PM outlines 10 socioeconomic achievements in first quarter

PM chairing the regular government meeting and online conference with localities

First, GDP growth in the first quarter reached 5.66 per cent, higher than the same period in 2020 and higher than the scenario set forth. Three industries were developing well: agricultural growth increased by 2.98 per cent, industry and construction by 6.28 per cent, and services by 6.12 per cent. The economic structure has shifted positively (agriculture accounts for only 11.77 per cent, industry and construction for 35.67 per cent, and services for 43.48 per cent).

Some provinces have seen high growth in processing and manufacturing industries on-year. Quang Ninh rose by 39.9 per cent, Phu Tho by 27.7 per cent, Bac Giang by 24 per cent, Thanh Hoa by 18.6 per cent, Ha Nam by 17.9 per cent, and Ninh Thuan by 17.4 per cent.

Second, the macroeconomy continues to be stable, inflation is controlled, and major balances are guaranteed. The trade surplus was $8.08 billion, export of rice was over 2 million tonnes worth $1.37 billion; energy and food security, labour supply and demand are guaranteed. The consumer price index in March decreased by 0.23 per cent on the month and 3.77 per cent on-year. Exchange rates are managed proactively and flexibly, and interest rates continue on the downtrend.

Third, exports continue going up with a huge trade surplus and a good balance of payments. Import-export turnover in March reached $65 billion, up 35.6 per cent on-month and 12 per cent on-year. Overall, that in the first quarter reached $178 billion, an increase of 15.5 per cent.

Fourth, the service and tourism sectors recovered strongly. Total retail sales of goods and consumer service revenue in March surged by 9.2 per cent on year, and by 8.2 per cent in the first quarter. The number of international visitors reached nearly 1.6 million in March, up 78.6 per cent on year, and 4.6 million arrivals in the first quarter.

Fifth, the state's financial and budget status is improving. State budget revenue in the first quarter reached 31.7 per cent of the yearly estimate, up 9.8 per cent on-year.

All kinds of debt and budget deficits are well-controlled, and much lower than regulatory limits. The stock market recovered well, the VN Index rose by 13 per cent, transaction value by 28.2 per cent, and market capitalisation by 12.2 per cent compared to the end of 2023.

Sixth, development investment saw some positive results, creating motivation to promote economic growth. Total social investment capital in the first quarter increased by 5.2 per cent on year. Disbursement of public investment reached 13.67 per cent of the yearly plan, higher than the same period in both rate and value. Foreign direct investment (FDI) attraction reached $6.17 billion, up 13.4 per cent on-year, and FDI disbursement was $4.63 billion, up 7.1 per cent, the highest in the past five years.

Seventh, business development is enhanced with a positive trend. In March 2024, there were 14,100 newly registered businesses, an increase of 64.3 per cent on-month. In the first quarter, there were 36,200 newly registered businesses, an increase of 6.9 per cent and 23,600 businesses re-operated, an increase of 2.4 per cent on year. The survey on business trends of enterprises in the manufacturing and processing industry received positive feedback.

Eighth, cultural and social fields are promoted, social security is guaranteed, and people's lives are improved. In the first quarter, 93.6 per cent of households reported stable or higher income than in the same period. The average income of a worker in the first quarter of 2024 reached VND7.6 million ($316) per month, an increase of 7.8 per cent on year.

Ninth, administrative reform is emphasised, especially in reducing and simplifying administrative procedures, preventing corruption.

Tenth, political and social status is stable, national defence and security are maintained, and social order and safety are guaranteed. Foreign affairs and international integration have been strengthened, and the country's prestige and position continue to be enhanced.

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