Speeding up public investment a focus to promote economic growth this year
Prime Minister Phạm Minh Chính on Thursday attended the Ministry of Planning and Investment's conference to review 2023 performance and set tasks for 2024. — VNA/VNS Photo Dương Giang |
HÀ NỘI — Speeding up public investment is a focus of the Ministry of Planning and Investment to promote socio-economic growth this year, Minister Nguyễn Chí Dũng said at the ministry’s conference on Thursday in Hà Nội.
The ministry said a substantial amount of capital was injected into the economy last year, contributing significantly to developing comprehensive infrastructure systems, particularly in accelerating the progress of key national and inter-regional transport projects and major urban infrastructure works.
The ministry estimates that the disbursement of public investment reached around 95 per cent of the plan in 2023, equivalent to nearly VNĐ676 trillion (US$27 billion), a record high.
Dũng said that public investment disbursement this year will be sped up to achieve the rate of more than 95 per cent of the plan for the full year, which will play a role in stimulating investment flow from different sectors into the economy.
At the conference, Prime Minister Phạm Minh Chính asked the ministry to innovate thinking and quicky grasp emerging issues of the world and the country to provide long-term, visionary policy advice to promote socio-economic growth.
“The ministry must take the lead in attracting foreign investment, developing new economic models and promoting innovation, contributing to economic transition and improving the position of Việt Nam in the global arena,” Chính said.
The PM also asked the ministry to speed up digital transformation to enhance labour productivity and national competitiveness towards building an autonomous and integrated economy.
Dũng said at the conference that the ministry will promote the strategic vision of development, innovation and new reforms in accordance with the new context.
“The thinking of innovation is the root of all policies to consolidate and release internal forces and take advantage of external forces to help us go faster and more sustainably,” Dũng said.
Although the economic growth was positive in 2023, it was below the average growth target of the 5-year economic plan for three consecutive years, making it challenging to fulfil the growth target of the 2021-25 period, he said.
He also pointed out that there are risks of falling into the middle-income trap and challenges from population ageing, not-as-expected industrialisation and modernisation, inefficient use of resources and below-expectation development of the economy.
“There are also problems to be tackled in attracting foreign investment in the new global and regional context with strategic competition between major economies and the global production shift.”
Although foreign investment was a spotlight of the Vietnamese economy last year, the linkage between the foreign invested and domestic sectors remained weak, failing to promote technology transfer and improve the position of Việt Nam in the global supply chain.
Solutions for the future
“There are opportunities in challenges. If we know how to take the opportunities, the challenges will turn into driving forces for the country’s socio-economic development. To do this, it will require the crystallization of creativity, solidarity, and persistent and continuous efforts,” Dũng stressed.
Dũng said the focus would be placed on promoting the development of a competitive, innovative, autonomous and integrated economy which grows rapidly and sustainably on the basis of science and technology innovation and digital transformation.
Besides speeding up public investment, the ministry will enhance the analysis capacity to timely develop macro-economic management policies to promote economic growth in line with ensuring stability and major balances as well as controlling inflation.
Regional planning will be completed in the first half of this year to create new space for growth.
The ministry will continue removing difficulties for enterprises and investors by cutting business prerequisites and improving the business environment. Preparations in term of human resource will be geared up to attract investment flow into the semiconductor and chipmaking industry.
As private investment is forecast to continue facing difficulty in 2024, public investment will remain an important growth driver, Dũng stressed.
The ministry will also be focusing on developing the international and regional financial centre projects and completing the regulation framework for investment support funding to attract investment in prioritised sectors.
Efforts will be enhanced to promote innovations, start-ups, digital transformation and economic restructuring.
See also
Recent hike in domestic airfare in compliance with regulations aviation authorities
07:00 | 14/05/2024 Economy
VN ranks second in the world in cryptocurrency ownership rankings
06:00 | 14/05/2024 Economy
Hà Nội to implement cashless payment for administrative procedures starting June 1
07:00 | 13/05/2024 Economy
VN develops a contingent of competent entrepreneurs
10:00 | 12/05/2024 Economy
Key economic pillars show positive growth
08:00 | 12/05/2024 Economy
US puts brakes on investigation into steel rolls imported from Việt Nam
11:00 | 10/05/2024 Economy
See more news
Quảng Ninh maintains first place at 2023 PCI and PGI
