 of the National Assembly, the Government has urgently issued an Action Program to organize implementation; in which, it has directed ministries, branches and localities to focus on synchronously and drastically implementing 102 tasks of developing programs and projects.

The implementation of the Plan continues to achieve important results, basically following the objectives set out in Resolution No. 31/2021/QH15. However, the difficult and challenging context and situation in the world and in the country have significantly impacted the implementation of the goals, targets and key tasks.

In the coming time, the Government is determined to continue to closely follow the Resolution of the 13th Party Congress; Resolutions of the Party, National Assembly, and Government. Focus on synchronously, drastically, and effectively implementing the 10-year Strategy and 5-year Plan, focusing on 3 strategic breakthroughs, 6 key tasks, and 12 main groups of solutions. Economic development is harmoniously linked with cultural and social development, realizing social progress and equity.

In addition, solidarity, efforts and determination to act with the highest level to both withstand and adapt to new contexts and situations, and seize new opportunities and driving forces to promote growth, accelerate rapid and sustainable socio-economic development; focus on prioritizing growth promotion associated with maintaining macroeconomic stability, controlling inflation, promoting growth, and ensuring major balances of the economy.

At the same time, mobilize and effectively use all resources for rapid and sustainable development; continue to focus on removing institutional difficulties in the direction that each level issues its own solutions; report directly to superiors on issues beyond authority; promote decentralization, delegation of authority, and individualization of responsibilities along with strengthening inspection, supervision, and control of power...

Minister of Finance Ho Duc Phoc informed that the state budget revenue in the first 9 months of 2023 was equal to 75.5% of the estimate.

State budget revenue at "very positive" level

Regarding the implementation of the 2023 State budget, the State budget estimate, the central budget allocation plan for 2024, and the 3-year State financial-budget plan for 2024-2026, Minister of Finance Ho Duc Phoc said that the State budget revenue realized in the first 9 months of 2023 was equal to 75.5% of the estimate.

In the context of slow world economic growth and many difficulties in the domestic economy, the Government and the National Assembly have implemented many policies to exempt, reduce, and extend taxes, fees, and land rents. The estimated state budget revenue for the whole year is equal to the estimate assigned by the National Assembly; the mobilization rate into the state budget reaches about 15.7% of GDP.

If including the approximately VND75 trillion reduction in revenue due to the implementation of preferential policies, tax exemptions and reductions, the state budget revenue for the whole year would increase by about 4.6% compared to the estimate. "This is a very positive level in the current context," Minister Ho Duc Phoc commented.

Regarding the 2023 State budget expenditure, it is estimated that the implementation in the first 9 months is equal to 59.7% of the estimate. Regarding the 2023 State budget balance, based on the assessment of State budget revenue and expenditure, the State budget deficit is estimated at about 4% of GDP. By the end of 2023, the indicators of public debt, Government debt, national foreign debt, and the Government's direct debt repayment obligations will be within the scope permitted by the National Assembly.

Regarding the State budget estimate and the Central budget allocation plan for 2024, Minister of Finance Ho Duc Phoc stated that the State budget revenue estimate for 2024 will increase by about 5% compared to the estimate and estimated implementation in 2023. The mobilization rate into the State budget will reach 15.3% of GDP.

Regarding the State budget deficit, closely following the 5-year Plan target according to the National Assembly Resolution, the State budget deficit estimate for 2024 is about 3.6% of GDP. By the end of 2024, the indicators of public debt, government debt, national foreign debt, and the Government's direct debt repayment obligations will be within the scope allowed by the National Assembly.

According to the Minister of Finance, with the above state budget revenue and deficit levels, the estimated total balanced state budget expenditure in 2024 will increase by about 1.2% compared to the estimate in 2023.

Reporting on the 3-year State Budget-Finance Plan 2024-2026, the Minister of Finance stated that the 3-year State Budget-Finance Plan 2024-2026 was built with the expectation that the socio-economic situation would gradually improve, inflation would be controlled, and major balances would be ensured.

The State budget revenue estimate is built at a positive level, in line with the economic growth forecast. The State budget expenditure estimate is built tightly, in accordance with the provisions of law, prioritizing investment expenditure, thoroughly saving on non-urgent regular expenditure tasks, ensuring the obligation to pay interest on debt, aid, provisions, and national reserves.

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