Vietnam targets 2024 economic growth of 6-6.5%

By Anh Minh
Thu, November 9, 2023 | 4:31 pm GMT+7

Vietnam’s National Assembly, the country’s supreme legislative body, has approved a resolution requiring the government to achieve GDP growth of 6-6.5% next year, higher than circa 5% seen for 2023.

The resolution on socioeconomic development was passed on Thursday with an approval rate of 90.5%.

Vu Hong Thanh, Chairman of the National Assembly’s Economic Committee, delivers a report at a plenary session on November 9, 2023. Photo courtesy of the National Assembly's news portal.

Vu Hong Thanh, Chairman of the National Assembly’s Economic Committee, delivers a report at a plenary session on November 9, 2023. Photo courtesy of the National Assembly's news portal.

In response to comments by some legislators that the growth goal was too high in the context of continued global uncertainties running into 2024, Vu Hong Thanh, Chairman of the parliament's Economic Committee, argued that the target had taken into account both headwinds and tailwinds as well as the overall socioeconomic development plan for the 2021-2025 period.

Drivers such as investment, consumption, tourism, and exports have gained momentum, and a host of critical national projects are being accelerated, leaving positive spillover effects in the future, Thanh added.

Per the resolution, the government has also been tasked with taming inflation at 4-4.5% next year and achieving GDP per capita of $4,700-4,730.

Other 2024 objectives are for the processing and manufacturing industry to contribute 24.1-24.2% to GDP with productivity growth of 4.8-5.3%. The figures are 1.3-1.6 and 0.2-0.7 percentage points lower than the 2023 targets, respectively.

Thanh attributed the lower figures to potential negative effects of global and regional developments such as an ailing recovery and weak orders for the country’s processing and manufacturing industry.

The objectives were set out based on the above-mentioned GDP growth pace, a labor force of 51.8 million, and an expansion of 7.83% projected for the industry-construction sector.

The resolution also requests the government to continue maintaining macroeconomic stability, exercise accommodative monetary and fiscal policies in a proper and focal manner, and further cut interest rates.

The government has been asked to remove obstacles in the corporate bond, real estate, and labor markets, and speed up the restructuring of the banking system with a focus on handling struggling banks.

Notably, the legislature asked the government to secure a sound investment environment to attract and retain foreign investors and eliminate legal bottlenecks to make the operating environment more business friendly.

At a hearing on Wednesday, Prime Minister Pham Minh Chinh pledged that the government will streamline outdated regulations and cumbersome administrative procedures to support businesses and boost economic growth.

Comments (0)
  • Read More
Thailand, Australia boost ties in transport, logistics

Thailand, Australia boost ties in transport, logistics

Thailand and Australia are seeking to strengthen cooperation in transport infrastructure and carbon emission reduction in the logistics sector.

Southeast Asia - Mon, February 17, 2025 | 8:20 pm GMT+7

China surpasses US as biggest importer of Vietnamese shrimp

China surpasses US as biggest importer of Vietnamese shrimp

China imported $834 million worth of Vietnamese shrimp last year, surpassing the U.S. to become the largest buyer of this item from Vietnam, according to the Vietnam Association of Seafood Exporters and Producers (VASEP).

Economy - Mon, February 17, 2025 | 7:51 pm GMT+7

Malaysia, S Korea resume FTA talks

Malaysia, S Korea resume FTA talks

Malaysia and South Korea are set to hold their seventh round of negotiations for a bilateral free trade agreement (FTA) as they look to expand their trade portfolio and strengthen cooperation, according to the latter's Ministry of Trade, Industry and Energy.

Southeast Asia - Mon, February 17, 2025 | 5:23 pm GMT+7

Indonesia to launch new sovereign wealth fund this month

Indonesia to launch new sovereign wealth fund this month

Indonesia will launch a new sovereign wealth fund called Danantara this month, with an initial capital of around $20 billion.

Southeast Asia - Mon, February 17, 2025 | 5:19 pm GMT+7

Singapore's Billion Union builds $70 mln fabric factory in Vietnam

Singapore's Billion Union builds $70 mln fabric factory in Vietnam

Hong Kong-invested Thanh Hoa Billion Union Textile kicked off the construction of a $70 million factory in Vietnam’s central province of Thanh Hoa on Monday.

