Vietnam's trade surplus in the first five months reached nearly $10 billion, but the global economic downturn also impacted many economic indicators during the first five months of the year.
The socio-economic report for the first five months has been released.
Today (May 29th), the General Statistics Office announced the socio-economic indicators for May and the first five months of the year. The brightest spot was the significant increase in trade and services compared to the same period last year.
In the first five months of the year, total retail sales of goods and consumer service revenue increased by 12.6% compared to the same period last year, making a significant contribution to the economy's growth. Industrial production in May increased by 2.2% compared to the previous month, but overall in the first five months of the year, it decreased by 2% compared to the same period last year.
The main reason is the impact of the global economic recession, leading to a decrease in both domestic and export orders. Furthermore, merchandise exports decreased by 11.6% compared to the same period last year. However, the trade surplus for the first five months still reached $9.8 billion; the consumer price index remained under control at a suitable level with an increase of 3.55%.
Vietnam's trade surplus for the first five months reached nearly $10 billion.
Enhancing the effectiveness of policy implementation.
The World Bank representative in Vietnam believes that the continuous and stable growth of domestic demand will provide a foundation for Vietnam's future economic growth. When imports and exports fluctuate due to the global economic situation, boosting domestic consumption and public investment will help drive economic growth.
Furthermore, helping domestic businesses overcome difficulties is fundamental to economic recovery and preparing them for opportunities when the global economy improves.
The government has proposed a 2% reduction in the value-added tax (VAT) rate for goods and services currently subject to a 10% tax rate. Tax reduction proposals are always eagerly awaited by businesses.
At this time, supporting businesses will help them overcome some of the difficulties. However, policies also need to be synchronized and given sufficient time to have a positive impact on the financial performance of businesses.
Strengthening the health of businesses will create momentum for economic growth.
Looking at the health of the business sector, it's clear that significant difficulties are currently underway. Since the beginning of the year, 88,000 businesses have withdrawn from the market, a 22.6% increase compared to the same period last year.
In response to this situation, many policies have been introduced. For example, in the real estate sector, in less than 5 months, there have been 4 official dispatches, a series of resolutions and decrees aimed at removing difficulties for businesses, or a series of financial and monetary policies to support businesses and create momentum for development. However, the problem here is implementation.
Ms. Do Thi Ngoc, Director of the Department of General Statistics and Information Dissemination, General Statistics Office, stated: "The policies are on the right track, but they need to be strongly promoted and implemented immediately so that businesses can access low-cost capital right away."
Supporting businesses also requires measuring the economy's absorption capacity, especially with regard to monetary policies.
Ms. Dorsati Madani, Senior Economist at the World Bank in Vietnam, assessed: "In monetary terms, the State Bank of Vietnam has adjusted down the policy interest rate to support the economy. We also think that this will be helpful in supporting businesses and the economy in the future. However, whether or not the capital can be absorbed needs to be quantified very specifically; only then will the money flow bring value in boosting and restoring businesses and the economy."
To achieve the target of 6.5% GDP growth this year, the remaining quarters must grow at an average rate of 7.5-8%. This goal is very challenging; therefore, for each policy, especially those for businesses, in addition to being correct and sufficient, it needs to be quick and responsive to strengthen business health and create momentum for economic growth.
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