Today, the National Assembly discussed solutions to promote economic development.
Finding ways to cope with the impact of trade conflicts; promoting the formation of large private corporations... are expected to be on the agenda.
Today, May 30, the National Assembly entered 1.5 days of discussion in the hall on the assessment of socio-economic development results, the 2018 budget and the 2019 plan, and the 2017 budget settlement. Government members will explain and clarify issues of concern to National Assembly deputies.
The Government report to the National Assembly said that all 12 socio-economic development targets in 2018 were met and exceeded, such as GDP growth reaching 7.08%, the highest level in 10 years. Average income per capita reached 2,590 USD. Foreign direct investment (FDI) reached 19.1 billion USD, up 9.1%. Export turnover increased by 13.2%, reaching a value of more than 480 billion USD and a trade surplus of 6.8 billion USD.
The economy continued to flourish in the first quarter of this year when GDP reached 6.79%, the consumer price index (CPI) increased by 2.71% in 4 months.
However, the Government also pointed out that Vietnam's economy is facing many challenges due to instability, geopolitical tensions, the US-China trade war... with unpredictable developments. On the other hand, the economy has revealed many bottlenecks, such as slow equitization and divestment of state capital in enterprises; poor project handling, and difficulties in losses...
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| Overview of the 7th session of the 14th National Assembly.Photo: National Assembly Press Center |
Recognizing the rather heavy 2019 target, the Government has proposed 7 groups of solutions, first of all, firmly pursuing the goal of consolidating the macro foundation, ensuring major balances of the economy, and promoting growth.
Examining the above content, the Economic Committee noted that the Government needs to clearly analyze growth drivers and fully assess factors affecting GDP growth, especially Vietnam's response to take advantage of and prevent risks from the US-China trade conflict.
The Economic Committee also noted that the Government needs to evaluate and improve FDI attraction policies in the new period, setting up barriers to prioritize good technology in attracting foreign capital. These are also concerns of many National Assembly deputies at the discussion session in the socio-economic group on the afternoon of May 22.
Mr. Bui Thanh Son - Deputy Minister of Foreign Affairs commented that in the short term, the trade war is beneficial to Vietnam, not completely disadvantageous. However, in the long term, this war will have a big impact on Vietnam when the world's total trade demand decreases.
The Deputy Minister of Foreign Affairs suggested that the Government should soon have policies and measures to support businesses before the trade war to take advantage of short-term advantages, increase exports but ensure to avoid being included in the list of trade surplus. "This is very difficult but it needs to be done and can be done."
The discussion will be broadcast live.