Vietnam continues to be among the countries with the highest growth in the world.

(PLVN) - At the Government meeting with localities on the morning of April 6, Minister of Finance Nguyen Van Thang said that GDP growth in the first quarter is estimated at 6.93% - this is the highest growth rate in the first quarter since 2020 and exceeds the growth scenario set at the 10th Central Conference. However, he warned that the economy still faces many major challenges in the remaining quarters of the year.

Báo Pháp Luật Việt Nam•06/04/2025

GDP growth in the first quarter reached 6.93%, the highest since 2020

According to Minister of Finance Nguyen Van Thang, the GDP growth results in the first quarter were higher than the scenario at the 10th Central Conference (6.2 - 6.6%) and helped Vietnam continue to be among the countries with the highest growth in the world and the region.

In the general growth rate, the agriculture, forestry and fishery sector increased by 3.74% over the same period, industry and construction increased by 7.42%, and services increased by 7.67%.

“The macro economy is basically stable, inflation is under control, and major balances are guaranteed. The average consumer price index (CPI) in the first quarter increased by 3.22% over the same period. Exchange rates are actively, flexibly, and appropriately managed, and new lending interest rates tend to decrease,” Minister Nguyen Van Thang informed.

State budget revenue reached 36.7% of the estimate, up 29.3% over the same period. Of which, domestic revenue is estimated to reach 38.7% of the estimate, up 34.5%, ensuring resources for development investment and implementing policies to support people and businesses. Production and business activities maintained positive growth momentum.

Export and import turnover in the first quarter increased by 10.6% and 17% respectively; total export and import turnover increased by 13.7% over the same period. Trade surplus is estimated at 3.16 billion USD. Total registered FDI capital is nearly 11 billion USD, up 34.7%; realized capital is nearly 5 billion USD, up 7.2%.

Major balances, energy security, and food security are ensured; budget deficit, public debt, government debt, and national foreign debt are well controlled.

The Government continues to resolutely perfect institutions, improve the investment and business environment, promote key infrastructure projects and focus on social security. The Government apparatus, ministries and branches have been streamlined and efficient, creating a basis for continuing to study the two-tier local government model.

Growth faces many risks, Q2 needs to reach 8.2%

Despite recording many positive results in the first quarter, Finance Minister Nguyen Van Thang said: "The economy will face many difficulties and major challenges; growth drivers will be severely affected, macroeconomic stability will face many risks, and social security work may face many challenges."

Overview of the meeting. (Photo: VNA)

According to him, if a 46% tax rate is imposed on a large scale, exports to the US will be strongly impacted, leading to impacts on industrial production, processing, manufacturing, enterprises, FDI attraction, private investment, consumption and domestic employment.

“This is a huge pressure in directing and managing socio-economic development to achieve the set growth target, requiring more proactive, drastic, close-up, and innovative efforts from all levels, sectors, and localities,” Mr. Thang emphasized.

Based on the results of the first quarter, to achieve the growth target of 8% for the whole year, according to the Ministry of Finance, the last 9 months of the year need to achieve an increase of about 8.3%, of which the second quarter is 8.2%, the third and fourth quarters are 8.3% and 8.4% respectively, about 0.2% higher than the proposed scenario.

In the second quarter, the processing and manufacturing industry needs to increase by 10.1%; electricity and gas production needs to increase by 11.5%; and the mining industry needs to recover strongly. Public investment is assessed to have much room to grow with a total capital of nearly VND826,000 billion according to the plan assigned by the National Assembly.

The Ministry of Finance also proposed key solutions: strengthening dialogue and bilateral negotiations with the US to have reasonable reciprocal tax rates; closely coordinating with National Assembly agencies in preparing content to be presented at the 9th session; effectively streamlining the apparatus, not interrupting the operations of public agencies.

In addition, it is necessary to continue to maintain macroeconomic stability, promote public investment, attract FDI, develop the domestic market, promote tourism, improve the business investment environment, and strengthen policy communication to stabilize the psychology of businesses, people and investors.

The Minister said that ministries and ministerial-level agencies need to proactively review and issue according to their authority or submit to competent authorities for amendment, supplementation or new issuance of legal documents... to ensure that local governments at two levels operate smoothly and continuously, without creating legal gaps. "Timely grasp and summarize difficulties and problems of localities in the implementation process to provide guidance according to their authority or report to competent authorities for consideration and resolution, creating maximum convenience for localities in the implementation process", the Minister of Finance emphasized.

Thanh Ha

Source: https://baophapluat.vn/viet-nam-tiep-tuc-vao-nhom-cac-nuoc-tang-truong-cao-nhat-the-gioi-post544609.html