The economy of Vietnam and the world has experienced 2023 with many difficulties and challenges, in which real estate enterprises and the real estate market are among the most negatively affected; entering 2024 in the context of difficulties still existing and positive signs not clear, the Government has issued Resolution 01/NQ-CP dated January 5, 2024, on major tasks and solutions to implement the socio-economic development plan and state budget estimate in 2024 ("Resolution 01"); the key issues specifically mentioned by Resolution 01 are as follows:
1. Prioritize the promotion of economic growth
- To request credit institutions to direct credit to production and business sectors, priority domains, and economic growth drivers; encourage credit institutions to simplify lending procedures, and strive to reduce lending interest rates.
- To continue to implement policies on exemption, reduction, and extension of taxes, fees, charges, and land rent.
- To accelerate the implementation and disbursement of public investment capital from the beginning of 2024, especially key and nationally important projects, highways, inter-regional, coastal, and national target programs.
- To strengthen decentralization associated with raising responsibilities of heads in deciding investment policies, deciding on project investment, and disbursing public investment capital.
2. Improve institutions, laws, mechanisms, and policies and reduce administrative procedures in business
- To focus on reviewing, reducing, and simplifying administrative procedures and business regulations, not allowing new procedures, regulations, regulations, and technical standards to arise that are unnecessary, inappropriate, or infeasible.
- To continue to promote decentralization in handling administrative procedures; resolutely reduce and simplify internal administrative procedures among state administrative agencies.
- To focus on removing difficulties and obstacles to recover and develop stably, healthily, and sustainably all kinds of markets, especially corporate bond market, land use rights, real estate ... contribute to improving the efficiency of mobilization and use of resources for production and business.
- To organize the effective implementation of solutions to dismantle and promote the safe, healthy, and sustainable development of the real estate market. Research and develop mechanisms, policies, and solutions to encourage and attract foreign investment into the real estate market, limit the difference in the phase of supply and demand of real estate products, and focus on encouraging the development of real estate products to meet the great needs of society such as social housing, appropriately priced commercial housing.
3. To promote the construction and development of a synchronous and modern strategic infrastructure system
- To focus on accelerating the construction of important national transport infrastructure projects, key works for roads, railways, airways, and maritime routes.
- To focus on removing difficulties and obstacles in the implementation of large-scale infrastructure projects, especially in site clearance, compensation, support, resettlement, and change of use purposes of forests, forest land, and rice land.
- To ensure the supply and control of raw material prices, review and propose solutions to manage investment in the development of construction materials products.
- To take initiative in formulating and reporting to competent authorities on the promulgation of specific mechanisms or supplementing resources for the implementation of national key works in case of need.
- To research, advise, and develop mechanisms and policies to attract investment and promote the development of electricity and renewable energy; urgently promulgate a mechanism for direct electricity purchase and sale; promulgate specific and breakthrough mechanisms and policies to remove difficulties and obstacles in implementing and attracting investment in electrification, offshore wind power and hydrogen development projects in Vietnam.
- To research and formulate policies and orientations on the development and management of urban technical infrastructure and urban underground space.
4. Some economic development orientations by sectors and domains
In addition to issues related to the real estate market, Resolution 01 also mentioned several other issues that will guide the economy in 2024 as well as the following years:
- For industry:
+ Focus on recovering and developing industries, especially the processing, manufacturing, and manufacturing of semiconductor chips.
+ Promulgate breakthrough mechanisms and policies to promptly remove difficulties in attracting investment to develop key industries, platform industries, and emerging technologies (semiconductor chips...).
- For investment sectors:
+ Selectively attracting foreign investment projects, especially in emerging industries and fields, closely associated with the domestic market and domestic enterprises, participating more deeply in regional and global value chains.
+ Continue to rearrange state-owned enterprises to focus on essential sectors and areas of national defense and security; areas in which enterprises of other economic sectors do not invest.
- For the field of science and technology:
+ Synchronously complete the legal framework to promote the development of science technology and innovation; develop the national innovation system in an enterprise-centered direction.
+ Research and propose a pilot mechanism for the development of science and technology enterprises at research institutes and universities according to the model of spin-off enterprises;
+ Policies to create motivation for commercialization, and quickly bring research results and intellectual property generated from the state budget into production and business.
- For the field of labor export: Promote and improve the quality of sending workers to work abroad under contracts.
5. Some major indicators of economic development
|
No |
Quota |
Unit |
Plan |
|
1 |
Gross domestic product (GDP) growth rate |
% |
6,0 - 6,5 |
|
2 |
Gross domestic product (GDP) |
% |
106,0 – 106,5 |
|
3 |
GDP per capita |
USD |
About 4,700 – 4,730 |
|
4 |
Proportion of processing and manufacturing industry in GDP |
% |
About 24.1 – 24.2 |
|
5 |
The average growth rate of the consumer price index (CPI) |
% |
4.0 – 4.5 |
6. Several legal documents related to enterprises and investment are expected to be issued in 2024
|
No |
Name |
Deadline |
|
1 |
Decree amending the Government's Decree No. 123/2020/ND-CP dated October 19, 2020, regulating invoices and vouchers |
May |
|
2 |
Decree amending and supplementing the Government's Decree No. 132/2020/ND-CP dated November 5, 2020, stipulating tax administration for enterprises with related-party transactions |
August |
|
3 |
The Decree details several articles and measures to implement the Law on Bidding on the selection of investors to implement investment projects using land |
March |
|
4 |
Decree amending and supplementing several articles of the Government's Decree No. 35/2021/ND-CP dated March 29, 2021, detailing and guiding the implementation of the Law on Investment in the form of public-private partnership |
March |
|
5 |
Decree replacing the Government's Decree No. 01/2021/ND-CP dated January 04, 2021 on business registration |
September |
|
6 |
Propose a legal framework for business households to create conditions for business households to expand their scale, improve operational efficiency, and mechanisms and policies to promote business households to transform into enterprises |
June |
|
7 |
Decree amending and supplementing several articles of the Government's Decree No. 122/2021/ND-CP dated November 28, 2021, on sanctioning administrative violations in the field of planning and investment |
November |
|
8 |
Decree amending and supplementing several articles of the Government's Decree No. 15/2021/ND-CP dated March 03, 2021, detailing several contents on the management of construction investment projects |
December |
|
9 |
The Decree details and guides the implementation of several articles of the Law on Housing; Decree on renovation and construction of condominiums; Decree on the development and management of social housing |
2024 |
|
10 |
The Decree details and guides the implementation of several articles of the Law on Real Estate Business |
2024 |
|
11 |
Decree detailing the implementation of the Land Law and the Government's Decree on land prices (replacing Decree No. 44/2014/ND-CP dated May 15, 2014, regulating land prices) |
September |
Resolution 01 takes effect from the date of promulgation./.
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