Vietnam continues to be among the countries with the highest growth in the world - Lang Son Newspaper and Radio and Television

Speaking at the Government meeting with localities (morning of April 6), Minister of Finance Nguyen Van Thang said that GDP growth in the first quarter is estimated at 6.93% over the same period, higher than the scenario at the 10th Central Conference (6.2-6.6%) and is the highest growth rate in the first quarter since 2020. This positive result helps Vietnam continue to be among the countries with the highest growth in the world and the region.

Minister of Finance Nguyen Van Thang said that GDP growth in the first quarter is estimated at 6.93% over the same period and is the highest first quarter growth rate since 2020. This positive result helps Vietnam continue to be among the countries with the highest growth in the world and the region - Photo: VGP/Nhat Bac

In the general growth of the economy , the agriculture, forestry and fishery sector in the first quarter increased by 3.74% over the same period, industry and construction increased by 7.42%, and services increased by 7.67%.

The Ministry of Finance's report also pointed out that the macro economy was basically stable, inflation was controlled, and major balances were ensured. The average consumer price index (CPI) in the first quarter increased by 3.22% over the same period. Exchange rates were actively, flexibly, and appropriately managed, and new lending interest rates tended to decrease. State budget revenue reached 36.7% of the estimate, up 29.3% over the same period, of which domestic revenue was estimated at 38.7% of the estimate, up 34.5%, ensuring resources for development investment and implementing policies to support people and businesses. Production and business activities maintained positive growth momentum.

Import-export turnover, export and import in the first quarter increased by 13.7%, 10.6% and 17% respectively over the same period; trade surplus was estimated at 3.16 billion USD. Total registered FDI capital was nearly 11 billion USD, up 34.7% over the same period; realized capital reached nearly 5 billion USD, up 7.2%. Major balances, energy security, food security were ensured; budget deficit, public debt, government debt, and national foreign debt were well controlled.

At the same time, the Government has resolutely focused on perfecting institutions, improving the investment and business environment; handling backlogs and obstacles; promoting key infrastructure projects; promoting new growth drivers; focusing on doing well the work of social security, education and training, healthcare, cultural and social development, tourism, sports, information and communications; political stability, independence and national sovereignty have been maintained; security and order have been basically stable; foreign affairs and international integration, especially high-level foreign affairs, have been proactively, comprehensively and effectively implemented.

Notably, the organizational structure of the Government, ministries and agencies has been rearranged in a streamlined direction, ensuring continuous, stable and effective operations, serving as a basis for continuing to research and implement the arrangement of administrative units at all levels and building a 2-level local government organization model.

Great pressure in management

In addition to the achieved results, the Ministry of Finance forecasts that the economy will face many difficulties and major challenges; growth drivers will be severely affected, macroeconomic stability will face many risks, and social security work may face many challenges.

Specifically, growth drivers are at risk of decline, and the 2025 growth target faces more serious challenges. If a 46% tax is imposed on a large scale, exports to the US will be strongly impacted, with widespread effects.

"This is a huge pressure in directing and managing socio-economic development to achieve the set growth target, requiring more proactive, drastic, close-up, and innovative efforts from all levels, sectors, and localities," Minister Nguyen Van Thang affirmed.

Growth scenario update

Based on the results of the first quarter, the forecast for the whole year, according to the Ministry of Finance, to achieve the growth target of 8% or more, the last 9 months of the year need to increase by about 8.3%; growth in the second quarter is 8.2%, the third and fourth quarters are 8.3% and 8.4% respectively, about 0.2% higher than the proposed scenario.

In the second quarter alone, the processing and manufacturing industry needs to increase by 10.1% over the same period, continuing to be an important driving force for growth; electricity and gas production needs to increase by 11.5%, and the mining industry needs to recover to contribute more to growth.

Public investment still has a lot of room to be promoted, with the total public investment capital assigned by the National Assembly to be implemented in 2025 being nearly VND826,000 billion. The service and tourism sectors maintained positive growth momentum in the first quarter, with much potential to be promoted.

Agree on reasonable reciprocal tax rates

Regarding tasks and solutions in the coming time, the Ministry of Finance consulted and proposed a number of key issues. The first task in the short term is to strengthen dialogue and promote bilateral negotiations with the US to agree on a reasonable and appropriate reciprocal tax rate, ensuring harmony of interests.

In addition, ministries and branches closely coordinate with National Assembly agencies to well prepare the contents to be submitted to the National Assembly at the 9th session, especially 17 laws and resolutions expected to be submitted to the National Assembly for approval at the session.

The Ministry of Home Affairs, ministries, agencies and localities resolutely and effectively carry out the arrangement and streamlining of the apparatus organization according to the direction of the Central Committee, the Politburo and the Central Steering Committee, ensuring that work is not interrupted, affecting people and production and business activities of enterprises.

In addition, continue to maintain macroeconomic stability, consolidate the foundation to promote growth; promote public investment, domestic investment, attract FDI; develop and protect the domestic market and promote tourism; perfect institutions and laws, improve the investment and business environment; strengthen information and propaganda on the leadership, direction and administration of the Party and State, solutions to respond to US policies, stabilize the confidence and psychology of businesses, investors, people and the market, and create social consensus.

Also according to the Ministry of Finance, ministries and ministerial-level agencies need to proactively review and promulgate, according to their authority, or submit to competent authorities to amend, supplement or promulgate new legal documents in the field of state management of the ministry in line with the effective date of the amended 2013 Constitution (expected to be July 1, 2025), ensuring that the two-level local government operates smoothly and continuously, without creating legal gaps.

"Timely grasp and summarize the difficulties and problems of localities during the implementation process to provide guidance according to authority or report to competent authorities for consideration and resolution, creating maximum convenience for localities during the implementation process," Minister Nguyen Van Thang emphasized.

Source: https://baolangson.vn/viet-nam-tiep-tuc-thuoc-nhom-cac-nuoc-tang-truong-cao-nhat-the-gioi-5043261.html