Industries - Mon, February 17, 2025 | 5:04 pm GMT+7

Vietnam’s construction ministry plans real estate exchanges for improved transparency

Vietnam’s construction ministry plans real estate exchanges for improved transparency

The Vietnamese Ministry of Construction is advancing a plan to establish real estate exchanges, similar to the stock market, in a bid to enhance transparency and efficiency in property transactions.

Real Estate - Mon, February 17, 2025 | 4:57 pm GMT+7

Vietnam plans to increase electricity imports from China, Laos by 2030

Vietnam plans to increase electricity imports from China, Laos by 2030

The Vietnamese Ministry of Industry and Trade (MoIT) aims to raise electricity imports from China and Laos by 3,000 MW and 2,500 MW by 2030, over 5 times and nearly 1.6 times higher than those stated in the current Power Development Plan VIII (PDP VIII), respectively.

Energy - Mon, February 17, 2025 | 4:14 pm GMT+7

Vietnam urges Turkish contractor to speed up mega Long Thanh airport's terminal construction

Vietnam urges Turkish contractor to speed up mega Long Thanh airport's terminal construction

Türkiye-based IC ICTAS, the lead contractor of the passenger terminal within the under-construction Long Thanh International Airport, should speed up the construction of the package, said Vietnamese Deputy Prime Minister Tran Hong Ha.

Infrastructure - Mon, February 17, 2025 | 3:27 pm GMT+7

Vietnam tech giant FPT to provide high-quality AI human resources

Vietnam tech giant FPT to provide high-quality AI human resources

With the groundbreaking of an inter-level school on Sunday, FPT Corporation is completing its education system from elementary to university levels in the south-central province of Binh Dinh, to provide high-quality human resources, particularly in AI.

Companies - Mon, February 17, 2025 | 11:32 am GMT+7

Japan pneumatics firm SMC to start $330 mln Vietnam expansion from July

Japan pneumatics firm SMC to start $330 mln Vietnam expansion from July

SMC Manufacturing Vietnam, under Japanese pneumatic instrument producer SMC, aims to start its $330 million expansion in Vietnam from July.

Industries - Mon, February 17, 2025 | 10:47 am GMT+7

Institutional breakthroughs to provide solid foundation for heightened business confidence: economists

Institutional breakthroughs to provide solid foundation for heightened business confidence: economists

At a meeting of the National Assembly's Economic Committee in early February, the government proposed the 2025 GDP growth be "8% or more", instead of 6.5-7% set last November. The Investor introduces opinions of some leading Vietnamese economists on this proposed target.

Economy - Mon, February 17, 2025 | 8:02 am GMT+7

Vietnam consumer credit enters new growth cycle

Vietnam consumer credit enters new growth cycle

After the decrease in consumer capital demand, negative growth, and peaking bad debts in 2023, Vietnam’s consumer financial market is entering a new growth cycle, backed by positive signs from the macroeconomic environment.

Finance - Sun, February 16, 2025 | 3:19 pm GMT+7

Vietnam property investors seek new opportunities in provincial markets

Vietnam property investors seek new opportunities in provincial markets

Real estate investors in Vietnam, both individuals and organizations, are shifting their investments from city centers to suburban regions and neighboring provinces where land remains abundant and significant investments are being made in infrastructure, particularly in transportation.

Real Estate - Sun, February 16, 2025 | 2:00 pm GMT+7

Five Vietnam pilgrimage destinations perfect for spiritual seekers: Booking.com

Five Vietnam pilgrimage destinations perfect for spiritual seekers: Booking.com

Booking.com, the world's leading digital travel company, has suggested some destinations in Vietnam for those seeking spiritual enrichment and a chance for reflection and connection, including Ba Den mountain and Bai Dinh pagoda.

Travel - Sun, February 16, 2025 | 10:59 am GMT+7

Malaysia takes the lead in data center development

Malaysia takes the lead in data center development

Malaysia is making efforts to align with the global trend towards digitalization, which is driving demand for data centers, cloud computing, blockchain, and artificial intelligence (AI).

Southeast Asia - Sun, February 16, 2025 | 10:57 am GMT+7

WB sees Thai fiscal risks mounting due to spending surge

WB sees Thai fiscal risks mounting due to spending surge

Thailand’s pursuit of an expansionary fiscal policy strategy to propel growth faces the risk of rising costs for elderly care, investment and the need to keep public debt level to sustainable levels, according to the World Bank.

Southeast Asia - Sun, February 16, 2025 | 10:41 am GMT+7