Vietnam has the fastest improving business environment in 20 years

The above information was stated by Mr. Dung when reporting at the regular Government meeting in October 2024 held on the morning of November 9.

According to the Minister, this is the result of the Government's continuous and drastic focus on perfecting institutions, improving the investment and business environment; handling backlogs and obstacles; promoting investment in strategic and important infrastructure projects; and promoting new growth drivers of the economy .

Commenting on the economy in recent months, Minister Nguyen Chi Dung said that the economy has regained growth momentum as in the period before the COVID-19 pandemic. The macro economy is basically stable, inflation is under control, major balances are ensured, budget deficit, public debt, government debt are much lower than the allowable range, and foreign debt is decreasing rapidly.

Minister of Planning and Investment Nguyen Chi Dung. (Photo: Government Newspaper)

Specifically, the consumer price index (CPI) in the first 10 months increased by 3.78% over the same period in the context of adjusting electricity prices and tuition fees. Exchange rates were managed proactively, flexibly, promptly, in line with world market developments. State budget revenue in the first 10 months is estimated at 97.2% of the estimate, up 17.3% over the same period. Import-export turnover, export, import in the first 10 months increased by 15.8%, 14.9% and 16.8% respectively over the same period; trade surplus is estimated at 23.3 billion USD. Major balances, energy security, food security are ensured.

In the context of production and business activities continuing to change positively, regaining growth momentum as in the pre-pandemic period, businesses continue to restore confidence in economic prospects. Agricultural production maintains growth, meeting domestic consumption and export demand. Industrial production continues to recover rapidly, being the driving force for growth. The industrial production index (IIP) in October increased by 7% over the same period last year; 10 months increased by 8.3%, of which the processing and manufacturing industry increased by 9.6%.

However, the Minister of Planning and Investment also assessed that the economy still faces many difficulties and challenges, especially from outside; low domestic demand; many projects are stalled and stuck, causing economic resources to stagnate.

" The task in the last months of the year is very challenging to promote domestic consumption. There needs to be strong, practical and effective solutions to solve outstanding problems, support the economy to recover more strongly, and strive for a full-year growth of 7% and above 7% ," Minister Nguyen Chi Dung proposed.

Based on the achieved results and identifying difficulties and challenges in the new context, the Ministry of Planning and Investment proposed a number of key tasks and solutions that need to be focused on implementing in the remaining months of 2024. Among them is the solution to continue to prioritize resources for institutional improvement, identifying institutional improvement as the "breakthrough of breakthroughs", creating a favorable and open environment for production and business development and attracting investment.

In addition, continue to strongly promote and renew traditional growth drivers of investment, consumption and export, ensure supply and boost consumption of goods at the end of the year and during the Lunar New Year in 2025.

The Minister also emphasized the need to remove difficulties and obstacles for projects and land, and to maximize the release of stagnant resources in the economy for growth and development.

Cong Hieu

Source: https://vtcnews.vn/viet-nam-co-moi-truong-kinh-doanh-cai-thien-nhanh-nhat-trong-20-nam-qua-ar906404.html