NA urges capital market revitalisation

National Assembly Chairman Trần Thanh Mẫn speaks at the session on Wednesday. — VNA/VNS Photo

HÀ NỘI - National Assembly Chairman Trần Thanh Mẫn has urged the government to revitalise the capital market to improve loan availability for individuals and enterprises.

Chairman Mẫn was speaking at the National Assembly Standing Committee's 38th session on Wednesday.

During the sessions, Vũ Hồng Thanh, Chairman of the National Assembly Economic Committee, noted that Việt Nam’s economy had made significant strides with a projected annual growth rate of about seven per cent, surpassing the NA's target.

Infrastructure development remained a priority, with several major transportation projects fast-tracked to completion, further supporting the country’s economic expansion.

Alongside economic achievements, Việt Nam continued to foster cultural, social and diplomatic efforts, strengthening relations with key partners and enhancing its international standing.

However, he also highlighted ongoing challenges. In 2024, about 18,200 businesses exited the market monthly. The ratio of closures to new and re-entering businesses reached 89.7 per cent, up from 79.3 per cent last year.

Domestic and international demand remained low, and financial difficulties continued to hold back businesses, particularly in the manufacturing sector.

The real estate market showed signs of recovery, but faced persistent issues. For instance, price speculation and manipulation have pushed prices to levels inaccessible to regular buyers.

While efforts to implement the Land Law and other real estate regulations were acknowledged, progress has fallen short of expectations.

Looking ahead to 2025, the committee chairman emphasised the need for measures to promote sustainable growth, focusing on enhancing internal capacity and macroeconomic stability.

Key priorities include controlling inflation, managing exchange rates, and ensuring effective monetary policy. Strengthening oversight of the gold, stock and real estate markets was also highlighted to restore investor confidence and promote stable market growth.

Lê Thị Nga, Chairwoman of the National Assembly Committee for Judicial Affairs, raised concerns about the volatility in the gold market and urged the government to address the growing risks.

She also stressed the need for stronger management of the real estate market, noting the surge in housing prices that has made homeownership increasingly difficult for workers. The slow implementation of the Housing Law also came under scrutiny, with calls to accelerate the issuance of necessary guidelines.

Cybercrime was another key issue, with Chairwoman Nga urging heightened government action to ensure public safety in the digital space. While progress in anti-corruption efforts was noted, she pointed out ongoing limitations in preventive measures.

Nguyễn Đắc Vinh, Chairman of the National Assembly Committee for Culture and Education, praised the government’s handling of recent natural disasters while emphasising the importance of institutional reforms in driving sustainable growth.

The rapid recovery of the tourism industry was cited as a prime example of Việt Nam's effective governance in the post-pandemic period.

Chairman Mẫn lauded Việt Nam’s economic achievements, with 14 of the 15 socio-economic targets met in 2024 and highlighted the success of the government’s timely support policies for citizens and businesses.

He also praised the government's recent campaign to eliminate dilapidated and makeshift housing, which garnered over VNĐ5 trillion (US$200 million) in donations.

Regarding the real estate market, he stressed the need to curb price manipulation and speculation, which have inflated housing prices and hindered access for many buyers. Solutions were also called to address stalled land projects and support struggling businesses.

“It is essential to revitalise the capital market to enable individuals and enterprises to access loans and grow their business,” said Mẫn.