Resolved to Complete Highest Socioeconomic Development Plans in 2024

Determining 2024 as a year of acceleration and breakthrough, of particular importance in the effort to realize the 5-year socioeconomic development plan (2021-2025), right from the beginning of the year, the government issued Resolution 01/NQ-CP and Resolution 02/NQ-CP on main tasks and solutions to carry out the Socioeconomic Development Plan and State budget targets, improve the business environment and enhance national competitiveness in 2024. These are considered important resolutions and motivations for socioeconomic development in 2024.

The Government is resolute to accomplish the socio-economic development plan of 2024. In the photo: The launch of the container handling service at Long An International Port

Two important resolutions

On January 5, 2024, the Government promulgated Resolution 01/NQ-CP on main tasks and solutions to implement the socioeconomic development plan and state budget targets in 2024. The resolution clearly states many specific targets based on actual situations and scientific forecasts. Shortly thereafter, Resolution 02/NQ-CP on main tasks and solutions to improve the business environment and enhance national competitiveness in 2024 was also issued, showing strong determination to have a better business environment and stronger national competitiveness in 2024 and the effort to achieve the highest socioeconomic development goals in the pivotal year of 2024.

In 2024, Vietnam will strive for a gross domestic product (GDP) growth of 6-6.5%. GDP per capita will reach about US$4,700-4,730. The share of the processing and manufacturing industry is expected to reach 24.1-24.2% of the GDP. The consumer price index (CPI) is forecast to expand 4-4.5%. The average growth of social labor productivity is estimated at 4.8-5.3%.

According to targets stated in Resolution 02/NQ-CP, in 2024, the market entry (new formations and resumptions) will grow by at least 10% from 2023 while corporate bankruptcies will rise less than 10%. Vietnam will raise the Information Technology Infrastructure Index by at least three places in the rankings, the Environmental Quality Index to advance by at least 10 places, the ICT Services Export Index to look up by at least five places, the Priority Index for tourism and travel to go forward by at least five levels, and the Tourism Service Infrastructure Index to progress by at least three places.

To accomplish the above goals, Resolution 01/NQ-CP and Resolution 02/NQ-CP require all levels, sectors and localities to overcome all difficulties and boost their innovations and reforms in the spirit of “Disciplined responsibility, timely actions, accelerated creativity and sustainable efficiency.”

In particular, Vietnam will synchronously and effectively carry out viewpoints, goals, tasks and solutions regarding the Socioeconomic Development Strategy in 2021 - 2030 and the 5-year Socioeconomic Development Plan in 2021 - 2025, and boost the strength of great national unity. The country will focus on active, flexible, timely and effective direction and management, with close, consistent and smooth coordination of policies.

Main tasks and solutions

The Government also identified key tasks and solutions. Resolution 01/NQ-CP states 12 tasks and solutions, with the top focus on promoting economic growth, maintaining macroeconomic stability, controlling inflation and ensuring major balances. The country will continue to review and improve institutions, laws, mechanisms and policies, and enhance law enforcement; speed up infrastructure construction and development, especially highways, airports, ports, urban infrastructure, inter-regional infrastructure, digital infrastructure, social, medical and educational infrastructure.

Vietnam will focus on effectively and substantially restructuring the economy, changing growth models, developing the digital economy, the green economy, the circular economy, the night economy, e-commerce, emerging industries and new business models.

The country will concentrate on developing high-quality human resources, especially for biotechnology, artificial intelligence, chip and semiconductor; put forward scientific research, innovations and startups; and comprehensively develop cultural and social fields and raise the material and spiritual life of people.

Vietnam will boost regional development linkage; accelerate the pace and enhance the quality of urbanization and urban economy; further improve and build a streamlined, efficient and effective apparatus; strengthen and consolidate national defense, security, social order and safety; launch consistent, comprehensive and effective foreign affairs and international integration; and expediate information and communications, especially policy communication, and improve the outcome of mass mobilizations.

In addition, Resolution 02/NQ-CP underlines key solutions: Removing legal inadequacies against investment projects; invigorating information technology application, communication and data sharing among State agencies to improve the effect of administrative procedures.

Furthermore, the resolution states: Enhancing access and absorption of capital for businesses; completing policies to stimulate companies to invest, manufacture and do business along with innovation, digital transformation and green transformation towards sustainable development. The government also required leaders of central agencies, local agencies and VCCI to promptly capture and coordinate with each other to immediately resolve difficulties against businesses.

In fact, seeing difficulties against businesses, in 2023, the National Assembly and the Government made many decisions to remove bottlenecks and support business recovery and development. Many decisions and policies aimed to solve difficulties and obstacles in health, land, real estate, construction, tourism and other fields worked well. In 2023, the economy extended growth momentum, with better performance quarter by quarter. The quality of the business environment and competitiveness was raised.

According to experts, as business resources have not been effectively utilized, policy burdens remain latent, with a series of risks. Resolutions 01/NQ-CP and Resolution 02/NQ-CP are expected to revive the spirit of reforming the business environment and sharpening national competitiveness to complete socioeconomic development plans and state budget estimates in 2024.

These resolutions showed the government’s prompt and continuous effort to boost sustainable economic growth. Their solutions aim to clear bottlenecks in the economy because strong reforms and improvements of the business environment are what the business community is looking forward to the most. At the same time, these are also the strongest driving forces for growth.

By Thu Ha, Vietnam Business Forum