At the event (Photo: VNA) Hung was speaking at the conference 'The driving forces behind Vietnam's economicgrowth in 2023' on December 14.
The vice chairman said Vietnam was aiming to reach an annualgrowth rate of 6.5% and an inflation rate of 4.5% in 2023. GDP per capita wasexpected to top 4,400 USD and the manufacturing sector would contribute toaround 25.4-25.8 % of the national output
He underlined public investment as a significant factor drivingeconomic growth next year. He estimated total public investment to be deliveredin 2023 at 730 trillion VND (31 billion USD), higher than the realised figureof 540 trillion VND in 2022.
"We need to simplify administrative processes to move publicinvestment faster," said Hung.
He also called for greater involvement of private enterprises innational investment to add impetus to economic growth.
Phan Duc Hieu, member of the National Assembly's EconomicCommittee, said the delivery of the economic recovery package of 350 trillionVND (15 billion USD) would move slowly in 2022 but accelerate dramatically in2023.
He also said most Vietnam's economic indicators hitthe target in the first nine months of 2022, except for productivity. Theindicator has fallen short of the mark for three consecutive quarters.
In terms of entrepreneurship, around 194,000 enterprises emergedin the economy in the first 11 months of the year, up 33.2% year-by-year. Atthe same time, roughly 132,000 enterprises disappeared from the market, up 24.3%.
"Enterprises are the driving force behind economic growth,yet they are finding themselves in difficulties," said Hieu.
He urged the government to keep a closer watch on enterprises andcome up with timely policies to lift them out of hardship. He also said thegovernment should stay away from 'overnight policies', which are inconsistentand unpredictable, as they would catch enterprises off guard.
Vu Tien Loc, President of the Vietnam International ArbitrationCentre, said winter is coming for Vietnamese enterprises as the number ofenterprises leaving the market keeps increasing.
"Seven enterprises shut down for every ten enterprisesemerge," said Loc.
To survive the economic winter, enterprises need tointegrate social responsibility, sustainable development, and goodcorporate governance into their operation.
He said ESG standards (environmental, social, and governance) areno longer a choice but an imperative for enterprises to gain ground in afast-changing business environment.
Vo Tri Thanh, Director of the Institute for Brand andCompetitiveness Strategy, said that the fast economic growth in Q3 carried somerisk to the banking system.
He underlined the rise in credit caps as a timely move that hassignificantly improved the situation. He also said there is little maneuvering spacefor monetary policy./.
VNA
