Vietnam sets import and export record.

The Vietnamese economy continued to show many positive signs in the first five months of the year. Notably, import and export turnover set new records, while registered FDI capital reached over $24 billion.

Vietnam's total import and export turnover in the first five months of the year is estimated at US$445.12 billion, a 25% increase compared to the same period last year and the highest level ever recorded. Photo: Quynh Danh .

This information was reported by Finance Minister Ngo Van Tuan to the Prime Minister at the regular government meeting in May, which took place this morning (June 3).

Specifically, Minister Ngo Van Tuan stated that, in the context of a global economy that continues to be complex and unpredictable, particularly affected by tensions in the Middle East, Vietnam's socio-economic development has maintained positive growth momentum after five months.

Imports and exports set new records.

According to Minister Tuan, the industrial production index (IIP) in May is estimated to have increased by more than 8.7% compared to the same period last year. For the first five months of the year, the IIP increased by over 9%, the highest level since 2021. Total retail sales of goods and consumer service revenue for the first five months increased by more than 11%, while the number of international visitors to Vietnam reached nearly 11 million, both the highest levels ever recorded.

Regarding price developments, the consumer price index (CPI) in May increased by 0.3% compared to the previous month, the lowest increase in the last three months. However, the CPI still increased by 5.6% compared to the same period last year; the average increase over the first five months was 4.31%. The supply of petroleum products basically met market demand, while domestic retail prices continued to be managed at levels significantly lower than many countries in the region.

State budget revenue in the first five months of the year is estimated at 1.34 trillion VND , equivalent to 53% of the projected figure and a 15% increase compared to the same period last year. However, the progress of budget revenue collection is showing signs of slowing down, with revenue from housing and land decreasing by nearly 5%.

Conversely, disbursement of public investment capital by the end of May was estimated at 219,400 billion VND , equivalent to 21.6% of the annual plan. The disbursement rate is similar to the same period last year, but the absolute value is approximately 34,800 billion VND higher.

Foreign direct investment (FDI) continues to be a bright spot in the economy. Total registered FDI in the first five months of the year is estimated at over US$24 billion , a 33% increase compared to the same period last year; implemented FDI reached US$9.75 billion , a 10% increase. Many large-scale projects by Samsung, SK (South Korea), and BYD (China) have been licensed for implementation in Thai Nguyen, Nghe An , Tay Ninh, and other provinces.

The Ministry of Finance has requested that localities focus on removing obstacles and expediting administrative procedures to support investors in implementing projects on schedule.

Notably, total import and export turnover of goods in the first five months of the year is estimated at 445.12 billion USD , an increase of 25% compared to the same period last year and the highest level ever. The number of newly established and reactivated businesses reached approximately 142,600, an increase of 28%, continuing to exceed the number of businesses withdrawing from the market.

Minister of Finance Ngo Van Tuan reports at the session. Photo: VGP.

Staying committed to double-digit growth targets.

To maintain the recovery and growth momentum in the remaining months of the year, the Ministry of Finance proposes that the Government direct ministries, sectors, and localities to accelerate the disbursement of public investment capital.

In the construction sector, the Ministry of Construction is tasked with leading the review and proposing solutions to definitively address the shortage of supply and price fluctuations of construction materials; resolutely dealing with acts of speculation, hoarding, and unreasonable price increases for profit. Simultaneously, it will research mechanisms for inter-regional coordination of construction materials to serve key infrastructure projects. Furthermore, the Ministry of Construction will continue to effectively implement policies for developing social housing for rent.

The State Bank of Vietnam continues to manage monetary policy in a way that stabilizes interest rates, ensures system liquidity, and supports reasonable credit growth. The agency is also required to direct commercial banks to reduce operating costs to create room for substantial reductions in lending interest rates, while strictly controlling bad debts, foreign currency flows, and closely monitoring the balance of payments.

The Ministry of Finance and the State Bank of Vietnam will coordinate to ensure liquidity for the government bond market, while also finalizing relevant regulations to promote the goal of upgrading the Vietnamese stock market to international standards.

In the energy sector, the Ministry of Industry and Trade is tasked with ensuring the supply of petroleum products and electricity to serve production, business, and economic growth; while also promoting trade in each sector and export market, and closely monitoring the trade deficit to take timely corrective measures.

Regarding price management, ministries, sectors, and localities are required to coordinate closely in market management, regulating the supply and demand of goods, and strictly handling acts of speculation, price manipulation, and abnormal price increases to ensure the inflation control target is met according to the set scenario.

Source: https://znews.vn/viet-nam-lap-ky-luc-xuat-nhap-khau-post1656488.html