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AT A GLANCE Congratulations on Sri Lanka’s Independence Day

ANNUAL WEF MEETING POLICY DIALOGUE HELD ON VIETNAM’S GLOBAL VISION
Addressing a policy dialogue on Vietnam’s global vision, held on architects of history; upholding the strength
January 16 as part of the 54th annual meeting of the World of great national unity; combining the
Economic Forum (WEF) in Davos, Switzerland, Prime Minister power of the nation with the power of the
Pham Minh Chinh highlighted Vietnam’s key directions and stance current era; and upholding the leadership
throughout its nation-building and development process and its role of the Communist Party of Vietnam (CPV). Attended by
major achievements of historical significance during nearly 40 Professor Klaus Schwab, WEF Founder and Executive Chairman,
years of reform. Drawing on these successes, he outlined five along with 100 leaders and representatives from various countries,
major lessons: steadfastly pursuing the path of socialism, maintaining international organizations, corporations, and businesses that are
a consistent stance on a foreign policy of independence, self- WEF members, the policy dialogue was one of eight such dialogues
reliance, multilateralism, and diversification of external ties, and featuring heads of states and governments organized by the WEF,
being a trusted friend, reliable partner, and responsible member and reflected the body’s positive evaluation of Vietnam’s international
of the international community; considering the people as the role, position, achievements, vision, and development prospects.

AMENDED LAWS ON LAND AND CREDIT INSTITUTIONS PASSED NATIONAL ASSEMBLY
The long-awaited Land Law (amended) become effective on April 1, 2024, will come into force on January
and the Law on Credit Institutions 1, 2025. Meanwhile, the amended Law on Credit Institutions,
(amended) were passed by the 15th National which consists of 15 chapters and 210 articles, will be effective from
Assembly’s fifth extra-ordinary meeting on July 1, 2024. It outlines provisions regarding credit institutions’
January 18. The new Land Law comprises 16 chapters and 260 establishment, organization, operations, early intervention, special
articles, specifying the land ownership regime and the rights and control, restructuring, dissolution, and bankruptcy. It also addresses
responsibilities of the State, which represents the collective ownership the establishment, organization, operation, early intervention, dis-
of land by the people. It also addresses unified land management, solution, and termination of activities of branches of foreign banks.
land use and management regimes, and the rights and obligations Additionally, it covers the establishment and operation of repre-
of citizens and land users regarding land within Vietnam’s borders. sentative offices in Vietnam of foreign credit institutions and other
The amended law, except for Articles 190 and 248, which will foreign organizations engaged in banking activities.

NATIONAL SOCIO-ECONOMIC CONFERENCE TASKS OUTLINED FOR 2024
At a national teleconference between central and local governments, attach the same importance to cultural
held on January 5 to review the socio-economic situation in 2023 development as to economic, political, and
and implement the 2024 plan, Prime Minister Pham Minh Chinh social matters. The government leader
outlined tasks for all-level authorities, sectors, and localities to directed that priority be given to boosting
fulfill in 2024. He emphasized the need to govern in a proactive, growth, sustaining macro-economic stability, controlling inflation,
flexible, and effective manner; closely and harmoniously coordinate and guaranteeing major balances in the economy; continuing
policies; keep a close watch on the situation and quickly respond with proactive, flexible, timely, and effective monetary policy
to emerging issues; tighten discipline; step up power decentralization, coordinated with fiscal policy and others; enhancing traditional
administrative procedure reform, digital transformation, and the growth drivers; and promoting new growth drivers, such as digital
fight against corruption and other negative phenomena; and transformation, green transition, semiconductors, and hydrogen.

PLANT CULTIVATION STRATEGY TO 2030 IN PLACE AGRICULTURAL DEVELOPMENT
Under a strategy to develop plant cultivation and quality of life for farmers, contributing to social stability, and
to 2030 with a vision to 2050, which was ensuring national defense and security. Under the strategy, the
approved by the Prime Minister in Decision growth of plant cultivation production is to reach 2.2-2.5 per cent
No. 1748/QD-TTg, dated December 30, a year by 2030, while average growth in added value in the crop
2023, plant cultivation will be turned into a complete and professional processing industry is to be 8-10 per cent a year. The rate of crop
technical-economic sector with highly-competitive products, product value produced in cooperative and linkage forms is to
meeting requirements in food safety, national food security, and stand at 30-35 per cent of total value in the sector, while export
other needs of the economy and securing high export value. Other turnover of crop products per hectare of farming land is to hit
objectives are to effectively use resources, protect the ecological VND150-160 million ($6,180-6,595). The area for rice farming
environment, efficiently prevent and control natural disasters, and will be maintained at 3.56 million ha, with an expected annual
adapt to climate change, while creating jobs, improving incomes output of over 35 million tons of paddy rice.

STOCK MARKET DEVELOPMENT STRATEGY TO 2030 GIVEN GREEN LIGHT
Under the stock market development strategy to 2030, approved meanwhile, is projected to grow by an
by the Prime Minister in Decision No. 1726/QD-TTg, dated average of 20-30 per cent a year in the
December 29, 2023, Vietnam targets developing its stock 2021-2030 period. The number of stock
market in a stable, safe, healthy, efficient, sustainable, and traders is to reach 9 million by 2025
integrated manner. Stock market capitalization is to equal and 11 million by 2030. Vietnam’s stock market will be upgraded
100 per cent of GDP by 2025 and 120 per cent by 2030, while from a frontier market to an emerging market by 2025, with a
outstanding bonds are to represent at least 47 per cent of view to joining the group of four major stock markets in
GDP by 2025 and 58 per cent by 2030. The derivatives market, ASEAN by that time.

4 | VIETNAM ECONOMIC TIMES | FEBRUARY 2024 en.vneconomy.vn