With the efforts of the entire political system, the socio-economic picture in the first 5 months of 2024 has many creative points that accelerate to the finish line.
Many positive highlights
According to the socio-economic situation report for the first 5 months of 2024 of the General Statistics Office (Ministry of Planning and Investment), the industrial production index increased by 6.8% over the same period last year. The whole country has 64,800 newly registered enterprises, with a total registered capital of more than 601,200 billion VND and a total registered labor force of 426,400 workers, an increase of 4.5% in the number of enterprises, an increase of 5.7% in registered capital and an increase of 5% in the number of workers.
Total investment capital from the State budget of ministries, branches and localities is estimated to reach 26.6% of the annual plan, up 5% over the same period. Foreign direct investment (FDI) in Vietnam reached 8.25 billion USD, up 7.8%; State budget revenue increased by 14.8%; total retail sales of goods and consumer service revenue increased by 8.7%...
In addition, the trade balance of goods is estimated to have a trade surplus of 8.01 billion USD (in the same period last year, the trade surplus was 10.2 billion USD), of which the domestic economic sector had a trade deficit of 11.26 billion USD, the foreign-invested sector (including crude oil) had a trade surplus of 19.27 billion USD... In addition, the average consumer price index (CPI) in the first 5 months of 2024 increased by 4.03% over the same period; passenger transport increased by 6.1%; freight transport increased by 11.4%...
In the social field, favorable visa policies and tourism promotion programs in 2024 have been promoted by localities, attracting an increasing number of international visitors to Vietnam. In the first 5 months of 2024, international visitors to Vietnam reached nearly 7.6 million, an increase of 64.9% over the same period. Social security work has always been implemented promptly and effectively by all levels and sectors. Since the beginning of the year, the Government, ministries, sectors and localities have supported people with nearly 18,500 tons of rice to relieve hunger...
According to economic experts, 2024 is the breakthrough year of the 5-year economic journey 2021 - 2025, the Government, the Prime Minister, ministries, branches and localities have devoted all their efforts to the finish line. At the 7th session of the 15th National Assembly, National Assembly deputies also highly appreciated the results achieved in the socio-economic situation in the first months of 2024, creating momentum to help the economy accelerate in 2024.
Aiming for GDP growth target of 6 - 6.5%
Analyzing the socio-economic picture in the first 5 months of the year, Associate Professor, Dr. Dinh Trong Thinh, an economic expert, said that a series of important economic indicators set by the Government all showed signs of improvement, achieving good growth compared to 2023 in the context of many difficulties, contributing significantly to the country's GDP. Compared to March and April 2024, the increase in the above indicators in May remained stable.
Notably, the capital invested in foreign direct investment (FDI) projects in the first 5 months of this year continued to maintain positive signals. This shows that foreign investors still believe in Vietnam's growth prospects in the medium and long term, despite existing difficulties. Investment capital is concentrated in provinces and cities with many advantages in attracting FDI (good infrastructure, stable human resources, efforts to reform administrative procedures and dynamism in investment promotion...) such as: Ba Ria - Vung Tau, Hanoi, Bac Ninh, Ho Chi Minh City, Dong Nai, Quang Ninh, Bac Giang, Hai Phong, Thai Nguyen, Hung Yen... showing that the economy is recovering quickly.
Many economic experts believe that from now until the end of the year, to achieve the GDP growth target of 6-6.5% in 2024, the Government and ministries must continue to cut administrative procedures, reduce import-export and logistics costs to remove difficulties for businesses; continue to support interest rate reduction so that businesses can have more export orders. The desire of businesses is to access capital sources so that businesses have cheap capital costs and maintain stable growth.
“The Government needs to pay attention to and focus on removing difficulties and promoting growth in the five centrally-run cities, because these are the locomotives for socio-economic development in the regions. It is necessary to promote domestic market stimulus, personal and household consumption; consider resolving the problem of airfares to stimulate tourism and consumption; continue to pay attention to supporting businesses. In addition to solutions from the Government, localities also need to join hands to remove difficulties for businesses. In particular, Vietnam needs to prioritize promoting large projects in the electricity sector, to solve the problem of electricity supply; pay attention to investing in waste treatment infrastructure to aim for sustainable development for the future...”, Associate Professor, Dr. Bui Quang Binh (University of Economics - University of Danang) suggested.
According to Minh Phuong - The Doan/Tin Tuc Newspaper
Source: https://doanhnghiepvn.vn/kinh-te/tao-da-cho-kinh-te-xa-hoi-but-toc/20240602111451235
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