High determination to achieve, exceed 2024 targets
Prime Minister Pham Minh Chinh chairs a regular Government meeting in March and an online Government conference with localities - photo: VGP/Nhat Bac |
Targets fulfilled or exceeded
The macroeconomic situation remains stable, inflation is under control; growth is being stimulated; and major economic balances have been ensured. The first-quarter gross domestic product (GDP) increased by 5.66 percent compared to the same period last year, exceeding the target set in Government Resolution 01/NQ-CP and representing the highest first-quarter growth rate since 2020. The Consumer Price Index (CPI) in March rose by 3.97 percent, taking the increase to 3.77 percent in the first quarter of this year. The foreign exchange market remains stable, with low interest rates and ample foreign exchange reserves, ensuring the safety of the banking system.
In the first quarter, Vietnam’s foreign trade value was up 15.5 percent over the same period last year, with an estimated trade surplus of US$8.08 billion, while 13.67 percent of the public investment capital earmarked for 2024 was disbursed, up 3.32 percent from the first quarter of 2023, and the total investment capital in the country increased by 5.2 percent compared to the same period last year.
Production and trading activities continue to recover and show positive changes. The agriculture and service sectors maintained growth rates of 2.98 percent and 6.12 percent, respectively. The industrial and construction sector grew 6.28 percent, while tourism has experienced a rapid recovery, with international arrivals reaching over 4.6 million, up 72 and 3.2 percent from the same period of 2023 and 2019 (before COVID-19 occurred).
Many international organizations have had positive assessments of the Vietnamese Government’s performance, as well as optimistic forecasts for Vietnam’s economic growth in 2024.
Enhancing access to capital
The Government has instructed ministers, heads of governmental agencies, and chairpersons of provincial people’s committees to thoroughly and effectively implement the prioritized direction of growth promotion while ensuring macroeconomic stability, controlling inflation, and ensuring major economic balances and social welfare. Efforts will be made to achieve and exceed the 2024 targets, especially those related to sustainable growth achievement. Relevant authority will direct credit institutions to further reduce lending interest rates and improve businesses’ access to capital. Appropriate and effective measures will be taken to stabilize markets and prices, especially those of petroleum, oil, food, and essential commodities and services.
Emphasis is placed on developing the domestic market, effectively implementing trade promotion programs, stimulating the distribution of goods through digital platforms and e-commerce, and boosting exports, especially those to large, potential markets.
Other important tasks are to speed up public investment capital disbursement; quicken the implementation of key projects, especially strategic transportation infrastructure projects of national importance; promote planning and realization of approved plans; restore and promote industrial growth in localities and key economic zones; ensure sufficient electricity supply for production and trading activities; closely monitor real estate and corporate bond markets; selectively attract quality foreign direct investment (FDI); strongly promote private and foreign investment; continue to simplify business procedures; and promote digitization throughout economic sectors.
The Government has required ministries, agencies and localities to continue accelerating the progress of public investment capital disbursement |
VND90 trillion disbursed in Q1
About VND90 trillion or 13.67 percent of the VND625.306 trillion worth of public investment capital earmarked for 2024 by the Prime Minister was disbursed in the first quarter of this year, up 3.32 percent or almost VND16.5 trillion from the same period in 2023.
The Government has required ministries, agencies and localities to continue accelerating the progress of public investment capital disbursement.
The Government has shown its determination to improve Vietnam’s investment environment, simplify administrative procedures, stimulate growth driving forces, ensure macroeconomic stability, major economic balances, and inflation control; promote the development of carbon credit and data markets, upgrade the stock market; ensure political stability, and social order and safety; improve institutions, develop high-quality human resources, and build modern, comprehensive infrastructure; and strengthen foreign relations and international integration.
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