Government leader outlines effective and proper solutions for major issues

In his speech, the Vietnamese cabinet leader touched upon a number of major issues relating to the current socio-economic situation, such as the external impact of the Russia-Ukraine conflict, an increase in the global price of input materials, and the disrupted supply chains of production and labour in some countries. This is in addition to the complicated COVID-19 pandemic, difficulties in export activities due to the decline of major economies, and complicated developments in non-traditional security.

The socio-economic situation has seen signs of a positive recovery in the fields of industry, agriculture, and services in the context of general difficulties across the globe.

Most notably, proper foreign affairs have demonstrated the Vietnamese stance at the UN, international, and regional forums. People's lives have been increasingly improved, with the people's trust in the Party and the State greatly consolidated alongside the rising prestige and position in the international arena.

However, PM Chinh was frank in pointing out limitations and weaknesses, especially due to subjective reasons, in order to draw lessons from experience and propose appropriate and effective solutions for the future as general situation remains difficult both internationally and domestically.

He emphasised that anti-pandemic measures must be put in place despite COVID-19 being well contained domestically, whilst thorough preparations should be made for the National Assembly and Government meetings, the ASEAN-US Summit, and the 31st SEA Games.

In his remarks, Minister of Planning and Investment Nguyen Chi Dung said that the socio-economic situation in April continued to see positive growth in most fields, with a major balance secured. Indeed, many sectors have been performing better than during the pre-pandemic years.

The macro-economy continued to be maintained stably, with inflation controlled amid many pressures as the consumer price Index (CPI) grew by 2.64% over the same period from last year. This has seen food and energy security guaranteed, with the State budget revenue reaching around 45.7% of the estimate, up 13.3% on-year.

Industrial production over the past four months increased by 7.5%. Of which, the processing and manufacturing industry expanded by 11.3%, higher than the growth rate of 5.8% and 9.6% recorded during the same period in 2018 and 2019, the years without the COVID-19 pandemic. In addition, the number of employees working in industrial enterprises soared by 1.3% over the previous month and by 3.9% over the same period from last year.

Agriculture, forestry and fishery production also achieved positive results, with the market for agro-forestry-fishery products being further expanded, and aquatic production in April estimated to be at 736.4 thousand tonnes, marking a rise of 2.6% on-year.

Trade and service activities in April showed positive signs, with total retail sales of consumer goods and services increasing by 12.1% over the same period from last year. Generally, the first four months of the year saw a rise of 6.5% on-year. Elsewhere, the four-month export figure surged by 16.4%, imports rose by 15.7%, while trade surplus stood at around US$2.5 billion. Tourism activities witnessed a strong recovery, with the number of international visitors in April being 5.2 times higher than the same period from last year, sending the number of foreign travelers during the four-month period soaring by 184.7%.

Disbursed FDI throughout the reviewed period hit US$5.92 billion, the highest level seen since 2018, up 7.6%.

Moreover, business start-up activities flourished with the new establishment of 15,000 enterprises, the highest figure ever. The number of newly-established enterprises grew by 12.3%, with firms returning to operation expanding by 60.6% and total additional registered capital going up by 39.4% over the same period.

Digital transformation and digital technology application were greatly promoted as seen through the development of new business models and expanded e-commerce activities.

Regarding social security, activities aimed at taking care of policy beneficiaries and the poor were carried out effectively, including offering support packages to those impacted by the COVID-19 pandemic.

Recreational activities relating to culture and art performances have been gradually restored, along with ensured social order, safety, and efforts to promote foreign policy.