Vietnam strives toward macroeconomic stability

Vietnam’s top legislature, the National Assembly, has reaffirmed macroeconomic stability as a top priority.

NA Chairman Vuong Dinh Hue, in his closing speech to wrap up the National Assembly’s year-end session in Hanoi on Tuesday, said all parliament members, government agencies, and units must leave no stone unturned, under all circumstances, to assure macroeconomic stability and control inflation.

The top legislator stressed that in the later months of 2022 and during 2023, complicated and unpredictable situations were forecast in the whole world in terms of economic and political issues. At home, risks still exist in inflation, exchange rates, and interest rates, as well as in the monetary, securities, and corporate bond markets, like in the real estate market, therefore, impacting production, business, and daily life.

The NA, during the sitting, approved the resolution on the socio-economic development plan for 2023 last Thursday, prioritizing macroeconomic stability, inflation control, and growth.

Under the resolution, Vietnam targets GDP growth of 6.5% and GDP per capita of $4,400 in 2023, with inflation expected to be no higher than 4.5%. The manufacturing and processing sector would make up 25.4 - 25.8% of Vietnam’s GDP next year.

The NA chairman said Tuesday that after 21 days of "serious, urgent, scientific, democratic, and highly responsible work", the working session had completed its agenda.

The lawmaking body voted to pass six laws, 12 thematic resolutions and the session’s resolution. They also discussed feedback on and offered opinions on eight bills, and decided on other important issues, he said.

The six laws are the amended Petroleum Law; the amended Law on Domestic Violence Prevention and Control; the amended Law on Inspection; the Law on Implementing Grassroots Democracy; the amended Law on Radio Frequencies; and the amended Law on Anti-Money Laundering.