Vietnam continues to be among the highest growth groups in the world

Continue to be among the highest growth groups in the world

This positive result helps Vietnam continue to be among the countries with the highest growth in the world and the region. In the overall 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%.

Minister of Finance Nguyen Van Thang speaks at the meeting. Photo: Nhat Bac.

According to the Ministry of Finance, 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.

Meanwhile, state budget revenue reached 36.7% of the estimate, of which domestic revenue was estimated at 38.7% of the estimate, ensuring resources for development investment and implementing policies to support people and businesses. Production and business activities maintained positive growth momentum.

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.

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. In particular, if a 46% tax rate is imposed on a large scale, exports to the US will be strongly impacted, affecting industrial production, processing, manufacturing, enterprises, FDI attraction, private investment, consumption, domestic employment, etc.

"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.

Agree on reasonable reciprocal tax rates

The Ministry of Finance believes that to achieve the growth target of 8% or more, the last 9 months of the year need to increase by about 8.3%. In the second quarter alone, the processing and manufacturing industry needs to increase by 10.1% compared to the same period last year, 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.

Meanwhile, 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.

According to the Ministry of Finance, the first task in the short term is to strengthen dialogue and promote bilateral negotiations with the US to agree on reasonable and appropriate reciprocal tax rates, 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.

Also according to the Ministry of Finance, ministries and ministerial-level agencies need to proactively review and issue documents within their authority or submit amendments and supplements, in line with the effective date of the revised 2013 Constitution (expected to be July 1, 2025), ensuring that two-level local governments operate smoothly and continuously, without creating legal gaps.

Luan Dung

Source: https://tienphong.vn/viet-nam-tiep-tuc-thuoc-nhom-tang-truong-cao-nhat-the-gioi-post1731405.tpo