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Vietnam National Assembly

Vietnam National Assembly Reviews Socio-Economic Development and Budget Plans

Hanoi, May 23, 2024, The Europe Today: During the seventh session of the National Assembly on Thursday, legislators convened in groups to discuss the implementation of socio-economic development and state budget plans for 2023 and the first four months of 2024. The assembly also reviewed efforts in practicing thrift, preventing wastefulness, and advancing the national strategy on gender equality in 2023.

According to the Government’s report, Vietnam’s macro-economy remained stable, with a GDP growth of 5.66% in Q1, marking the highest rate during the 2020-2023 period. The average consumer price index (CPI) in the first four months increased by 3.93% year-on-year. A flexible monetary policy led to interest rate cuts supporting economic growth. State budget collection from January to April accounted for 43.1% of the annual projection, rising by 10.1% compared to the same period last year. Additionally, exports grew by 15%, resulting in a trade surplus of US$8.4 billion.

The Government reported the successful implementation of various social welfare policies, including measures to support individuals who contributed significantly to the nation, poverty alleviation programs, and efforts to improve local livelihoods. Moving forward, the Government will prioritize economic growth alongside macro-economic stability and inflation control, ensuring the major balances of the economy. It plans to develop harmonious macro-economic management policies, renew traditional growth drivers, and foster new ones. Tax and land rental incentives will continue to alleviate obstacles for businesses and production activities.

Key infrastructure projects, especially in transport, will be expedited with the goal of putting approximately 3,000 kilometers of highway into use by 2025. This is expected to enhance land value and reduce logistics costs. The Government also aims to streamline the state administrative apparatus, implement a new payroll policy starting July 1, and complete the arrangement of administrative units at district and communal levels by September 2023-2025.

In the afternoon session, lawmakers will discuss the outcomes of supervising the settlement of voters’ petitions submitted to the 15th National Assembly’s sixth sitting, further contributing to the legislative oversight and accountability process.