VOV.VN - Vietnam has reasonable grounds for recording an economic growth rate of 6 - 6.5% ahead in 2024, and the goal is set to be met if several hurdles are removed, says Prof. Dr. Hoang Van Cuong, member of the National Assembly Committee for Financial and Budgetary Affairs.

The Vietnamese economy is expected to expand by 6-6.5% in 2024 partly thanks to growing exports.

In a recent interview granted to Nguoi Lao Dong (Labourer), Prof. Dr. Cuong further elaborated on the legislature’s approval of major national socio-economic development tasks ahead for 2024, including setting a target of achieving GDP growth of between 6% and 6.5%.

The high growth set for next year is challenging amid unpredictable complications globally, although the country has reasonable grounds for meeting its expectations, he added.

According to the National Assembly deputy, the country has implemented macroeconomic policies this year quite effectively, such as going against the global trend of axing interest rates, controlling inflation, and keeping public debt at a low level. The Government has introduced a score of solutions aimed at removing and helping to stabilise corporate bonds, thereby creating new confidence. The economy has gathered steam steadily and continuously since the first quarter, with exports showing signs of a steady recovery from the third quarter onward.  

Meanwhile, opportunities have arisen locally which need to be seized, including new economic transition trends, the recent establishment of the Vietnam - US comprehensive strategic partnership, and the shift of quality investments in the country. Vietnam is speeding up economic restructuring, by not only relying on the external market but also opening up the domestic market, exporting services, and unlocking the potential for further tourism development.

The Government is working hard as it seeks to stimulate public investment, while ‘bottlenecks’ related to real estate which hinder economic growth are also being gradually removed.

As a means of spurring on business operations, Prof. Dr. Cuong said the Government should continue to introduce new support policies, such as reducing VAT, to stimulate business production and consumption. The recent supply chain disruption has created an opportunity for businesses to restructure themselves by exploiting the latest technology and deploying modern production methods. 

Vietnam also needs to quickly grasp opportunities in new markets as it seeks to expand its consumption network, he suggested.

However, the lawmaker assessed that the biggest bottleneck is the institution, and the Government is showing a strong resolve to iron out this snag.