Efforts needed to achieve economic growth target of 6-6.5%

The National Assembly has passed a resolution on the socio-economic development plan for 2024, under which the focus is on continuing to prioritise growth, maintain macroeconomic stability, control inflation, and ensure major economic balances. Despite the opportunities, Vietnam is expected to face a host of obstacles.

Analysts have said that more effort must be made to overcome these obstacles and achieve the GDP growth target of 6-6.5% set for this year.

Vietnam posted economic growth of 5.05% in 2023, and recorded a trade surplus of 28 billion USD; the eighth consecutive year trade has been in surplus.

These were significant achievements amid challenges both domestic and foreign. 

The global economy is expected to face continued uncertainties in 2024 relating to supply chain disruptions. There will be internal challenges for Vietnam’s economy. Forecasts suggest that growth in the world’s leading economies, which are also crucial trading partners of Vietnam, may decline compared to 2023.

To address these challenges, each industry, sector, and locality needs to develop detailed growth scenarios based on its specific capabilities.

The National Assembly’s task for 2024 is to continue reviewing and improving the legal framework and simplifying administrative procedures and business operations.

Despite the government’s efforts, institutional reform still fails to meet the requirements of Vietnam’s new stage of development. 

2024 is the pivotal year in Vietnam’s economic development plan and will also see the country prepare for the 14th National Party Congress.

With the business community and the economy accumulating experience and with resilience demonstrated over the three years of COVID-19, Vietnam will prepare for an accelerated stage of development in 2025 and 2026./.