10 outstanding events of Vietnam's economy in 2023

1. Vietnam is a bright spot in economic recovery efforts

Vietnam achieved GDP growth of over 5%. Although this increase is lower than the set target of 6.5%, it is considered by international financial institutions to be quite high and positive compared to many other economies, in the context of a still-settled global economy. bleak. Factors that help the economy recover include record export turnover, efforts to disburse public investment, the highest FDI capital since 2020, and restored domestic services. Major media agencies say that with growth efforts, Vietnam is emerging as an attractive trade partner and investment destination.

2. The Politburo issued a resolution on building and promoting the role of Vietnamese businessmen in the new era

Prime Minister Pham Minh Chinh spoke at the meeting with Vietnamese business representatives, October 11, 2023. Photo: Duong Giang/TTXVN

On October 10, 2023, the Politburo issued Resolution No. 41-NQ/TW on building and promoting the role of Vietnamese businessmen in the new era. This is the second resolution of the Politburo on entrepreneurs after 12 years since the first resolution (Resolution 09/NQ-TW dated December 9, 2011). The resolution specifies 7 main tasks and solutions, aiming to develop a team of Vietnamese entrepreneurs with scale, capacity and qualifications to meet national development goals; Build a world-branded enterprise division, leading a number of supply chains and global value chains.
3. Disbursement of public investment capital reached the highest value ever

The section of Mai Son Expressway - Highway 45 passes through the intersection of Highway 217 in Thanh Hoa province. Illustration photo: Tuan Anh/TTXVN

The disbursement value of public investment capital in the whole country is estimated at more than 461,000 billion VND, the highest ever. This result was achieved thanks to the drastic intervention from the Government to ministries, central branches and localities to remove obstacles in mechanisms and procedures... Fast and effective disbursement of public investment capital has become an important driving force, creating momentum for rapid and sustainable
economic growth in the coming period.

4. Trade surplus for the 8th consecutive year

Logistics port for loading, unloading and transporting exported rice of Duong Vu Co., Ltd. Photo: Hong Dat/TTXVN

Trade surplus is estimated to reach 26 billion USD, nearly tripling in 2022 and the 8th consecutive year of trade surplus. Many agricultural product groups have taken advantage of opportunities to boost exports. In particular, rice exports exceeded 8 million tons, reaching a turnover of more than 4.4 billion USD, the highest level since 2009. The export structure continued to be positive, creating conditions for Vietnamese goods to participate. deeper into the global production and supply chain. Trade surplus is contributing positively to the balance of payments, helping to increase foreign exchange reserves and stabilize exchange rates.
5. Set a record of putting 475 km of highway into use in one year

Mai Son Expressway - National Highway 45. Illustration photo: Tuan Anh/TTXVN

The completion of 14 key transportation projects, including the North-South expressway component projects phase 1, has increased the total length of the country's expressways to 1,892 km. This result contributes to realizing one of the three breakthroughs of the Socio-Economic Development Strategy for the period 2021-2030. The groundbreaking ceremony of 12 North-South Expressway component projects, phase 2, on the first day of the year, opened the ground for a series of other key transportation projects.
6. For the first time, the State Bank continuously reduced operating interest rates in a short period of time

Customers make transactions at Vietcombank Vinh Phuc branch. Photo: Tran Viet/TTXVN

From March to June, the State Bank has adjusted operating interest rates four times in a row with a decrease of 0.5-2%/year. This is the first time the State Bank has continuously reduced operating interest rates in a short period of time. This adjustment is a flexible solution, creating a foundation for credit institutions to reduce lending interest rates and support the recovery of economic growth.
7. The Government approves Electricity Planning VIII

Wind and solar power projects in Loi Hai and Bac Phong communes (Thuan Bac, Ninh Thuan). Illustration photo: Minh Hung/TTXVN

After many years of preparation, submission, amendment and completion, on May 15, 2023, the Prime Minister signed Decision No. 500/QD-TTg approving the National Electricity Development Plan for the period 2021-2030 , vision to 2050 (Power Plan VIII). This plan opens up new development space for Vietnam's energy industry in a sustainable and equitable direction, in accordance with the views and policies of the Party and State and the country's actual capabilities.

8. Promulgate many unprecedented policies to support the real estate market

Illustration photo: Tuan Anh/TTXVN

The Government, ministries and branches have issued and implemented many unprecedented mechanisms and policies to remove legal and financial difficulties and restore the real estate market. A typical example is Resolution No. 33/NQ-CP on a number of solutions to promote safe, healthy and sustainable development of the real estate market; Decree No. 10/2023/ND-CP amending and supplementing a number of articles of decrees guiding the implementation of the Land Law; Investment project to build at least 1 million social housing apartments for low-income people and industrial park workers in the period 2021-2030. In particular, the Prime Minister directly chaired two online conferences to remove difficulties for the real estate market. These important supports have helped the real estate market ease difficulties.

9. Coordinate to correct registration activities

Violations related to corrupt behavior of some officials and registrars were discovered on a large scale, causing at peak time, the whole country had up to 106/281 motor vehicle registration centers shut down. dynamic. For the first time, a prolonged congestion of registered vehicles occurred, affecting people, transport businesses and logistics activities. The Government, relevant ministries, branches and functional forces must coordinate the handling. The Ministry of Transport proposed that the police and military participate in supporting the inspection of civil motor vehicles. On June 8, 2023, the Government issued Decree 30/2023/ND-CP amending and supplementing a number of articles of Decree No. 139/2018/ND-CP dated October 8, 2018 on service business Motor vehicle inspection.

10. Tighten management of 'mini apartment building' construction

The mini apartment building where the fire occurred is located in the middle of a crowded residential area in Thanh Xuan district, Hanoi. Photo: Tuan Anh/TTXVN

The "mini apartment" fire that occurred on the night of September 12 on Khuong Ha Street, Hanoi killed 56 people and injured 37 people. This disaster rang the alarm bell about the lax construction management in urban areas and residential areas. Implementing the Prime Minister's direction, all levels and functional sectors have reviewed and rectified construction management work and deployed urgent solutions to prevent and fight fires in apartments and houses. many apartments, rental service businesses..., ensuring the safety of life and property for the people.

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