National economy expected to pick up pace this year

Many silver linings were seen in Vietnam’s economy last month like high industrial production index, export revenue up more than 10% and curbed inflation.

The General Statistics Office (GSO) revealed that industrial production expanded 8.5% month-on-month and 5.4% year-on-year, with processing and manufacturing up 6.1%.

Trade and services maintained their growth rates, with rosy signs seen in lodging, catering and tourism services.

Total retail sales and service revenue last month increased 3.1% from the corresponding time last year.

Export-import value in the first two months reached US$108.52 billion, a rise of 13%, of which export revenue was US$53.79 billion up 10.2%, the office said.

Notably, the number of newly-established firms and those resuming their operation in January and February stood at 42,600, a year-on-year increase of 46.2%.

During the reviewed period, the consumer price index (CPI) climbed by 1.68%, and core inflation rose 0.67%.

The disbursement of investment sourced from the State budget fulfilled 8.8% of the target, up 10.4% as compared with the same period last year. Meanwhile, foreign direct investment (FDI) surged 123.8%, reflecting foreign investors’ confidence in the domestic market.

At a recent Government meeting, Prime Minister Pham Minh Chinh asked ministries, agencies and localities to take drastic measures to spur socio-economic development this year, and effectively implement tasks and solutions of the programme on socio-economic recovery.

The GSO also proposed authorities to prioritise the COVID-19 prevention and control programme in a concerted and effective fashion to safely and flexibly adapt to and effectively control the pandemic, taking this as a foundation for economic recovery.

To diversify the export market and ensure the smooth circulation of goods, Minister of Industry and Trade Nguyen Hongn Dien suggested the Ministry of Agriculture and Rural Development closely coordinate with his ministry in market forecasting and seeking solutions to ensure production stability.

Agencies and sectors should devise plans and solutions to maintain the supply of essentials goods as traditional supply sources would decrease, he added.

The minister also stressed solutions to restore and stabilise the labour market, saying localities with major industrial parks should have enough workforce.

Over the past time, the Government has also taken appropriate solutions to maintain the stability of the monetary and foreign exchange markets.

Dr. Nguyen Bich Lam, former director general of the GSO, said policies in support of economic recovery, especially the programme on socio-economic recovery and development, give a hope that the national economy will further recover and grow in the time ahead.