Determined to maintain growth momentum, creating the premise to successfully implement all plans and tasks in 2025

On the morning of July 6th, at the Government Headquarters, Prime Minister Pham Minh Chinh chaired the regular Government meeting for June and the online Government conference with localities.

Prime Minister Pham Minh Chinh delivers a directive speech.

In his opening remarks, Prime Minister Pham Minh Chinh The Prime Minister respectfully conveyed the greetings and best wishes for good health from General Secretary Nguyen Phu Trong to the delegates attending the meeting; and stated that, after this meeting, the Government will report back to the General Secretary to seek further guidance. The Prime Minister emphasized that this is a very important meeting, assessing the socio -economic situation in June and the first six months of 2024, and outlining key tasks and solutions for the last six months of the year to successfully and comprehensively implement the 2024 plan, creating a foundation and momentum for the following years, especially 2025 – the year concluding the 2021-2026 term – to successfully implement the Resolution of the 13th National Congress of the Party.

The Prime Minister stated that we have passed the first half of 2024 amidst more difficulties and challenges than opportunities and advantages; the global situation continues to evolve rapidly, complexly, and unpredictably, despite more positive signs in the global economy, with inflation trending sideways or decreasing; growth prospects show initial signs, but many uncertainties and risks remain. Among these, several points are noteworthy: strategic competition among major powers is intensifying; conflicts continue, with no end in sight; the USD exchange rate and gold prices are rising, and crude oil and basic commodity prices are fluctuating sharply; climate change, population aging, and resource depletion are increasingly impacting countries and economies; and, in particular, heatwaves, droughts, and El Niño are occurring worldwide.

The domestic economic situation is facing a double impact from both unfavorable external factors and internal factors due to our many limitations and shortcomings. Vietnam's economy is in transition, we remain a developing country, our economy is limited in scale, highly open, and our resilience to external shocks is still limited… This presents us with certain difficulties and challenges.

A view of the June regular Government meeting and the online Government conference with localities.

In that context, thanks to the involvement of the entire political system, the profound leadership and guidance of the Central Committee, directly and regularly from the Politburo and the Secretariat, headed by... Thanks to General Secretary Nguyen Phu Trong's decisive leadership and management of the Government, all levels, sectors, and localities, the active participation and efforts of the people and the business community, and the support of international friends, the socio-economic situation clearly shows positive recovery: continuing the trend of each month being better than the previous one, and each quarter being better than the previous one.

Overall, the first six months of 2024 achieved many important results, better than the same period in 2023 in most areas, specifically: GDP growth in the second quarter reached 6.93%, and in the first six months reached 6.42%, exceeding the set target and representing a high rate in the region and globally. Macroeconomic stability was maintained, inflation was controlled, and major balances were ensured; social security and people's living standards improved; political security and social order were basically well-maintained; foreign relations were strengthened, and the prestige and position of our country continued to be enhanced.

The Prime Minister stated that in recent years, the situation has remained difficult and complex, but we have still managed to increase revenue and save on expenditures, restructure public investment rationally with a focus on key areas, avoiding scattered spending; and save on recurrent expenditures, thereby allocating approximately 700 trillion VND to implement salary increases from July 1, 2024, following the roadmap outlined in Resolution 27-NQ/TW with steps appropriate to the situation and affordability, especially striving to create equality and fairness among beneficiaries. These are positive points that we need to evaluate and analyze, thereby creating momentum and confidence among the people and society.

Minister of Planning and Investment Nguyen Chi Dung presented a report on socio-economic development.

The Prime Minister stated that, alongside the fundamental achievements, we must frankly acknowledge that there are still many shortcomings, limitations, difficulties, and obstacles, such as high inflationary pressure, challenging production and business conditions; complex social order and safety situations, fires, explosions, and traffic accidents in some areas; discipline and order are sometimes not strictly enforced; and there is still a tendency for officials and civil servants to be afraid of making mistakes, shirk responsibility, and avoid accountability…

The Prime Minister requested that delegates further analyze the strengths and weaknesses, especially drawing lessons from past management and administration experiences, as a foundation for maintaining growth momentum and momentum to continue overcoming limitations and shortcomings, and achieving better results in the future. This includes proposing appropriate, feasible, and effective solutions for directing and managing affairs in July and the remaining months of 2024, ensuring efficiency and creating a crucial foundation for success in 2025, and successfully implementing the Resolution of the 13th National Congress of the Party.

The Prime Minister requested that obstacles and bottlenecks in legal and administrative matters be identified, so that ministries and agencies, based on their functions, duties, and powers, can proactively implement measures effectively and appropriately. Ministries, agencies, and localities need to make great efforts and demonstrate high determination with the spirit of defining "clear responsibilities, clear tasks, clear timelines, clear results, and clear outcomes," thereby providing a basis for monitoring, inspection, evaluation, rewards, and criticisms appropriately.

According to the General Statistics Office, in the first six months of 2024, industrial production continued its positive recovery trend, with the production index increasing month by month and quarter by quarter. The industrial production index increased by 7.7% compared to the same period last year, with the manufacturing sector increasing by 8.5%; and the electricity production and distribution sector increasing by 13%, thus meeting the electricity consumption needs for production, business, and consumption. Preliminary total import and export turnover reached US$368.53 billion, an increase of 15.7% compared to the same period last year, with exports increasing by 14.5% and imports increasing by 17%. The trade balance for goods in the first six months of 2024 is estimated to have a surplus of US$11.63 billion (compared to a surplus of US$13.44 billion in the same period last year), contributing to creating momentum for production and stimulating exports.

The session and conference were streamed live to all 63 provinces and centrally-administered cities.

Foreign direct investment (FDI) attracted in the first six months of 2024 increased significantly, reflecting the recovery of production and business activities. Newly registered FDI capital rose sharply compared to the same period last year, demonstrating continued confidence in Vietnam's investment environment among foreign investors. Total social investment implemented in the first six months of 2024 at current prices is estimated at VND 1,451.3 trillion, an increase of 6.8% compared to the same period last year, with Q1 reaching VND 617.1 trillion (up 5.8%) and Q2 reaching VND 834.3 trillion (up 7.5%).

As of June 20, 2024, the whole country had 1,538 new projects granted foreign investment registration certificates with a total registered capital of US$9,536.8 million, an increase of 18.9% in the number of projects and a 46.9% increase in registered capital compared to the same period in 2023 (the same period last year had 1,293 projects and registered capital of US$6,492.1 million). Foreign investment disbursed reached US$10.8 billion, an increase of 8.2% compared to the same period last year, the highest level of disbursement for the first six months of the 2020-2024 period.

Business activities are gradually recovering after months of difficulties, with the number of businesses entering the market continuing to exceed the number of businesses withdrawing. In the first six months of 2024, 119,600 businesses entered the market, a 5.3% increase compared to the same period last year, exceeding the 110,300 businesses that withdrew.

The thriving economy has had a positive impact on state budget revenue. State budget revenue in the first six months of 2024 is estimated at 1,020.6 trillion VND, equivalent to 60% of the annual forecast and an increase of 15.7% compared to the same period last year; of which domestic revenue reached nearly 857 trillion VND, equivalent to 59.3% and an increase of 18.1%...

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