Vietnam's economy continues to thrive

On the morning of August 7, speaking at the regular Government meeting in July, Minister Nguyen Van Thang said that the economy continued to grow, the macro economy was basically stable, inflation was under control, major balances were ensured; many important targets and indicators were better than the previous month and the same period last year.

Credit growth is high, the average lending interest rate continues to decrease. The stock market is developing vigorously in terms of both liquidity and cash flow. The State budget revenue in the first 7 months reached 80.2% of the estimate, up 27.8% over the same period. The trade balance in the first 7 months is estimated to have a trade surplus of 10.2 billion USD.

In addition, traditional growth drivers continued to be promoted. Total registered FDI capital in the first 7 months reached nearly 24.1 billion USD, up 27.3% over the same period, and realized FDI capital was about 13.6 billion USD, up 8.4%.

Total retail sales of goods and consumer services revenue in the first 7 months increased by 9.3% over the same period, international visitors reached over 12.2 million, up 22.5%. Many international organizations continue to have positive assessments, raising their forecasts for Vietnam's GDP growth in 2025.

Minister of Finance Nguyen Van Thang reports on the socio-economic situation in July and the past seven months. (Photo: VGP/Nhat Bac)

Production and business also grew positively. Agricultural production and services maintained a fairly good growth momentum. The industrial production index (IIP) in July increased by 8.5% over the same period; 7 months increased by 8.6%, of which the processing and manufacturing industry increased by 10.3%. New orders increased again, the Purchasing Managers' Index (PMI) in July reached 52.4 points.

The situation of business registration and business households in July also achieved positive results, in 7 months, over 174 thousand enterprises entered and re-entered the market, the total registered capital added to the economy was over 3.3 million billion VND, up 93.7% over the same period and nearly 536.2 thousand newly established business households, up 165%.

However, Minister Nguyen Van Thang also pointed out a number of challenges and shortcomings such as: The 2025 growth target still has many challenges; the macro economy is under a lot of pressure, especially in the management of exchange rates and interest rates; some tasks are still slow to implement, pending, not meeting the progress, putting pressure on completion in the last months of the year; credit growth increases to meet the needs of economic growth but needs to be associated with inspection work; institutional and legal perfection has been directed, but there are still problems, not keeping up with development requirements; the lives of a part of the people and workers are still difficult....

Therefore, the Minister proposed tasks and solutions such as: urgently developing, ensuring progress and quality of projects, reports submitted to the Central Committee, draft laws, resolutions submitted to the National Assembly at the 10th Session, especially new Laws and Resolutions adjusted and added to the Session Agenda.

In addition, ensure smooth and effective operation of local governments at two levels; promote exports, develop harmonious and sustainable trade with other countries; continue to perfect institutions and laws, improve the investment and business environment; promote and renew traditional growth drivers of investment and domestic consumption and develop new growth drivers.

In addition, it is necessary to continue to maintain macroeconomic stability, develop culture and society, prevent natural disasters, and protect the environment.

Chau Anh

Source: https://vtcnews.vn/kinh-te-viet-nam-tiep-tuc-khoi-sac-ar958424.html