Cabinet leader underscores rapid economic recovery with promoted growth
VOV.VN - The Vietnamese economy has shown signs of improvement and positive recovery, Prime Minister Pham Minh Chinh said, while asking localities and ministries to devise effective solutions in all fields so as to maintain growth momentum ahead in the remaining months of the year.
PM Chinh chaired a hybrid monthly regular Government meeting on September 30 in Hanoi, connecting with 63 localities throughout the nation.
In his speech, the Government leader pointed out a range of difficulties and challenges amid the current complicated international and regional situation.
Amid this context, under the leadership of the Party, the management of the State, and the drastic direction of the Government, alongside the active participation of the entire political system, the business community and the people, the overall goals set for this year have basically achieved, with the results of each month generally being better than previous months.
The PM requested that cabinet members focus on discussing the socio-economic situation in September, the third quarter of the year, and the initial nine months of the year as a whole, along with key tasks and solutions for the remainder of the year. These matters should be looked at alongside important contents on investment capital disbursement, the Socio-Economic Recovery and Development Program, three National Target Programs, and a Mid-Term Report according to the Resolution of the National Assembly on the five-year socio-economic development plan for the 2021 to 2025 period.
Reporting at the meeting, Minister of Planning and Investment Nguyen Chi Dung said that the socio-economic situation in September, the third quarter, and the past nine months continued to see a positive recovery trend, achieving positive results across multiple fields.
Macroeconomic stability was maintained, coupled with controlled inflation, promoted growth, and guaranteed economic balances, while public debt, government debt, national foreign debt, and state budget overspending were well brought under control.
Overall GDP this year has increased by 4.24%, making the nation among the world's leading high growth countries. Of the figure, the agricultural sector soared by 3.43%, the service sector was up by 6.32%, and the industrial and construction sector increased by 2.41%.
In the third quarter, the nation posted a gross domestic production (GDP) growth of 5.33%. The consumer price index (CPI) increased by 3.66% in September and 3.16% on average throughout the first nine months of this year. Interest rates continued to reduce, with lending interest rates dropping by about 1% compared to the end of 2022.
The currency market and exchange rate were largely stable. Main sectors and fields recovered and developed stably, especially the industrial sector which continued to see growth again.
The service sector maintained a fairly high increase, with total retail sales of goods and consumer service revenue during the reviewed period expanding by 9.7% over the same period from last year. International visitors to the country reached 8.9 million people, 4.6 times higher than the same period and exceeding the annual plan.
Investment was strongly intensified, becoming an important driving force for promoting economic growth. Total registered FDI capital during the past nine months hit US$20.21 billion, up 7.7% over the same period from last year.
During the nine-month period, the State budget collection fulfilled 75.5% of the yearly estimate. Meanwhile, import-export turnover surged by 3.6% on-year, whilst in the January to September period trade surplus stood at US$21.68 billion.
Improvements were also recorded in other fields such as culture, society, education, health care, social welfare, and administrative reform. Vietnam has been named by HSBC as an attractive destination for foreign businesses, while the Asian Development Bank predicted that the country will fully recover in a short time.
PM Chinh highlighted major tasks and solutions which seek to boost socio-economic development in October and the remaining months of the year, including the active and flexible management and harmonious coordination of policies, especially fiscal and monetary policies, the promotion of the three growth drivers of investment, exports and consumption, and the speeding up of public investment disbursement.
He also underscored the need to continue to speed up administrative reform and corruption prevention and control.
Concluding the meeting, the Vietnamese cabinet leader outlined his belief that all sectors and localities will continue to make greater efforts to deal with limitations and shortcomings. They will overcome all difficulties and challenges in a bid to fulfil goals and tasks set for the annual plan, thereby creating favourable conditions for the effective implementation of the 2024 plan.
