During its eighth session on Monday, the 15th National Assembly of Vietnam engaged in extensive discussions on the nation’s economic and social development plans for 2024 and strategies for 2025. Among the topics on the agenda were adjustments to the national land use plan through 2050 and investments within the Joint Stock Commercial Bank for Foreign Trade of Vietnam (VCB). The session, broadcasted live on television and radio, reflects the Assembly's commitment to transparency and public involvement.
The government’s report indicated impressive socio-economic progress, showcasing improvements month-on-month and quarter-on-quarter. The anticipated Gross Domestic Product (GDP) growth for the year is pegged at between 6.8 and 7 percent, surpassing the National Assembly's target of 6 to 6.5 percent. The report also revealed insights such as a 3.88 percent rise in the average consumer price index and state budget revenues achieving over 85 percent of the annual estimate, marking a 17.9 percent increase compared to last year.
Shifts toward digital and green economies also featured prominently, with sectors like industrial, construction, and services seeing increased shares, whereas agriculture saw a proportional decline. This transformation sheds light on Vietnam’s modernization efforts and its move to embrace technological advancements.
The government’s focus for 2025 will be to stimulate economic growth through the refreshing of traditional growth drivers and the promotion of newer avenues. An accelerated disbursement of public investment funds will begin at the start of the year, aimed particularly at significant national programs and projects. This initiative will not only maintain macroeconomic stability but also control inflation and balance major economic factors.
Crucially, the government plans to implement significant breakthroughs in institutional development by embracing the motto of “rigorous management and developmental facilitation.” This dual-focused approach emphasizes maximizing development resources, creating growth spaces, and enhancing high-quality workforce development through comprehensive education and training reforms.
Besides economic strategies, cultural development, including the enhancement of material, health, and overall living standards, remains high on the assembly's agenda. Lawmakers are pushing for appropriate measures to be informed by global economic trends, monitoring price movements, inflation, and interest rate adjustments, to proactively address the changing dynamics of both local and global areas.
Recommendations from the Economic Committee of the National Assembly reflect broad agreement on the government’s proposed directions and goals. Lawmakers emphasized the importance of continuous economic restructuring, leveraging opportunities available through digital economics, boosting the quality of labor, and encouraging innovation and the application of scientific research.
These aspirations not only signal the government’s intent to respond to immediate economic challenges but also indicate a thorough commitment to creating sustainable development pathways. The assembly also pointed out the need for law reforms to keep pace with this rapid economic evolution, insisting on the importance of creating new frameworks for the circular, green, and knowledge-based economies.
Further discussions highlighted ambitious educational reforms aimed at arming the labor force with skills necessary for the transitioning job market. This acknowledgement of the role of education signifies Vietnam’s recognition of human capital as pivotal to future growth.
Vietnam is also set to confront challenges such as wastefulness across public administration, as highlighted by deputies during the assembly discussions. Addressing this waste will not only optimize resource allocation but also improve operational efficiency within government functions.
Meanwhile, international relations are also on the Vietnamese government’s radar, with steps being taken to bolster defense each with Japan, showcasing the strategic importance of external partnerships. Such initiatives reflect Vietnam's growing status on the international platform and its dedication to strengthening ties with key players worldwide.
The National Assembly’s commitment to public dialogue and continuous adjustment of its strategies signifies not just immediate responsiveness but also showcases foresight, addressing both existing challenges and future potentialities. This combination of reflective and proactive governance appears to set Vietnam on course for sustaining its growth momentum well beyond 2024.
Investments from various sectors are expected to keep pouring in, and sectors such as foreign trade, especially the transportation of oil, are poised for expansion thanks to new ventures being planned around Vietnam’s currently functional refineries.
Despite these economic strides, caution remains the word for leaders who advise maintaining vigilance over global markets and economic dynamics. With increasing trade flows, ensuring the balance between growth and sustainability will be primarily determined by how effectively Vietnam can implement these ambitious plans over the forthcoming years.
With such comprehensive development strategies laid out, the National Assembly’s eighth session marks not only optimism for the onset of new fiscal measures but also conveys the zest for Vietnam to remain steadfast on its development agenda as it navigates complex economic challenges both at home and abroad.
