The economy recovered positively, import and export turnover increased

Large value orders increased, Thai Nguyen’s import and export accelerated. The brightest picture, import and export in 2024 is forecast to reach over 790 billion USD

Export and import turnover both increased

On the morning of April 3, Prime Minister Pham Minh Chinh chaired the regular Government meeting in March 2024 and the Government’s online conference with localities.

According to the program, the meeting focused on discussing and evaluating the socio-economic situation in March and the first quarter of 2024, the disbursement of public investment capital and 3 national target programs; the implementation of Resolution 01 of 2024 of the Government, the direction and administration of the Government in March and the first quarter of 2024; Additional assessment report on the results of implementing the 2023 socio-economic development plan; along with some other important content.

Reporting at the Government’s online conference with localities, Minister of Planning and Investment Nguyen Chi Dung once again affirmed that the socio-economic situation in March and the first quarter continued to recover positively, Each month is better than the previous month, achieving many important results.

Accordingly, the economy continues to recover, achieving many important, encouraging and comprehensive results in all fields, people’s lives continue to improve, creating a foundation to strive for successful completion. Socio-economic development plan for 2024.

The economy recovered positively, import and export turnover increased
Minister of Planning and Investment Nguyen Chi Dung spoke at the conference.

Minister Nguyen Chi Dung pointed out that GDP growth in the first quarter is estimated to increase by 5.66% over the same period last year, exceeding the scenario set out in Resolution No. 01/NQ-CP (5.2-5.6%). . This is the highest increase in the first quarters since 2020 up to now.

Specifically, the industrial and construction sectors gradually regained growth momentum, estimated to increase by 6.28%, of which industry increased by 6.18%; The agriculture, forestry, fishery and service sectors increased by 2.98% and 6.12% respectively over the same period last year. For example, Bac Giang (14.2%), Thanh Hoa (13.2%), Tra Vinh (13.9%), Khanh Hoa (12.4%), Quang Ninh (8.9%), City. HCM (6.54%), Hai Phong (9.3%), Hanoi (5.5%)…

Minister Nguyen Chi Dung informed that the macroeconomy is basically stable, inflation is controlled, and major balances are guaranteed. At the same time, a series of important macroeconomic indicators, such as the consumer price index (CPI) in the first quarter increased by 3.77% over the same period; Interest rates were maintained at a low level, state budget revenue reached 31.7% of the estimate, up 9.8% over the same period; Import and export turnover increased by 15.5%, 17% and 13.9% respectively; estimated trade surplus of 8.08 billion USD; Total social investment capital increased by 5.2% over the same period…

Regarding foreign investment capital registered in Vietnam, the total in the first quarter reached nearly 6.2 billion USD, an increase of 13.4% over the same period in 2023, of which newly registered capital reached 4.8 billion USD, an increase 57.9%; Realized capital reached 4.6 billion USD, an increase of 7.1%.

Many large businesses have committed to investing in Vietnam in the electronics, chip, semiconductor, and renewable energy industries. This result is due to seizing and promptly responding to opportunities from global investment trends, advantages, opportunities, and new positions of Vietnam to focus on investment promotion, especially through activities to promote investment. senior diplomats of Party and State leaders.

Other positive macroeconomic indicators are the disbursement of public investment capital in the first quarter reaching 13.67% of the plan, higher than the same period in 2023 both in relative terms (last year reached 10.35%) and absolute amount (higher than 16,500 billion VND), thereby bringing a large amount of capital into the economy to support growth and development.

Besides, production and business activities continue to change positively. The index of industrial production (IIP) in the first quarter increased by 5.7% over the same period (the same period decreased by 2.6%). Of which, the processing and manufacturing industry increased by 5.9% (the same period decreased by 2.9%); Consumption increased, inventory decreased sharply. This is a good signal for production and export.

Businesses still have many difficulties and challenges

Besides the bright spots, Minister Nguyen Chi Dung also frankly pointed out that difficulties and challenges are still very large. According to the Minister, there are new factors from both inside and outside the economy, creating pressure on macroeconomic stability, inflation, exchange rates, major balances and management. , operating to promote growth.

“Production – business, businesses still have many difficulties and challenges; industrial production recovery is still slow; agricultural production in the Mekong Delta faces many difficulties due to increased saline drought and may continue to lengthen…” – Minister Nguyen Chi Dung added.

In addition, the growth rate of domestic consumer demand in the first quarter is lower than the same period in 2023 and the years before the epidemic 2011-2019. Purchasing power decreases, people tighten their spending. Low domestic market demand and high competition are the biggest difficulties facing processing and manufacturing enterprises today.

The economy recovered positively, import and export turnover increased

On the morning of April 3, Prime Minister Pham Minh Chinh chaired the regular Government meeting in March 2024 and the Government’s online conference with localities. Photo: VGP/Nhat Bac

Some mechanisms, policies, regulations, and administrative procedures are still slow to be amended, are still troublesome, causing difficulties for businesses and people; The aviation industry faces many difficulties, the number of commercial aircraft has decreased sharply, many domestic routes have been cut or reduced in frequency, increasing air ticket prices, affecting tourism and real estate development. hard.

In addition, inflation pressure and exchange rates are issues of concern, because the average CPI growth rate tends to increase gradually, inflation pressure may increase due to the impact of commodity price adjustments. managed by the State, implementing wage reform policies and increasing raw material prices.

Resonating with the risk of fluctuations in gasoline prices, food, semiconductors, sea and air transportation costs… in the world. The USD selling rate at commercial banks tends to increase and is expected to continue to be under increasing pressure.

The main reason is due to the forecasted increase in demand for imported raw materials; Pressure on excess liquidity in the major banking system in the context of credit balance continuing to increase low; interest rate difference between Vietnam Dong and USD.

“These are issues that need to be closely monitored, proactively have flexible and timely operating solutions, and consistently and consistently implement priority orientations to promote economic growth associated with maintaining macroeconomic stability. tissue” – Minister Nguyen Chi Dung said, at the same time emphasizing that all levels, branches and localities need to continue to consistently and steadfastly implement the set goals, perspectives and development orientations; make efforts to overcome difficulties and overcome challenges.

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