Over 22,100 new businesses were established in the first two months of 2024.

The press conference was chaired by Minister and Head of the Government Office Tran Van Son, the Government Spokesperson.

Regarding information on the regular Government meeting in February, the Government spokesperson stated: On March 2nd, under the chairmanship of Prime Minister Pham Minh Chinh, the Government held its regular meeting for February 2024 to assess the socio-economic situation in February and the first two months of 2024; the implementation of the three National Target Programs; the disbursement of public investment capital, along with other important issues; and to propose key tasks and breakthrough solutions for the coming period.

The meeting took place against the backdrop of a continuing complex global situation with many potential risks, particularly conflicts affecting supply chains and threatening energy and food security. Domestically, the Lunar New Year holiday in February somewhat impacted production and business results in some sectors and fields.

In this context, the Government, at all levels, sectors, and localities, have focused on directing and implementing the set goals and tasks decisively, including ensuring that the people nationwide celebrate Tet in a warm, joyful, healthy, safe, economical, and meaningful way, ensuring that no one is left without a Tet celebration, in accordance with the Party Central Committee's directive. The Government and the Prime Minister continue to promote the development and improvement of institutions (issuing 17 decrees and 1 regulatory decision); issuing 7 directives and 4 telegrams; and focusing on urging the implementation of key tasks after the Tet holiday; and promoting infrastructure projects…

Minister and Head of the Government Office Tran Van Son, the Government Spokesperson, provides information to the press - Photo: VGP/Nhat Bac

The socio-economic situation in February and the first two months of the year continued its positive recovery trend, with most sectors achieving better results compared to the same period in 2023, creating new momentum, enthusiasm, and a new impetus for future development.

The macroeconomic situation remains stable, inflation is under control, growth is boosted, and major balances are ensured. All three sectors are developing well: (i) Agriculture is developing steadily. (ii) Industrial production increased by 5.7% year-on-year (compared to a decrease of 2.9% in the same period). (iii) Total retail sales of goods and consumer service revenue increased by 8.1%; international visitors reached over 3 million, an increase of 68.7%.

Total import and export turnover in the first two months increased by 18.6%, of which exports increased by 19.2% (domestic sector increased by 33.3%, much higher than the FDI sector (14.7%)); imports increased by 18%; trade surplus of 4.72 billion USD.

State budget revenue for the first two months is estimated at 23.5% of the annual forecast, an increase of 10.4%. Energy and food security are ensured (rice exports in the first two months reached 912,000 tons, with a value of 639 million USD); the balance between labor supply and demand is maintained.

Investment and development continued to yield positive results . Disbursement of public investment capital in the first two months reached 9.13% of the plan, higher than the same period last year (6.97%). Foreign direct investment (FDI) attracted reached US$4.29 billion, an increase of 38.6%; implemented FDI capital reached US$2.8 billion, an increase of 9.8% compared to the same period last year, reflecting the increasing confidence of investors in the country's socio-economic development.

Business development continues its upward trend . In the first two months of the year, over 22,100 new businesses were established, an increase of 12.4%, and 19,000 businesses resumed operations, an increase of 4.4%; bringing the total number of businesses entering the market to over 41,000, an increase of 8.5% compared to the same period last year.

Cultural and social fields are given priority; social security is ensured; and people's lives are improved. In February, 94.2% of households were assessed as having stable or higher incomes compared to the same period in 2023 (93.9%).

Many international organizations and experts continue to highly appreciate the results of Vietnam's leadership and management and the prospects of its economy , with the IMF forecasting that Vietnam will be among the top 20 fastest-growing economies in the world.

Besides affirming the achievements, the Prime Minister also pointed out limitations, shortcomings, difficulties, and challenges, which are highlighted as follows: (1) The pressure to direct and manage macroeconomic affairs is still high; (2) The production and business situation in some fields is still facing many difficulties; (3) Difficulties and obstacles in the real estate market are being gradually resolved but are still slow; (4) Non-performing loans tend to increase; lending interest rates have decreased but are still high; (5) Security and social order are basically ensured, but in some areas, the situation is still complicated…

In light of this situation, Prime Minister Pham Minh Chinh directed several key tasks and solutions: Consistently pursuing the priority of growth coupled with macroeconomic stability, controlling inflation, and ensuring the major balances of the economy.

Continue to renew traditional growth drivers and promote new growth drivers. Specifically: (1) Regarding investment, facilitate the attraction and disbursement of social investment; resolutely handle obstacles and actively support the acceleration of investment project implementation; strengthen promotion and attraction of FDI projects. (2) Regarding exports, consolidate traditional markets and expand new markets; effectively implement FTAs. (3) Regarding consumption, promote promotions and discounts, implement the campaign "Vietnamese people prioritize using Vietnamese goods"; have strong solutions to attract domestic and international tourists. At the same time, strongly promote new growth drivers.

Accelerate the disbursement of public investment capital and the three national target programs; expedite the approval of planning.

Focus on perfecting mechanisms, policies, and laws, reforming administrative procedures, and removing obstacles to production and business. Decisively cut down and simplify administrative procedures and business conditions. Focus on implementing Project 06.

Focus on cultural, social, and environmental issues; ensure social security and people's livelihoods. Proactively review and assess people's living conditions, and provide timely rice support during lean periods. Prepare to implement the new wage system from July 1st.

Source