VINACHEM

Aiming for GDP growth over 7% in 2024, Vietnam’s government is committed to reforms that reduce waste, speed up public investment, and bolster digital and energy infrastructure.

On the afternoon of November 12, before responding to questions from National Assembly delegates, Prime Minister Pham Minh Chinh provided a report on pressing issues of public concern.

Updating the socio-economic situation, the Prime Minister noted that socio-economic indicators in October were positive, with improvements over September and strong results across most sectors compared to the same period in 2023.

"Building on these positive results, the government is committed to driving GDP growth to over 7.5% in Q4 and exceeding 7% for the entire year," the Prime Minister stated.

This growth goal is essential to meet or surpass all 15 key socio-economic targets for 2024, laying a foundation for the 2025 plan and the broader 2021-2025 agenda. This progress will prepare Vietnam to enter a new era as a strong, prosperous nation.

While acknowledging delays in public investment disbursement, the Prime Minister vowed that the government would address this with “five commitments” and “five assurances” to disburse over 95% of the 2024 investment plan.

This effort will focus on six key solutions, with the government urging the National Assembly to promptly address legal obstacles related to investment processes, land clearance, and materials supply.

The Prime Minister highlighted recent government achievements in savings and anti-waste measures, including reducing inefficient investments, investigating major economic cases, and recovering large sums for the state.

Additionally, initiatives like the "Project 06" digital transformation plan have saved society over 3,000 billion VND annually by simplifying administrative procedures and reducing costs.

Despite these advances, the Prime Minister acknowledged remaining issues. Moving forward, the government will review and amend relevant regulations to further reduce budget expenditures, particularly recurring costs.

Alongside stricter enforcement in public investment, land management, and resources, the government will strengthen oversight and discipline. The Prime Minister also emphasized promoting a culture of savings, anti-waste, and building a streamlined, efficient administration.

To meet rising demand - projected to increase by 12-13% in 2025 - the government is taking steps to resolve regulatory obstacles and enhance energy infrastructure development. This includes building a smart power grid and starting major energy projects.

The government is also considering options for nuclear power and offshore wind energy, alongside a revised Electricity Law aimed at removing barriers and promoting energy development.

Digital transformation, the Prime Minister emphasized, has reached “every neighborhood, every household, and every individual,” contributing to Vietnam’s status among the world’s top 10 fastest-growing e-commerce markets. This shift has improved e-government services, moving Vietnam’s global ranking in the e-Government Development Index up 15 places to 71st out of 193.

However, as digital transformation is a new field, the Prime Minister acknowledged challenges such as outdated regulations and inadequate online public services.

Looking ahead, the government aims to accelerate digital adoption by mobilizing the entire political system and society, establishing favorable legal frameworks, and promoting accountability and innovation. Investment will also focus on digital infrastructure, including satellite technology and IoT, as well as developing specialized digital industry centers and improving cybersecurity.

The government will continue developing a robust science and technology infrastructure, encouraging innovation while accepting potential research risks. The government has also committed at least 20% of the state budget to education and training, with breakthrough policies for attracting and retaining talent in emerging growth sectors such as the digital and green economies.

The government aims to train at least 50,000 high-quality workers for the semiconductor industry, in line with international standards, leveraging both public and private partnerships.  – Source: VNN