In 2023, although Vietnam's economy continues to face many difficulties and challenges, all levels and sectors from the central to local levels have strived to achieve the highest targets of the production and business plan... Notably, Vietnam continues to be in the group of countries with good inflation control when the CPI in December 2023 increased by 3.58% compared to December 2022.
Director General of the General Statistics Office Nguyen Thi Huong. Photo: Tuan Anh/VNA
That was the affirmation of General Director of the General Statistics Office Nguyen Thi Huong in an interview with VNA about Vietnam's economic situation in 2023.According to Ms. Nguyen Thi Huong, in the context of the world economy still having many uncertainties, with more difficulties than advantages, Vietnam's economy in 2023 maintained positive growth momentum, with each quarter higher than the previous quarter (the first quarter increased by 3.41%; the second quarter increased by 4.25%; the third quarter increased by 5.47%; the fourth quarter increased by 6.72%). In the whole year of 2023, GDP increased by 5.05% compared to the previous year.
Agricultural, forestry and fishery production in 2023 will continue to be a solid pillar of the economy. Export turnover of some agricultural products will increase, livestock will develop stably, and aquaculture will develop quite well due to the application of high-tech models that have brought economic efficiency.
Along with that, industrial production in the months of 2023 has developed in a positive trend, especially in the last months of the year. Trade and service activities are vibrant and maintain a high growth rate compared to the previous year.
Production and business activities in the fourth quarter of 2023 were more positive than in previous quarters, contributing to a 6.2% increase in total social investment capital in 2023. Foreign investment attraction as of December 20, 2023 continued to be a bright spot in the context of declining global investment flows. Inflation was controlled according to the set target. The average consumer price index (CPI) in 2023 increased by 3.25%, lower than the set target.
Notably, according to Ms. Nguyen Thi Huong, Vietnam continues to be in the group of countries that control inflation well when the CPI in December 2023 increased by 3.58% compared to December 2022. The average CPI in 2023 increased by 3.25% compared to 2022 and achieved the target set by the National Assembly; core inflation increased by 4.16%.However, in an interview with VNA, Ms. Nguyen Thi Huong also pointed out some limitations and shortcomings of the economy such as: many types of agricultural materials depend on imports, which has increased production costs; the area of cashew, rubber and pepper trees continues to decrease due to low economic efficiency; the price of animal feed remains high; the output of exploited wood increases slowly because processing enterprises have difficulty in consuming products; production of some key industries has decreased mainly due to lack of production orders...
For 2024, Ms. Nguyen Thi Huong forecasts that potential risks from the global economic environment still exist and continue to negatively impact Vietnam's economic growth recovery prospects.
In that context, General Director Nguyen Thi Huong said that to achieve the economic growth target for the quarters, it is necessary to stabilize the economic - political - social situation, create confidence for investors, and control inflation well.
Along with that, according to Ms. Nguyen Thi Huong, it is necessary to promote the effectiveness of fiscal policies; monetary policies to support businesses to easily access credit sources; policies to promote public investment, remove difficulties and obstacles for the land, real estate, construction, tourism and capital markets.
At the same time, ministries, branches and localities need to accelerate public investment progress, prioritizing projects that are about to be completed; promptly put into use large-scale projects with potential to maintain and expand production and business capacity. Along with tax reduction and tax deferral, it is necessary to reduce fees and support businesses in finding new markets; make good use of signed FTAs; promote negotiations and sign new agreements; strengthen administrative procedure reform, creating a favorable business environment for businesses.
In addition, Ms. Nguyen Thi Huong also emphasized the need to effectively implement domestic market trade promotion programs, promote the distribution of goods through digital platforms and e-commerce to expand domestic consumption; encourage Vietnamese people to prioritize using Vietnamese goods. Focus on investing in modernizing the distribution system in rural and mountainous areas to promote bringing Vietnamese goods to rural areas, and implement activities to stimulate domestic consumption in localities with unique and advantageous products.
"2024 is the breakthrough year of the 5-year economic journey in the period of 2021 - 2025. Therefore, the Government, ministries, branches and localities will also devote all their efforts to this journey to the finish line," said Ms. Nguyen Thi Huong./.
Hoang Anh
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