Many indicators improve; still big challenges for year-end growth

(Chinhphu.vn) – On the morning of August 7, speaking at the regular Government meeting in July, Minister of Finance Nguyen Van Thang said that the socio-economic situation in the past 7 months continued to maintain a positive trend, with each month being better than the previous month, achieving many important and outstanding results. However, the current and long-term difficulties and challenges are still great, requiring all levels, sectors and localities to be more proactive, determined and closely follow up to complete the assigned tasks.

Minister of Finance Nguyen Van Thang reports on the socio-economic situation in July and the past 7 months - Photo: VGP/Nhat Bac

According to the report of the Ministry of Finance, in the first 7 months of the year, in the context of having to simultaneously face many difficulties and major challenges, the entire system has made great efforts, determination, steadfastness in its goals, flexibility, courage, and decisiveness in implementing work, preparing scenarios and proactively responding to the situation.

First month PMI above 50 points since the beginning of Q2

Thanks to that, the socio-economic situation continued to achieve quite comprehensive results, with many bright spots, trusted and highly appreciated by the international community, people and businesses, creating a premise to strive to achieve the annual growth target of 8.3-8.5%.

Specifically, the economy continued to grow, the macro economy was basically stable, inflation was controlled, major balances were ensured; many important targets and indexes were better than the previous month and the same period last year.

The consumer price index (CPI) in the first 7 months increased by 3.26% over the same period. Credit growth was high, the average lending interest rate continued to decrease. The stock market developed vigorously in 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 had a trade surplus of 10.2 billion USD.

In addition, traditional growth drivers continued to be promoted. Total registered FDI capital in 7 months reached nearly 24.1 billion USD, up 27.3% over the same period, realized FDI capital was about 13.6 billion USD, up 8.4%. Total retail sales of goods and consumer services revenue in 7 months increased by 9.3% over the same period, international visitors reached over 12.2 million, up 22.5%. Many international organizations continued to have positive assessments, raising their forecasts for Vietnam's GDP growth in 2025.

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.

This is the first month that PMI has reached over 50 points since the beginning of the second quarter.

MINISTER NGUYEN VAN THANG

According to the Minister, implementing three strategic breakthroughs, the "four pillars" and promoting new growth drivers continued to be promoted, achieving many clear results. The situation of business registration and business households in July achieved positive results, in 7 months, over 174 thousand enterprises joined and re-joined 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%.

At the same time, areas such as culture, society, social security, education, foreign affairs, etc. continue to receive attention; National defense, security, and social order and safety are maintained.

However, Minister Nguyen Van Thang also frankly pointed out a number of challenges and shortcomings. These are: 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 be implemented, 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; perfecting institutions and laws has been given attention and direction, but there are still problems, not keeping up with development requirements; the lives of a part of the people and workers are still difficult....

Propose 5 solutions

Based on the achieved results and analysis and forecast of difficulties, Minister Nguyen Van Thang proposed key tasks and solutions that need to be focused on immediately in August and the third quarter.

Firstly, urgently develop and ensure the progress and quality of projects and reports submitted to the Central Committee, draft laws and resolutions submitted to the National Assembly at the 10th Session, especially new Laws and Resolutions adjusted and added to the Session Agenda.

Second, ensure that two-level local government operates smoothly and effectively.

Third, promote exports and develop harmonious and sustainable trade with other countries.

Fourth, continue to improve institutions and laws, and improve the investment and business environment.

Fifth, promote and renew traditional growth drivers of investment and domestic consumption and develop new growth drivers.

Along with that is continuing to maintain macroeconomic stability, develop culture, society, prevent natural disasters, protect the environment...

Minh Ngoc

Source: https://baochinhphu.vn/nhieu-chi-so-khoi-sac-van-con-thach-thuc-lon-cho-tang-truong-cuoi-nam-10225080709441171.htm