On the morning of July 6, at the Government Headquarters, Prime Minister Pham Minh Chinh chaired the regular Government meeting in June and the Government's online conference with localities.
Opening remarks, Prime Minister Pham Minh Chinh respectfully convey the greetings and best wishes of General Secretary Nguyen Phu Trong to the delegates attending; at the same time, it is clear that after this meeting, the Government will report back to the General Secretary to ask for further instructions. The Prime Minister emphasized that this is a very important meeting, assessing the socio-economic situation in June and the first 6 months of 2024, setting out key tasks and solutions for the last 6 months of the year to successfully and comprehensively implement the 2024 plan, creating the premise and momentum for the following years, especially 2025 - the final year of the 2021-2026 term to successfully implement the Resolution of the 13th National Party Congress.
The Prime Minister pointed out that we have passed the first half of 2024, in a context of more difficulties and challenges than opportunities and advantages; the world situation continues to evolve rapidly, complicatedly, and unpredictably, although the global economy has shown more positive signs, inflation tends to be flat and decreasing; growth prospects have initial signs, but contain many uncertain factors and risks. Notable points include: more intense strategic competition among major countries; conflicts continue to occur, and it is not known when they will end; the USD exchange rate and gold prices are increasing, and the prices of crude oil and basic goods are fluctuating strongly; climate change, population aging, and resource depletion are increasingly having a heavy impact on countries and economies; especially heat waves, droughts, and El Nino occurring around the world.
The domestic economic situation is affected by both unfavorable external and internal factors because we still have many limitations and shortcomings. Vietnam's economy is in transition, our country is still a developing country, the scale of the economy is limited, openness is large, the ability to withstand external shocks is limited... causing us certain difficulties and challenges.
In that context, thanks to the participation of the entire political system, the profound leadership and direction of the Central Committee, directly and regularly by the Politburo, the Secretariat, headed by General Secretary Nguyen Phu Trong, the drastic direction and management of the Government, all levels, sectors and localities, the active participation and efforts of the people and the business community, the support and assistance of international friends, the socio-economic situation clearly shows a positive recovery: continuing the trend of each month being better than the previous month, each quarter being better than the previous quarter.
In general, the first 6 months of 2024 achieved many important results, better than the same period in 2023 in most areas, accordingly: GDP growth in the second quarter reached 6.93%, the first 6 months of the year reached 6.42%, exceeding the set scenario, a high level in the region and in the world. The macro economy was maintained stable, inflation was controlled, major balances were ensured; social security and people's lives were improved; political security and social order and safety were basically well guaranteed; foreign affairs were promoted, the prestige and position of our country continued to be raised.
The Prime Minister stated that in recent years, the situation has been difficult and complicated, but we have still increased revenue and saved expenditure, restructured public investment reasonably, focused, and not spread out; saved regular expenditures, thereby allocating resources of about 700 trillion VND to increase salaries from July 1, 2024, implementing the roadmap according to Resolution 27-NQ/TW with appropriate steps for the situation and payment capacity, especially efforts to create equality and fairness among beneficiaries. These are positive points that we need to evaluate and analyze, thereby creating momentum and confidence for the people and society.
The Prime Minister stated that, in addition to the very basic achievements, we must frankly admit that there are still many shortcomings, limitations, difficulties, and problems, such as high inflation pressure, difficult production and business situations; complicated social order and safety, fires, explosions, and traffic accidents in some areas; discipline and order are sometimes and in some places not strict; there is still a situation where officials and civil servants are afraid of making mistakes, shirk responsibility, and avoid responsibility...
The Prime Minister asked the delegates to further analyze the positive and negative aspects, especially to draw lessons from the past management and operation experience, as a foundation for the coming time to maintain growth momentum and momentum to continue overcoming limitations and shortcomings, and achieve better results in the coming time. In particular, to propose appropriate, feasible and effective solutions for direction and operation in July and the remaining months of 2024 to ensure effectiveness, creating an important premise for victory in 2025, successfully implementing the Resolution of the 13th National Party Congress.
The Prime Minister requested to point out legal and management problems and bottlenecks, on that basis, ministries and branches based on their functions, tasks and powers should proactively and effectively implement them in accordance with the situation. Ministries, branches and localities need to make great efforts and determination with the spirit of defining "clearly the person, clearly the work, clearly the responsibility, clearly the implementation time, clearly the effectiveness, clearly the product", thereby having a basis for urging, inspecting, evaluating, rewarding and criticizing appropriately.
* According to the General Statistics Office, in the first 6 months of 2024, industrial production continued its positive recovery trend with the production index higher in each month and each quarter. The industrial production index increased by 7.7% over the same period last year, of which the processing and manufacturing industry increased by 8.5%; the electricity production and distribution industry increased by 13%, thereby meeting the electricity consumption demand for production, business and consumption. The total preliminary import and export turnover of goods reached 368.53 billion USD, up 15.7% over the same period last year, of which exports increased by 14.5%; imports increased by 17%. The trade balance of goods in the first six months of 2024 is estimated to have a trade surplus of 11.63 billion USD (the same period last year had a trade surplus of 13.44 billion USD), contributing to creating momentum for production and stimulating exports.
Investment capital attraction in the first 6 months of 2024 increased sharply, reflecting the recovery of production and business activities. Newly registered FDI capital increased sharply compared to the same period last year, showing that foreign investors continue to trust in Vietnam's investment environment. Total social investment capital in the first 6 months of 2024 at current prices is estimated at VND 1,451.3 trillion, up 6.8% over the same period last year, of which the first quarter reached VND 617.1 trillion, up 5.8%; the second quarter reached VND 834.3 trillion, up 7.5%.
As of June 20, 2024, the country had 1,538 new projects granted foreign investment registration certificates with a capital of 9,536.8 million USD, an increase of 18.9% in the number of projects and 46.9% in registered capital compared to the same period in 2023 (in the same period last year, there were 1,293 projects and registered capital of 6,492.1 million USD). Realized foreign investment capital reached 10.8 billion USD, an increase of 8.2% over the same period last year, the highest level of implementation in the first 6 months of the year in the period 2020-2024.
Business production activities of enterprises gradually recovered after many months of difficulties, the number of enterprises entering the market continued to be higher than the number of enterprises withdrawing from the market. The number of enterprises entering the market in the first six months of 2024 reached 119.6 thousand enterprises, up 5.3% over the same period last year, higher than the number of enterprises withdrawing from the market of 110.3 thousand enterprises.
The positive economic growth has had a positive impact on state budget revenue. State budget revenue in the first six months of 2024 is estimated at VND 1,020.6 trillion, equal to 60% of the annual estimate and up 15.7% over the same period last year; of which domestic revenue reached nearly VND 857 trillion, equal to 59.3% and up 18.1%...
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