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The regular Government press conference, March 2024. Photo: HD

On April 3rd, in the afternoon at Hanoi, following the regular government session that morning, the Government Office hosted the routine March 2024 Government press briefing. The Minister, Head of the Government Office (VPCP) Tran Van Son, alongside the Government spokesperson, presided over the conference.

During the briefing on the regular Government session for March, the Government spokesperson announced that the Government's leadership, along with various ministries, sectors, and localities, unanimously agreed that the socio-economic situation in March 2024 maintained a positive recovery trajectory; the outcomes in March improved upon those in January and February; overall, the first quarter saw most sectors performing better compared to the corresponding period in 2023.

The GDP growth for the first quarter was recorded at 5.66%, surpassing the figures of the same period from 2020 onwards. Specifically, all three sectors experienced positive growth (agriculture increased by 2.98%; industry and construction by 6.28%; services by 6.12%).

Several regions reported significant growth in the processing and manufacturing industries compared to the same period last year, including Quang Ninh with a 39.9% increase; Phu Tho with 27.7%; Bac Giang with 24%; Thanh Hoa with 18.6%; Ha Nam with 17.9%; Ninh Thuan with 17.4%; Tay Ninh with 14.4%; Hai Duong with 12.8%...

The macroeconomic environment continues to be stable, with inflation under control and major balances secured (export sufficiency - a trade surplus of $8.08 billion; food sufficiency - exporting over 2 million tons of rice, valued at $1.37 billion; energy security, food security, and labor supply and demand are guaranteed).

The financial situation – national budget revenues – significantly improved, with first-quarter state budget revenues reaching 31.7% of the annual projection, marking a 9.8% increase compared to the same period last year. Public debt, government debt, and the country's foreign debt, along with the state budget deficit, were effectively managed, well below the set limits.

Consequently, numerous international organizations and experts continue to hold a positive outlook on the results and potential of Vietnam's economy. For instance, the Asian Development Bank (ADB) predicts a 6% growth for Vietnam in 2024; HSBC forecasts 6.3%; Standard Chartered projects 6.7%; S&P anticipates 6.8%; the Human Development Index (HDI) climbed 8 ranks…

While acknowledging the accomplishments as foundational, the Minister, Head of VPCP Tran Van Son, noted that our country still confronts ongoing issues, limitations, challenges, and difficulties that necessitate targeted responses, resolutions, and remedial actions.

These challenges include: the pressures of macroeconomic management, particularly inflation, interest rates, and exchange rates remaining high; certain industrial production sectors experiencing slow recovery, with the food and beverage, and entertainment service sectors not showing clear recovery; the operational difficulties in some sectors persist, with a high number of businesses exiting the market; public investment capital has not been fully allocated, with ongoing risks of sand shortages for leveling in transport projects, and key constructions…

Therefore, Minister, Head of VPCP Tran Van Son revealed that the Prime Minister has urged ministries, sectors, and localities to excel in their roles, aspiring to meet and surpass the targets and objectives set for 2024, particularly in terms of growth.

This involves managing monetary policy in an active, flexible, timely, and efficient manner; ensuring synchronized, harmonious, and tight coordination with a rational, focused, and prioritized expansion of fiscal policy and other measures. Vigorously striving to enhance state budget revenue and minimize expenditures. Concentrating on the rollout of electronic invoicing, particularly in the food and beverage business, services, and petrol retail. Aiming for notable progress in tackling revenue loss and tax arrears (striving to reduce arrears to 3-4%)…