A Series of Amended Laws: New Drivers of Economic Development

          One of the key growth drivers contributing to the overall economic expansion, as highlighted by the representative of Planning and Investment at the regular government press conference last weekend, is the capital flow. As of December 7, credit growth had reached 12.5%, compared to only 9% at the same time last year. This outcome is the result of several factors: stable macroeconomic conditions and a strong recovery of businesses. A positive number contributing to Vietnam's economic landscape over the past 11 months is the total number of newly established and resumed enterprises, exceeding 218,000 businesses. This represents a 7.4% increase compared to the same period last year. Notably, in November, the number of businesses resuming operations reached nearly 71,300, marking a strong increase of 28.5% compared to the same period last year.

          The government has set a growth target of 8% for 2025, building on the strong growth momentum from this year.  The increase in positive figures can be attributed to new growth driver expected to emerge in 2025, particularly in terms of institutional reforms. This follows the recent passage of a series of amended laws by the National Assembly. Of particular interest are the laws related to the economy: the Law on Management and Investment of State Capital in Enterprises; the amended Law on Special Consumption Tax; the amended Law on Corporate Income Tax; the Law on Urban Development Management; and the Law on Digital Technology Industry, etc. The common feature of these laws is a significant shift in innovative thinking, addressing difficulties, and reforming administrative procedures. These laws, which will take effect at the beginning of 2025, are expected to unlock resources and stimulate growth.

(Image: Prime Minister Pham Minh Chinh chairs the Government's monthly regular meeting on December 7__Photo: VNA)