Hanoi (VNA) 🐽– There are always opportunities amid difficulties, and if they are seized, challenges could become momentum for national development in the new context, said Minister of Planning and Investment Nguyen Chi Dung.

The global and domestic economies remain complicated and unpredictable in 2024, and recent forecasts show there will be more challenges than favourable conditions and opportunities. Meanwhile, this year is crucial for Vietnam as it is accelerating the implementation of the five-year socio-economic development plan (2021 - 2025) and prepares for the next five-year plan (2026 - 2030).

Identifying challenges, optimising oppotunities

Domestic experts shared the view that risks in the world’s economy will continue to adversely impact Vietnam’s recovery. Inflation in large economies is likely to stay high due to tightened monetary policies and growing public debts. Global trade growth is still low because of geo-political competition. Pressure also comes from fluctuating crude oil and food prices and prolonged interest rate hikes in many countries. The outlook for global economic recovery remains unclear, which will also considerably influence Vietnam’s socio-economic development, they said. In the context of numerous global uncertainties, Vietnam must maintain macro-economic stability, an important basis for achieving growth targets, said Nguyen Thi Huong, General Director of the General Statistics Office (GSO) under the Ministry of Planning and Investment (MPI). As 2024 is the year for making breakthroughs in the implementation of the five-year plan, the Government, ministries, and localities will make all-out efforts despite a myriad of difficulties and challenges. The GSO forecast the global economic downturn since the COVID-19 pandemic is likely to continue to affect the Vietnamese economy at least in the first half of 2024 before more positive signs are recorded. However, the economy may still recover if support policies issued in 2023 take effect. Investment (including private investment, foreign direct investment, public investment, and investment from State-owned enterprises), consumption, tourism, and export are being boosted strongly. Besides, prolonged problems in the business environment, investment projects, the real estate market, and the corporate bond market are expected to improve in 2024, the GSO added.

Seizing opportunities to make breakthroughs

Determined to obtain the best possible results in the Government’s Resolution No. 01/NQ-CP, on the main tasks for the 2024 socioe-conomic development and state budget plans, Minister of Planning and Investment Nguyen Chi Dung said, to seize opportunities amid difficulties, and if they are seized, challenges could become momentum for national development in the new context. He set a goal of fulfilling or surpassing the targets for 2024 to provide prerequisites for development in 2025 and the entire 2021 - 2025 period. The minister said the top priority is to promote economic growth, maintain macro-economic stability, control inflation, and ensure major balances. Public investment disbursement will be sped up right from the year’s beginning to reach over 95% of this year’s target set by the Prime Minister. Dung affirmed that the MPI will work closely with other ministries, sectors, and localities to review the medium-term public investment plan 2021 - 2025 and build a plan for 2026 - 2030 in accordance with the Politburo’s resolutions along with national, regional, and local master planning schemes. Resources will be prioritised for building at least 5,000km of expressways by 2030, railway infrastructure (especially the North - South high-speed railway), seaports, and connection routes to complete the multi-modal transport network and improve the national competitiveness, he said. In addition, the MPI will propose breakthrough mechanisms to facilitate innovation and priority fields like semiconductors, hydrogen, and artificial intelligence at the National Innovation Centre. Administrative procedures and business conditions will be further overhauled and streamlined. Dung also stressed that administrative discipline and responsibility will be enhanced to improve the quality of public services. Economic restructuring in tandem with reforming the growth model, are critical to develop the digital economy and new business models./.