All three drivers of economic growth have shown a clear recovery.

VTC News•04/11/2023

Reporting at the regular Government meeting in October 2023, held on the morning of November 4th, Minister of Planning and Investment Nguyen Chi Dung stated that the macroeconomic situation in October and the first 10 months of the year was basically stable, with an increasingly clear recovery trend across all three drivers: investment, domestic consumption, and exports.

" The economy is gradually regaining its growth momentum, with each quarter growing faster than the previous one, and each month more positive than the last ," Mr. Dung said.

To support this statement, Minister Nguyen Chi Dung pointed out that the socio-economic situation in October 2023 and the first 10 months of the year continued to achieve important results.

Specifically: The macroeconomic situation remains stable, inflation is under control, and major balances are ensured; the consumer price index (CPI) in October increased by 3.59% year-on-year, with an average increase of 3.2% over the first 10 months; the monetary market is basically stable; state budget revenue for the first 10 months is estimated to reach 86.3% of the projected target.

In October, export and import turnover increased by 5.6%, 5.9%, and 5.2% respectively compared to the same period last year; disbursement of public investment capital reached an estimated 56.74% of the plan, 5.5% higher than the same period last year (51.34%).

Minister Nguyen Chi Dung reports at the regular Government meeting in October 2023. (Photo: VGP/Nhat Bac)

Alongside this, production and business activities continued to show positive developments. The agricultural and service sectors continued to maintain a fairly strong growth momentum. The situation regarding business registration was more positive.

The government and ministries have focused on perfecting institutions and laws, improving the investment and business environment; promoting investment in strategic and important infrastructure projects, and fostering new drivers of economic growth.

Through this process, difficulties, obstacles, and shortcomings were addressed, achieving initial results, especially regarding mechanisms, policies, and legal frameworks for businesses, investment projects, corporate bond markets, real estate, labor, bidding, procurement of medicines and medical supplies, fire prevention and fighting, electricity supply, and petroleum products…

Many synchronized policies and solutions, especially in fiscal and monetary matters, have been actively implemented to overcome difficulties and support production and business activities.

Notably, at the end of October, the Prime Minister inaugurated the National Innovation Center at the Hoa Lac High-Tech Park, attracting 41 investment funds that committed to investing $1.5 billion over the three years from 2023 to 2025.

However, Minister Nguyen Chi Dung also pointed out some difficulties and limitations: Production and business continue to face challenges regarding the market, cash flow, and administrative procedures; the domestic market has not been effectively promoted; the difficulties faced by businesses and the economy have directly impacted and increased pressure on macroeconomic management.

Furthermore, while the real estate and corporate bond markets have shown positive developments, they still face challenges and require continued close monitoring to proactively address and promptly resolve any emerging issues; the lives of some people remain difficult; and natural disasters are unpredictable, significantly impacting economic and social activities.

Against this backdrop, Minister Nguyen Chi Dung has advised and proposed many key tasks and solutions from now until the end of the year.

Notably, the focus will be on developing the domestic market and boosting consumer spending towards the end of the year and the Lunar New Year in 2024.

Take advantage of the recovery in markets to boost exports, especially agricultural, forestry, and aquatic products.

Mobilize and effectively utilize domestic and foreign resources for investment and development.

Furthermore, Minister Nguyen Chi Dung also proposed maintaining macroeconomic stability, controlling inflation, and ensuring the overall balance of the economy. In addition, focus should be placed on developing new growth drivers and promoting international integration.

Cong Hieu

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