07:00 | 10/05/2024 Economy
Vietnam’s economy to grow 5.5 percent in 2024: WB’s report
06:00 | 10/05/2024 Economy
VN adds over 110,000 new securities accounts in April, bringing total to 7.7 million
08:00 | 09/05/2024 Economy
Heat of price war shows no sign of cooling down
06:00 | 09/05/2024 Economy
Merger of two railways to be completed by the end of this year
11:00 | 08/05/2024 Economy
Retail sales, services revenue up 8.5 per cent in four months
06:00 | 08/05/2024 Economy
60 Vietnamese solar companies investigated for anti-dumping in US
06:00 | 08/05/2024 Economy
Central beach city to lure investment from potential partners
06:00 | 07/05/2024 Economy
Banks strengthen information security systems
06:00 | 06/05/2024 Economy
Agro-forestry-aquatic product exports post trade surplus of US$4.74 billion in four months
06:00 | 05/05/2024 Economy
Vietnam should not miss opportunities to attract FDI
08:00 | 14/05/2024 FDI
Việt Nam's wood industry strives to match sustainable wood demands
07:00 | 14/05/2024 Industry
Recent hike in domestic airfare in compliance with regulations aviation authorities
07:00 | 14/05/2024 Economy
Việt Nam’s largest high-speed ship service from HCM City to Côn Đảo launched
07:00 | 14/05/2024 Society
VN ranks second in the world in cryptocurrency ownership rankings
06:00 | 14/05/2024 Economy
Multimedia
The Hải Phòng Red Flamboyant Festival celebrated the city's special UNESCO status
16:49 | 13/05/2024 Lifestyle
HCM City: top spot in Việt Nam for slow travel lovers
09:00 | 13/05/2024 Tourism
The Anam Cam Ranh named among Vietnam’s best family hotels
06:00 | 11/05/2024 Vietnamese Brands
Nguyễn Dynasty Urns in Huế make it to the UNESCO Memory of the World List
07:00 | 11/05/2024 Lifestyle
The hidden cafes of Hà Nội
06:00 | 11/05/2024 Tourism
Law on Telecommunications hoped to promote development of new telecoms services
06:00 | 13/05/2024 Policy
2024 Land Law to draw real estate investment, increase social housing supply
06:00 | 11/05/2024 Policy
Việt Nam welcomes US' reviews of Việt Nam market economy status
09:34 | 10/05/2024 Policy
New law on industrial parks proposed to lure in high quality investment capital flow
06:00 | 09/05/2024 Policy
Việt Nam's wood industry strives to match sustainable wood demands
07:00 | 14/05/2024 Industry
Mechanical supporting industry needs long-term solutions
06:00 | 14/05/2024 Support industries
More support for domestic automobile industry
08:09 | 13/05/2024 Support industries
Germany helps Việt Nam to decarbonise steel industry
06:00 | 12/05/2024 Industry
Vietnam should not miss opportunities to attract FDI
08:00 | 14/05/2024 FDI
New wave of Chinese investment
06:00 | 12/05/2024 FDI
Vietnam attractive destination for Dubai enterprises: Forum
09:04 | 11/05/2024 FDI
Vietnam ready to embrace green investment
06:00 | 11/05/2024 Investment
Biometric verification ensures safer money transfers
17:23 | 13/05/2024 Finance-Banking
State Treasury raises over 890 million USD worth of G-bonds in April
07:10 | 11/05/2024 Finance-Banking
Tax sector sees 10.7% rise in State budget revenue in four months
06:00 | 09/05/2024 Finance-Banking
MoF refuses to cut import tax for some materials of animal feed production
09:36 | 07/05/2024 Finance-Banking
HCM City boosts efforts to manage canal pollution
06:00 | 13/05/2024 Environment
Finland-funded climate change adaptation projects reviewed
06:00 | 12/05/2024 Environment
Hà Nội’s wastewater project to undergo trial operation
06:00 | 11/05/2024 Environment
PM orders intensified carbon credit supervision
06:00 | 09/05/2024 Environment
Full cyber stream ahead Bắc Giang focuses on digital society development
06:00 | 11/05/2024 Science - Technology
35 localities piloting four-wheel EVs for tourists, despite no official legal regulations
07:00 | 09/05/2024 Science - Technology
2024 VinFuture Prize records 1,469 nominations
06:00 | 07/05/2024 Science - Technology
HCM City: Centre for Fourth Industrial Revolution to debut in September
06:00 | 05/05/2024 Science - Technology
Việt Nam’s largest high-speed ship service from HCM City to Côn Đảo launched
07:00 | 14/05/2024 Society
Central Highlands to become renewable energy hub
08:58 | 13/05/2024 Society
Hà Nội needs more than $55 billlion for urban railway network
06:00 | 11/05/2024 Metropolis
Major measures to develop Southeastern region
08:57 | 10/05/2024 Society
Largest made-in-Vietnam bulk carrier launched
17:07 | 13/05/2024 Vietnamese Brands
The Anam Cam Ranh named among Vietnam’s best family hotels
06:00 | 11/05/2024 Vietnamese Brands
Kim Sơn sedge weaving named as intangible cultural heritage
06:00 | 09/05/2024 Vietnamese Brands
Habeco, northern beer Industry icon, reports largest quarterly loss in four years
06:00 | 07/05/2024 Vietnamese Brands
The Hải Phòng Red Flamboyant Festival celebrated the city's special UNESCO status
16:49 | 13/05/2024 Lifestyle
Nguyễn Dynasty Urns in Huế make it to the UNESCO Memory of the World List
07:00 | 11/05/2024 Lifestyle
European Literary Days focuses on gender
06:00 | 09/05/2024 Lifestyle
“The Road to Dien Bien Phu” full of emotion
14:59 | 07/05/2024 Lifestyle
Mysterious 'floating' lake discovered in Quảng Bình
16:54 | 13/05/2024 Tourism
HCM City: top spot in Việt Nam for slow travel lovers
09:00 | 13/05/2024 Tourism
The hidden cafes of Hà Nội
06:00 | 11/05/2024 Tourism
Vietnamese Ethnic Culture and Tourism Village hosts numerous activities in May
07:00 | 09/05/2024 Tourism