Successfully steering the ship to overcome “headwinds”

Negative external impacts combined with internal limitations and shortcomings have caused Vietnam's economy to suffer a “double impact” throughout 2023. 

Under the leadership of the Party Central Committee, the Politburo, the Secretariat, directly from Party General Secretary Nguyen Phu Trong, the Government, and the Prime Minister, with the motto “Unity, discipline, flexibility, creative innovation, timeliness, effectiveness,” have proactively, closely and effectively coordinated with the National Assembly, the National Assembly Standing Committee, the participation and support of the business community, the people, and international friends, acting with focus, closely following reality; asking for advice, listening to feedback and suggestions; focusing on directing all levels, sectors and localities to implement drastically and effectively the proposed tasks and solutions, making the most of development potentials, opportunities and advantages; responding flexibly and effectively difficulties and challenges, bringing the economy to recovery and development towards the trend that each month is higher than the previous month, and the next quarter is better than the previous quarter.

We always attach importance to three pillars of development: building a rule-of-law socialist state, building socialist democracy, and developing a socialist-oriented market economy. 

Throughout that process, we always place people at the centre as the main subject, the driving force, and the ultimate goal of development, following the mottos of “leaving no one behind” and “do not trade off progress and social justice for mere economic growth”; “developing economy in harmony with other fields of politics, society, diplomacy, and culture.” 

Thanks to that, the people's trust in the Party and State has been increasingly consolidated and enhanced. We are all well aware that when heading to the sea, we will of course have to face strong waves and storms, but the important thing is to always be confident, brave, and united to stay steady as we go.

The Government in the past year made great efforts, put forward prompt policies, attaching importance to implementing strategic breakthroughs, including perfecting institutions, infrastructure, and human resources, as well as to promulgating policies to remove difficulties facing people and businesses.

The Prime Minister also gave very drastic instructions on the shift towards flexible monetary policy, diversification of markets and supply chains, creation of favourable conditions for enterprises to access credit, removal of difficulties in the real estate and corporate bond markets, promotion of administrative procedures reforms, and reduction of compliance costs for people and businesses. The Government was determined to implement favourable mechanisms and policies, smooth infrastructure, and smart management.

Last year, the government took drastic actions, focusing on resolving bottlenecks in the disbursement of public investment, contributing to promoting overall growth. In particular, the government boosted the construction of strategic transport infrastructure projects across the country, especially the north-south and east-west highway projects to connect regions.

Prime Minister Pham Minh Chinh, Deputy Prime Ministers, and Ministers regularly inspected, directed, motivated and encouraged construction units and workers to overcome harsh weather conditions and work according to shifts regardless of holidays to quickly put key projects into operation, creating motivation for economic development.

Besides focusing on three economic growth drivers of investment, export, and consumption, the Government also drastically directs ministries, branches, and localities to focus on prioritising emerging industries that bring new driving forces for economic development, such as green transformation, digital transformation, circular economy, and sharing economy.

In particular, the Government has recently attached great importance to the development of the semiconductor industry. With Vietnam's advantage in high-quality human resources, and the close attention and direction of the Government and relevant ministries and branches with preferential mechanisms and policies, the country is trying to welcome many of the world's leading businesses and corporations in the field of semiconductor chips.

2023 is also considered a year of great success in Vietnam’s foreign affairs, especially as the country has upgraded relations with strategic partner countries such as the US, China, and Japan. Vietnam is increasingly asserting its position, role and prestige in the region and the international arena. In the difficult global economic context, foreign investors still trust and consider Vietnam a safe and attractive investment destination.

At the end of 2023, following great successes in foreign affairs, PM Pham Minh Chinh and the high-ranking Vietnamese delegation had a very successful trip to attend the World Climate Action Summit within the 28th UN Climate Change Conference (COP28).

At the summit, many powers and major financial institutions in the world agreed to continue promoting support for Vietnam to respond to climate change and enhance green transformation, focusing on projects that can change situation and state.