What is the solution to the target of 6.5% growth in 2023?

VCN - Entering 2023, our country's economy and society will face many difficulties and challenges, especially since Vietnam's economy has a significant openness, so it will be affected by many aspects. In this context, the National Assembly has set a growth target of 6.5% in 2023, lower than the result achieved in 2022 at 8.02%, and this is also a challenging target.
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What is the solution to the target of 6.5% growth in 2023?

It is necessary to boost domestic production, especially raw materials, fuel, and input materials, and plan raw material areas for production to proactively supply. Photo T.L

According to the Director General of the General Statistics Office, Nguyen Thi Huong, in the context of an unusually volatile world economic and political situation with many difficulties and challenges, our country's socio-economic activities in 2022 reached remarkable results. It is thanks to the participation of the whole political system, the timely, drastic and close direction and administration of the Government, the Prime Minister and the efforts of all levels, branches and localities, the business community and the people of the country. Our country's economy was estimated at an 8.02% growth rate. This is a high growth rate compared to other countries in the region and the world. The macro-economy is stable. Inflation is controlled at an appropriate level.

Supply and demand for essential goods were ensured. Goods procurement, consumption and export activities increased. The agriculture, forestry and fishery sector maintained a stable growth rate, affirming that the program to restructure production and improve product quality has been adequate, ensuring the supply of food and essential commodities for stabilising people's lives and increasing exports. Manufacturing and processing industries continue to play an essential role in promoting economic growth. The progress of disbursement of public investment capital has improved markedly, the growth rate of investment capital made from the State budget has reached a high level, and social security has been paid attention.

However, besides the achieved results, entering the year 2023, our country's economy and society will face many difficulties and challenges, especially since Vietnam's economy has a large openness. Meanwhile, the world economy is increasing the possibility of recession and instability, rapid and unpredictable changes in the economy, politics, military, and natural disasters.

To promptly have solutions to overcome, and at the same time actively take advantage of opportunities to achieve the highest results of socio-economic development goals in 2023, creating strong development momentum for the following years. Therefore, along with maintaining a stable socio-economic development environment, ensuring safety and convenience for people's lives and production and business activities to create an essential foundation for development, the General Director of the Department of Statistics said that it is necessary to closely monitor the world situation, the developments of fiscal and monetary policies of countries and regions with large economies that are the leading trading and investment partners of Vietnam; proactively have the plan to respond to arising situations promptly; regularly update the situation to have a timely response to maintain the stability and growth of the economy in the coming year.

Simultaneously, actively and flexibly managing monetary policy, stabilising exchange and interest rates, controlling prices and markets, and ensuring the supply of goods and principal balances of the economy. There are solutions to limit hoarding foreign currencies and transferring assets in VND into foreign currencies. Balancing supply and demand stabilises essential items' prices, especially on holidays and Tet.

According to Ms Nguyen Thi Huong, Ministries, sectors, and localities need drastic solutions to implement and disburse public investment capital and quickly and effectively implement tasks and investment projects under the Economic Recovery and Development in 2023. They are accelerating the completion and implementation of plans, strengthening regional linkages to create synchronism, new space and new impetus for developing socio-economic regions and localities.

In addition, it is also necessary to boost domestic production, especially raw materials, fuel and input materials, planning raw material areas for production to supply proactively, effectively implementing trade promotion activities, connecting supply and demand, removing barriers, creating favourable conditions for domestic consumption and export of agricultural, forestry and fishery products; diversifying markets and exporting goods. Timely adjustment of policies to increase the attraction of high-quality foreign direct investment. They are strongly deploying programs and solutions to promote domestic consumption.

Some key socio-economic indicators in 2022:

– Gross domestic product (GDP): + 8.02%

– Index of industrial production (IIP): + 7.8%

- Realised social investment capital: + 11.2%

– Average consumer price index: + 3.15%

– Core inflation: + 2.59%

– Total export turnover of goods: + 10.6%

– Total import turnover of goods: + 8.4%

– Trade surplus: 11.2 billion USD

By Xuan Thao/ Phương Linh

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