Economic picture with many bright spots in the first 5 months of the year

Socio-economic situation in May and the first 5 months of 2024 continues the positive trend.

The economy continues to maintain growth momentum.

The socio-economic situation in May and the first 5 months of 2024 continued to trend positively. Many areas in May achieved higher results than in April and the overall 5 months were better than the same period in 2023.

The economy continued to maintain positive growth momentum in all three sectors: agriculture, industry and services. In particular, agricultural production developed stably. Industrial production recovered well, of which May increased by 3.9% compared to April and increased by 8.9% compared to the same period. In general, the 5-month increase was 6.8%, of which the manufacturing and processing industry increased by 7.3%; some localities increased highly (such as Phu Tho increased by 31.2%; Bac Giang 24.9%; Binh Phuoc 14.8%...). The service sector continued to grow strongly, with total retail sales of goods and consumer service revenue increasing by 9.5% in May; 8.7% in 5 months.

Macroeconomic stability continued to be maintained, inflation was controlled, and major balances were ensured. The consumer price index (CPI) in May increased by 0.05% compared to April; the average for the first 5 months increased by 4.03%. Energy and food security were ensured (rice exports in the first 5 months reached 4.15 million tons, with a turnover of 2.65 billion USD, up 14.7% and 38.2% respectively); the balance between labor supply and demand was basically ensured.

Exports continued to increase strongly. Accordingly, total import-export turnover in May increased by 9.1% compared to April and increased by 22.6% compared to the same period. In general, the increase in 5 months was 16.6%, of which exports increased by 15.2%; imports increased by 18.2%. Fortunately, imports increased again to serve domestic production; the trade balance in May had a trade deficit of 1 billion USD; in general, the trade surplus in 5 months was 8.01 billion USD.

State budget revenue also increased sharply, the financial and budget situation of the State continued to improve. The total State budget for the first 5 months is estimated to reach 52.8% of the annual estimate, up 14.8% over the same period. Public debt, government debt, national foreign debt and State budget deficit are controlled below the prescribed limit.

Vietnam is forecast to grow 6.4% in the period 2024-2029

Another good news for the tourism industry is that tourism has been recovering strongly, surpassing the same period before the pandemic. International visitors in May reached nearly 1.4 million; the total number of 5 months reached 7.6 million, up 64.9% over the same period in 2023 and up 3.9% over the same period in 2019 before the COVID-19 pandemic.

Development investment continued to achieve positive results. Disbursement of public investment capital in the first 5 months reached 22.3% of the plan, higher than the same period (22.2%). Social investment capital and private investment were promoted. FDI attraction reached 11 billion USD, up 2%, of which newly registered capital reached 7.9 billion USD, up 27.5%, the highest in the past 3 years; realized FDI capital reached 8.3 billion USD, up 7.8%, the highest since 2020.

Business development has a positive trend. In the first 5 months, 98,800 businesses were newly established and returned to operation, up 4.1% over the same period, higher than the number of businesses withdrawing from the market (97,300 businesses).

Cultural and social fields were focused on; social security was ensured; people's lives were improved; in May, 94.8% of households assessed that their income was stable or higher than the same period; nearly 18,500 tons of rice were supported; the 70th anniversary of the historic Dien Bien Phu victory, International Labor Day, Southern Liberation Day, and President Ho Chi Minh's birthday were meaningfully organized. Textbooks were reduced by 15%, contributing to reducing inflation.

Administrative reform, especially the reduction and simplification of administrative procedures, digital transformation, Project 06 and the fight against corruption and negativity have been promoted, contributing to strengthening people's trust.

Political and social stability; national defense and security are maintained; social order and safety are ensured; foreign affairs and international integration are promoted; the country's prestige and position are enhanced. Many international organizations and experts continue to highly appreciate the results and prospects of Vietnam's economy and make better forecasts. ADB, Standard Chartered, and HSBC forecast Vietnam's GDP growth in 2024 at about 6%, among the top 5 fastest growing countries in Asia.

IMF assessed Vietnam as the only Southeast Asian representative in the top 10 with a forecast growth of 6.4% in the 2024-2029 period. Business environment ranking increased by 12 places; Global Innovation Index ranking increased by 2 places; Human Development Index (HDI) increased by 8 places; Happiness Index in 2024 increased by 11 places...

According to PV/VTV

Source: https://doanhnghiepvn.vn/kinh-te/buc-tranh-kinh-te-nhieu-diem-sang-5-thang-dau-nam/20240601012507626