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Prime Minister Pham Minh Chinh chairs the meeting – Photo: VGP/Nhat Bac |
Numerous achievements in the first eight months
According to reports and opinions at the meeting, the socio-economic situation in August and the first eight months continued its positive recovery trend. Overall, the results for August were higher than in July, and the eight-month cumulative results were better than the same period last year in most fields, with ten notable outcomes.
Growth in all three sectors of industry, agriculture, and services was boosted. The agricultural sector maintained stable growth, while the industrial sector recovered well, with a 2% increase in August compared to July and a 9.5% rise year-on-year. The eight-month cumulative growth reached 8.6%. Notably, the Purchasing Managers’ Index (PMI) for August 2024 stood at 52.4 points, ranking second in Southeast Asia, only after Singapore.
The service sector continued its strong performance, with total retail sales of goods and services revenue increasing by 7.9% in August and 8.5% in the eight-month period. International visitor arrivals reached 1.43 million in August and nearly 11.4 million in the first eight months, up 45.8% year-on-year and 1% compared to the same period in 2019 (pre-COVID-19).
The consumer price index averaged a 4.04% increase in the first eight months, while core inflation rose by 2.71%. Monetary and fiscal policies were flexibly managed according to market developments, with exchange rates and interest rates remaining stable.
Energy and food security were ensured, with rice exports reaching 6.16 million tons and a turnover of approximately $3.85 billion, up 6% and 21.7%, respectively, compared to the same period last year. The labor market recovered well, basically ensuring a balance between labor supply and demand.
Exports continued to grow significantly, with a large trade surplus contributing to a positive balance of payments. Exports increased by 3.7% compared to July and 14.5% year-on-year, while the eight-month cumulative growth reached 15.8%. Imports rose by 17.7%, resulting in a trade surplus of $19.07 billion.
State budget revenue increased sharply, and the financial and budgetary situation continued to improve. Total state budget revenue in the first eight months is estimated at 78.5% of the annual plan, up 17.8% year-on-year, despite the implementation of tax, fee, and charge exemptions and reductions totaling VND 90 trillion.
Investment in development continued to yield positive results, creating a driving force for growth. Disbursement of public investment capital in the first eight months reached 40.49% of the plan. FDI attraction reached $20.52 billion, up 7%, while realized FDI capital was $14.15 billion, an increase of 8% and the highest in the last five years.
Business development maintained its positive trend, with 13,400 newly established enterprises in August and a total of 168,100 enterprises established and re-entering the market in the first eight months, up 12.5% year-on-year, outnumbering the number of businesses exiting the market, which stood at 135,200.
Significant achievements were also made in the fields of culture, society, environment, social security, people’s lives, national defense, security, and foreign affairs.
Several international organizations have highly appraised Vietnam’s economic results and prospects. Institutions such as the World Bank, IMF, ADB, and OECD have assessed Vietnam’s growth as among the highest in the region.
Striving for higher growth in 2024 and 2025
The Prime Minister requested striving to accomplish and surpass all 15 key socio-economic development targets for 2024, continuing to prioritize growth, and aiming for higher growth rates in 2024 and 2025 to make up for the previous years of the term.
To prioritize growth, the Prime Minister instructed the proactive, flexible, timely, and effective management of monetary policy, in coordination with a reasonably expanded fiscal policy and other macroeconomic policies, with a harmonious, focused, and well-coordinated implementation.
Among the Prime Minister’s directives was the requirement for the State Bank to focus on maintaining exchange rate stability, strive to reduce lending rates, continue to enhance access to credit, especially for priority areas, and aim for a credit growth rate of around 15% for the year.
The Ministry of Finance was tasked with increasing state budget revenue, saving expenses, and resolutely implementing digital transformation and the application of electronic invoices in revenue management. The Ministry was also instructed to practice strict economy in regular expenses, increase investment development expenses, and effectively implement policies for tax, fee, and charge extensions and reductions.
Additionally, the Prime Minister gave multiple directives regarding investment, exports, consumption, institutional improvement, law enforcement, administrative procedure reform, and the acceleration of national digital transformation.
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