Minister Nguyen Chi Dung: economic situation

(MPI) - On December 7, 2024, speaking at the regular Government meeting in November 2024, Minister of Planning and Investment Nguyen Chi Dung said that the socio-economic situation in 11 months has affirmed a strong recovery, especially in recent months, many positive results have been achieved, reflecting the people's trust and consensus in the Party's policies, led by General Secretary To Lam, confidently entering a new era - an era of striving for strong, prosperous development of the nation and the drastic direction and administration of the Government and Prime Minister.

Minister Nguyen Chi Dung speaks at the meeting. Photo: chinhphu.vn

The domestic and foreign business community and international organizations believe in and highly appreciate our country's growth prospects, commit to long-term investment and commitment, and accompany the development of the Vietnamese economy , typically the recent signing event between the Government and NVIDIA Corporation.

Minister Nguyen Chi Dung emphasized that the socio-economic situation in November and the first 11 months achieved many important results, better than the same period last year in most areas, reflected in outstanding results such as the basically stable macro-economy, controlled inflation, and ensured major balances. The average consumer price index (CPI) tended to decrease gradually, increasing by 3.69% in 11 months compared to the same period. The exchange rate was actively and flexibly managed, in line with world market developments. The state budget revenue structure was more sustainable; the state budget revenue in 11 months was estimated at 106.3% of the estimate, up 16.1% over the same period in the context of having exempted, reduced, and extended about 189 trillion VND in taxes, fees, and land use fees; the whole year was estimated to exceed the estimate by 10%.

Import-export turnover, export and import in 11 months increased by 15.3%, 14.4% and 16.5% respectively compared to the same period; trade surplus is estimated at 23.03 billion USD. Major balances, energy security, food security are ensured. State budget deficit, public debt, government debt, and national foreign debt are well controlled, lower than the permitted limit.

Production and business activities continued to change positively, regaining growth momentum as in the pre-pandemic period. Agricultural production maintained growth, meeting domestic consumption and export demand. Industrial production recovered quickly, driving growth. The industrial production index (IIP) in November increased by 8.9% over the same period last year; 11 months increased by 8.4%, of which the processing and manufacturing industry increased by 9.7%. The purchasing managers' index (PMI) in November reached 50.8 points, continuing to show a positive industrial growth trend. Industry may continue to increase in December thanks to year-end consumption demand and the upcoming Tet holiday.

In the 11 months, 218,500 enterprises entered and re-entered the market, higher than the number of enterprises withdrawing from the market (173,200 enterprises), showing businesses' confidence in economic prospects.

Growth drivers from the demand side recovered positively. In the first 11 months, total registered FDI capital was about 31.4 billion USD, realized FDI capital was about 21.7 billion USD, up 7.1%; total retail sales of goods and consumer service revenue increased by 8.8%; international visitors were about 15.8 million, up 41%. Exports continued to be a bright spot, with most key export product groups growing strongly. Our country's e-commerce growth rate is among the world's leading.

Resolutely focus on perfecting institutions, improving the investment and business environment; handling backlogs and obstacles; boosting investment in key infrastructure projects; promoting new growth drivers; practicing thrift and combating waste.

The Government and the Prime Minister have resolutely directed the work of perfecting institutions and laws with innovative thinking and more open-mindedness, especially in the draft laws and resolutions submitted to the National Assembly at the 8th Session; at the same time, focusing on reviewing and removing difficulties, obstacles and bottlenecks from practice, meeting the expectations of people, businesses and development requirements in the new situation.

In particular, the Vietnamese Government and NVIDIA signed an agreement to open a Research and Development Center and an Artificial Intelligence (AI) Data Center to promote the application of artificial intelligence and expand employment for domestic human resources. This is a historic turning point for Vietnam, making our country a leading AI research and development center in Asia.

Along with that, focusing on doing well the social security work, ensuring people's lives; The fields of culture, sports, tourism, information and propaganda continue to be interested and promoted. Many traditional cultural values ​​and cultural heritages are inherited, preserved and promoted; the development of cultural industry has achieved some clear results. Political stability, independence and national sovereignty are maintained; security and order are basically stable; Foreign affairs and international integration, especially high-level foreign affairs, are proactively, comprehensively and effectively deployed, with breakthroughs in technological diplomacy, opening up new cooperation opportunities and development directions.

