In the afternoon of July 6, 2024, the Government Office held its regular press conference for June. The Minister and Head of the Government Office, Tran Van Son, chaired the press conference.
At the event, the press asked questions regarding economic growth targets and plans to attract foreign investment (FDI) for the whole of 2024 to the representative of the Ministry of Planning and Investment.
FDI Investors’ Confidence is Very Positive
Answering questions about FDI attraction, Mr. Tran Quoc Phuong, Deputy Minister of Planning and Investment, said that the total registered FDI capital for the first six months reached nearly USD 15.2 billion, up 13.1% over the same period.
Of this, newly registered FDI reached over USD 9.5 billion, up 46.9%, and realized FDI capital reached approximately USD 10.8 billion, up 8.2%. Many large FDI projects in the fields of semiconductors, electronics, and energy were newly invested and expanded with increased capital.
Regarding expectations for the last six months of 2024, Mr. Phuong said that many international financial organizations are optimistic about Vietnam’s FDI attraction due to three factors.
First, the strategy of diversifying investment supply. Second, Vietnam’s economic growth prospects have a positive impact on investors’ investment strategies.
Third, the fundamental factors. Despite facing many fluctuations due to external factors, Vietnam’s CPI index has remained below 4%, achieving the target set by the National Assembly.
Deputy Minister of Planning and Investment Tran Quoc Phuong
Mr. Phuong informed that, according to a survey by the Ministry of Planning and Investment, the confidence of FDI investors remains very positive, showing their desire to continue investing in Vietnam. “Therefore, we can expect FDI attraction for the whole of 2024 to reach about USD 39-40 billion, higher than in 2023,” said Mr. Phuong.
Striving for GDP growth of 7% for the whole year
Also, at the press conference, answering questions about economic growth targets for 2024, the Deputy Minister of Planning and Investment recalled that GDP growth in the second quarter and the first six months was very positive.
Specifically, GDP growth in the second quarter is estimated at 6.93% over the same period last year, and 6.42% for the first six months, exceeding the upper limit of the scenario in Resolution No. 01 (6%).
Mr. Phuong emphasized that the community and society have high expectations for better economic growth results by the end of the year. Therefore, the Ministry of Planning and Investment has developed two growth scenarios to submit to the Government.
Scenario 1: Annual growth reaches 6.5% (upper limit of the target resolved by the National Assembly), with growth in the third quarter at 6.5% and the fourth quarter at 6.6% (scenario in Resolution No. 01 is 6.7% and 7%).
Scenario 2: Annual growth reaches 7%, with growth in the third quarter at 7.4% and the fourth quarter at 7.6%, higher than the scenario in Resolution No. 01 by 0.7% and 0.6%, respectively.
Mr. Phuong said that the Ministry of Planning and Investment proposed that the Government choose the growth scenario of 6.5-7% for the whole year, striving for a high level of 7%. “We can completely achieve this target if we overcome the limitations and take advantage of six factors,” said Mr. Phuong.
The six factors mentioned by the Deputy Minister of Planning and Investment include: First, the positive growth trend from the economic sectors. Second, private investment and state-owned enterprises recover faster, and FDI investment maintains its positive growth momentum.
Third, maintaining and accelerating export growth, especially focusing on large markets showing signs of slowing down, such as China and Japan.
Fourth, faster growth in tourism and consumption, striving to achieve and exceed the target of attracting international tourists (over 8 million tourists in the first six months).
The Ministry of Planning and Investment proposed that the Government target annual growth of 6.5-7%, striving for a high level of 7% in 2024
Fifth, new policies and legal regulations that are about to be issued and take effect. “The Land, Real Estate Business, and Housing Laws, which will take effect from August 1, 2024, are expected to help the real estate market recover and develop stronger,” said Mr. Phuong.
The sixth factor is the strong direction and administration of the Government and the Prime Minister, as well as the efforts and determination of ministries, sectors, and localities, especially key economic localities such as Hanoi, Danang, Ho Chi Minh City, and Binh Duong. If these localities achieve higher growth, it will help the country’s growth exceed 6.5%.
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