At the 7th session of the 15th National Assembly (photo: VOV)

National Assembly deputies say although in the first months of the year Vietnam's economic indicators improved, economic growth still faced challenges. But the Government-initiated 11 tasks and solutions for the coming time are the right ones which need to be implemented vigorously.

Concentrating on breakthrough measures

According to the Government report, Vietnam’s GDP growth in the first quarter of this year increased 5.66%, the fastest growth in the past 4 years. Monetary policy was flexibly managed. Disbursement of public investment capital as of April 30 exceeded 17.4% of the plan. Agricultural production has increased, and industrial production has recovered.

However, global economic and political complications have put great pressure on national governance. The legislators strongly endorsed the Government's 11 tasks and solutions. They agreed with the Government on the importance of focusing on human resource training in association with the development and application of science and technology.

Nguyen Chu Hoi, a National Assembly deputy for Hai Phong city, said: “Science and technology should always lead other sectors. If we don’t properly appreciate the role of science and technology in creating breakthroughs, we are making a big mistake. Science and technology are connected to the quality and retraining of human resources. If we want to improve human resources and create new technology ourselves, we need some strong, comprehensive innovation.” 

Besides developing high-quality human resources and promoting technology research, development, and application, the Government is trying to accelerate capital disbursement, use public investment to stimulate private investment, and strengthen public-private partnership.

Hoang Van Cuong, a National Assembly deputy for Hanoi (photo: daibieunhandan.vn)

Hoang Van Cuong, a National Assembly deputy for Hanoi, said: “Better management of public investment will create a double impact. First, it will increase aggregate demand. Second, since there is a lot of idle money, if the government increases public investment and issues bonds, it will not be competing with businesses. We have to think about engaging public investment in social infrastructure like education and health, not just transportation. Vietnam is currently attracting so-called “new generation” foreign investment in high-tech fields like semiconductor chips. We also need to use public investment to create breakthroughs in the quality of human resources.”

The deputies expect the Government to strengthen resource management and environmental protection, combat natural disasters, respond to climate change, protect water resources, and build a master plan to cope with drought, water shortages, and salt water intrusion.

Nguyen Truc Son, head of the National Assembly delegation of Ben Tre province, said: “We’ve received a lot of feedback from voters on climate change in the Mekong Delta region, especially after the recent prolonged saline drought. They expect the Government, ministries, and Mekong Delta provinces to find immediate and long-term solutions to ensure clean fresh water for production and people’s daily needs.”

Expectations

Vietnam's economy in 2023 and in the first months of 2024 has achieved positive results. GDP growth in Q1 of this year was 5.66%. In the first 4 months, CPI increased 3.93%. Total registered FDI capital reached 9.27 billion USD, an increase of 4.5%. Many large corporations have committed to investing in Vietnam in electronics, chips, semiconductors, and renewable energy.

These results reflect the tremendous effort and determination of the State, businesses, and people amidst many difficulties and challenges. Immediate and long-term solutions are needed to ensure that Vietnam's economy develops sustainably, said Trinh Xuan An, a National Assembly deputy for Dong Nai province.

“We have recorded positive figures, but we must take more drastic actions. 2024 is a pivotal year and the final year of major programs. Macroeconomic and social issues are waiting for decisions and recommendations made at this session. The decisions of this session will have great impacts on national governance,” Mr. An said.

The National Assembly deputies have expressed their belief that, with great effort and strong determination, the Government will continue to steer the nation through difficulties to achieve its socio-economic development goals for 2024 and for the 2021-2025 tenure.