Economic drivers have good growth opportunities next year: official

He said that at its recent sixth session, the National Assembly (NA) adopted a resolution on the socio-economic development plan for 2024. One of the most important targets is a growth rate of 6 - 6.5%.

Previously, keeping macro-economic stability was given higher priority than other tasks, but for 2024, the NA decided to focus more on promoting economic growth ahead of macro-economic stability, reflecting the determination to accelerate growth and make up for the declines caused by impacts of the COVID-19 pandemic and the global economy in 2023, Phuong noted.

Talking about opportunities for the three growth drivers next year, he said export has been recovering with better performance recorded over months and its momentum gradually regained. Total retail sales of goods and consumer service revenue have increased by over 9% and approximated double-digit growth.

Meanwhile, opportunities for state investment, foreign direct investment (FDI), and private investment in 2024 are “relatively good”, especially FDI attraction thanks to results of economic diplomacy this year, the official noted, highlighting chances of FDI inflows into such new areas as renewable energy, semiconductor manufacturing, and others serving socio-economic development.

In terms of private investment, despite numerous difficulties, capital, corporate bond, and stock markets are expected to show “relatively good” recovery capacity next year, he went on.

The deputy minister said a growth rate of 6 - 6.5%, equivalent to the average target for 2021 - 2025, is a difficult target since it is still unable to predict all difficulties awaiting in 2024. However, with the proposed measures in Resolution No 01 that is being drafted and expected to be issued by the Government at the start of 2024, the ministry hopes to reach the set target.