Wage policy reform does not fundamentally increase prices.

In July and the first 7 months of 2024, the socio-economic situation continued to trend positively, in general, the results of July were higher than June and the overall 7 months were better than the same period in 2023 in most areas.

Minister, Head of the Government Office Tran Van Son, Government Spokesperson informed this at the Government press conference providing information on the socio-economic situation in July and the first 7 months of 2024 held in Hanoi on the afternoon of August 5.

Overview of the Government press conference providing information on the socio-economic situation in July and the first 7 months of 2024. (Photo: Gia Thanh)

Minister Tran Van Son said that the economy continued to grow positively in all three sectors. The agricultural sector continued to grow steadily. The industrial sector recovered well; July increased by 0.7% compared to June and by 11.2% compared to the same period; the total increase in 7 months was 8.5%. The service sector continued to grow well; total retail sales of goods and consumer service revenue increased by 9.4% in July; the total increase in 7 months was 8.7%.

The macro economy continues to be stable, inflation is under control, and major balances are ensured. The average consumer price index (CPI) for the first 7 months increased by 4.12%, up 0.04% compared to June. Exchange rates and interest rates are generally stable. Energy security and food security are guaranteed. The labor market has recovered well, basically ensuring the balance between labor supply and demand.

In addition, exports continued to increase, with a large trade surplus, contributing to ensuring the balance of payments. Exports in July increased by 6.7% compared to June and 19.1% compared to the same period; the total for the first 7 months increased by 15.7%; imports increased by 18.5%; trade surplus was 14.08 billion USD.

The Head of the Government Office said that the state budget revenue increased sharply. The total state budget in the first 7 months is estimated to reach 69.8% of the yearly estimate, up 14.6% over the same period. Tourism recovered strongly, surpassing the same period before the pandemic. In 7 months, international visitors reached nearly 10 million, up 51% over the same period and up 1.9% over the same period in 2019 before the Covid-19 pandemic.

At the same time, development investment continued to achieve positive results, creating momentum for growth. Foreign direct investment (FDI) attraction reached 18 billion USD, up 10.9%; realized FDI reached 12.55 billion USD, up 8.4%, the highest in the past 5 years.

According to Minister Tran Van Son, in July, 14,700 new businesses were registered, up 7.3% over the same period; in total, in the first 7 months, 139,500 businesses were newly established and re-entered the market, up 5.9% over the same period.

In addition, cultural and social fields are focused on; social security is ensured. Activities to celebrate the 77th anniversary of War Invalids and Martyrs Day are well organized. The State funeral of General Secretary Nguyen Phu Trong is solemnly, thoughtfully and safely organized. The pension regimes and policies, social insurance benefits, preferential benefits for people with meritorious services, and social benefits according to the new salary from July 1, 2024 are properly, fully and promptly implemented.

Sharing more about the reform of wage policy from July 2024, the Minister said that the reform achieved good results, basically did not increase prices, and received consensus from the entire political system and people of the whole country.

Salary reform from July 2024 has achieved good results, basically not increasing prices, receiving consensus from the entire political system and people nationwide.

In addition, we have focused on developing and basically completed the promulgation of decrees guiding the Land Law (amended), Housing Law (amended), Real Estate Business Law (amended), and Credit Institutions Law (amended). Administrative reform, especially the reduction and simplification of administrative procedures, digital transformation, and the prevention and fight against corruption and negativity, has been promoted, contributing to strengthening people's trust. Political and social stability; national defense and security have been strengthened; social order and safety have been ensured; foreign affairs and international integration have been promoted; the country's prestige and position have been increasingly enhanced....

Besides the achievements, Minister Tran Van Son said that the Government members frankly acknowledged the shortcomings, limitations, difficulties and challenges.

For example: Inflationary pressure is still high; the global financial, monetary and real estate markets are still risky; production and business in some sectors are still difficult; the number of businesses withdrawing from the market is still high; access to credit capital is still difficult; the real estate market has initially stabilized, but difficulties and problems are still slow to be resolved; the implementation of the 140 trillion VND credit package for social housing is still slow; the lives of a part of the population are difficult; natural disasters, epidemics, heat waves, and severe droughts in many places...

"Based on identifying the causes, lessons learned, and analyzing the international, regional, and domestic situations in the coming time, the Prime Minister clearly stated that the goal is to firmly prioritize promoting growth, maintaining macroeconomic stability, controlling inflation well, ensuring major economic balances; maintaining political stability, social order and safety, and national border sovereignty," the Head of the Government Office emphasized.

Source: https://baoquocte.vn/hop-bao-chinh-phu-thuong-ky-thang-72024-cai-cach-chinh-sach-tien-luong-ve-co-ban-khong-lam-tang-gia-281431.html