NA to discuss progress of 2024 socio-economic development plan

At the session, which will be broadcast live on the national Vietnam Television and radio The Voice of Vietnam, they will also discuss the implementation of the Constitution, laws, resolutions of the NA, and ordinances, resolutions of the NA Standing Committee, as well as policy on adjusting the National Land Use Planning for the 2021 - 2030 period with a vision to 2050, and the policy on additional investment of State capital at the Joint Stock Commercial Bank for Foreign Trade of Vietnam (VCB).

According to a Government report, the country’s socio-economic situation is getting better through months and quarters, with many important achievements in almost all areas. So far, 14 out of the 15 targets have been reached or surpassed, the report said.

GDP growth hit 6.82% in the first nine months of this year, which is projected at 6.8-7% for the whole year, higher than the target set by the NA at 6-6.5%.

The average consumer price index in the Jan-Sept period rose 3.88%. State budget revenue in the period top 85% of the projection, up 17.9% over the same period last year. The economic structure has been shifted positively towards stronger digital economy, green economy, increased proportion of the industrial and construction and service sectors, and reduced proportion of the agricultural sector.

In 2025, the Government will prioritise growth and renovation of traditional growth motivations while promoting new driving forces, speeding up public investment disbursement right from the beginning of this year, maintaining macro-economic stability, controlling inflation, and ensuring major balances of the economy.

Along with creating breakthroughs in institution for development, the Government will pay more attention to developing high-quality human resources, continuing to fundamentally and comprehensively innovate education and training, promoting culture, and improving people's material and spiritual life and health, according to the report.

Basically agreeing with the major orientations, goals, targets and groups of tasks, and main solutions stated in the Government's report, the NA’s Economic Committee proposed that the Government closely monitor developments in the world economic and political situation and policy responses of major economies and trade and investment partners, and keeping a close eye on price and inflation situations, trends in lowering interest rates and easing monetary policy to give appropriate response.

The committee also suggested continuing restructuring the economy, renewing the growth model, making the most of opportunities for digital economic development, improving labour quality and productivity, promoting science and technology application and development, developing green economy, circular economy, knowledge-based economy and e-commerce, as well as new and effective business models, and strongly innovating law building, perfecting, and enforcing laws.