According to Minister Nguyen Chi Dung, in addition to the achieved results, the economy still faces many difficulties and challenges, especially from the outside. The workload in the last month of the year is very large, all levels, sectors and localities need to make the greatest efforts and determination to resolve outstanding tasks, ensure progress and quality of arising tasks; effectively exploit production and consumption trends at the end of the year so that the growth rate for the whole year reaches 7% and above 7%.

Regarding the tasks and solutions in the coming time, Minister Nguyen Chi Dung stated that ministries, branches and localities need to thoroughly grasp, comprehensively and more effectively implement the Resolutions and Conclusions of the Party Central Committee, the Politburo, the National Assembly, Resolutions 01/NQ-CP, 02/NQ-CP, and the directions of the Government and the Prime Minister; promote the patriotic emulation movement to welcome the Party Congresses at all levels towards the 14th National Congress of the Party and the 11th National Patriotic Emulation Congress. The Ministry of Planning and Investment has advised on key tasks and solutions for each ministry and agency such as promptly and effectively implementing the Laws and Resolutions passed by the National Assembly at the 8th session; fully and promptly promulgating guiding documents and detailed regulations, ensuring their effectiveness at the same time as the effectiveness of the Laws.

Deploy the summary of Resolution 18-NQ/TW on restructuring the apparatus according to the direction of the Central Committee and the plan approved by the Prime Minister, ensuring progress and quality as required.

Complete tasks and work of 2024; issue and submit to competent authorities for issuance of programs, projects and plans for implementation from the beginning of 2025, creating momentum for acceleration, breakthrough, striving to achieve the growth target of 8% in 2025.

Along with that, continue to focus on prioritizing resources for institutional improvement, identifying institutions as the "breakthrough of breakthroughs", creating a favorable and open environment for production and business development, and attracting investment.

Accordingly, thoroughly overcome the situation of outstanding debts and slow issuance of documents; review and immediately amend regulations, administrative procedures, business conditions, standards, technical regulations... that still cause difficulties and troubles for businesses.

Build mechanisms and policies to support the development of ethnic enterprises and large-scale enterprises to promote their pioneering role in a number of important industries and fields, with competitive advantages and the ability to lead the industrialization and modernization process, and build an independent and self-reliant economy.

Complete the legal framework for individual businesses, in line with the development of e-commerce. In the immediate future, consider amending the Enterprise Law to add regulations on individual business models.

Continue to strongly promote and renew traditional growth drivers of investment, consumption and export, ensure supply and boost consumption of goods at the end of the year and during the Lunar New Year in 2025.

Promote new sectors, fields, and growth drivers; strengthen regional linkages, and promote the effectiveness of regional coordination councils. Ensure macroeconomic stability and major economic balances.

Focus on doing well social security work, developing culture, education, health, protecting the environment... Continue to promote the elimination of temporary and dilapidated houses nationwide, support housing for people with meritorious services. Respond promptly and effectively to natural disasters, storms and floods, support people to quickly overcome the consequences of natural disasters.

Firmly ensure national defense, security, social order and safety. Strengthen international integration, promote economic diplomacy; organize specific, practical and effective implementation of signed FTAs, results of visits and working sessions of Party and State leaders; promote comprehensive economic cooperation with other countries, associated with the development of new-generation economic corridors for economic growth, technology, innovation and green, sustainable and inclusive development. Strengthen information and propaganda, improve the effectiveness of mass mobilization work, create social consensus.

Strengthen discipline and order; resolutely overcome the situation of avoiding and shirking responsibility; perfect regulations on protecting cadres, dare to think, dare to do./.

Tung Linh

Ministry of Planning and Investment

Source: https://www.mpi.gov.vn/portal/Pages/2024-12-8/Bo-truong-Nguyen-Chi-Dung-tinh-hinh-kinh-te--xa-hoi014h1.aspx