Vietnam’s macro-economy stays stable, inflation controlled: official

The regular press conference takes places on August 5 in Hanoi. (Photo: VNA)

Vietnam’s marco-economic continues to stay stable and inflation is controlled Minister-Chairman of the Government Office Tran Van Son told a press conference following monthly cabinet meeting in Hanoi on August 5.

Son said that the cabinet meeting for July focused on assessing and discussing the socio-economic situation in July and first seven months of 2023; the progress of the programme on socio-economic recovery and development; public investment capital allocation and disbursement; and the implementation of three national target programmes among others.

According to Son, participants to the meeting held that in July, the socio-economic situation was improved compared to the previous month, contributing to the country’s performance in the first seven months.

So far, the macro-economic situation has remained stable, while inflation has been controlled. In the first seven months, the average consumer price index (CPI) increased 3.12%, while all the major economic balances were ensured.

State budget collection exceeded 1 quadrillion VND (42.13 billion USD), equivalent to 62.7% of the estimate. Meanwhile, the country’s exports fetched 195.4 billion USD, with a trade surplus of 16.5 billion USD.

In July, the Index of Industrial Production (IIP) rose 3.9% month on month and 3.7% year on year. Total revenue from retail of goods and services increased 7.1% year on year in July and 10.4% in seven months.

At the same time, the country welcomed more than 1 million foreign visitors in July and 6.6 million in the January-July period, 6.9 times higher than that in the same period last year.

In seven months, 267.63 trillion VND of public investment capital was disbursed, completing 37.85% of the yearly target, 3.38% increase year on year. Meanwhile, the country attracted nearly 16.24 billion USD in foreign direct investment (FDI), up 4.5%.

In July, 13,700 new businesses were established, raising the total number of new firms to 131,900 in seven months.

Social welfare, security and defence were also kept stable.

To date, nearly 93.8 trillion VND of the socio-economic recovery and development programme has been disbursed. Requests of localities have also been responded to in a timely manner.

Son said that Prime Minister Pham Minh Chinh clearly pointed out tasks focusing on removing difficulties for production and business, giving priority to promoting growth, creating jobs, ensuring livelihoods for people associated with stabilising the macro-economy, controlling inflation, and ensuring major balances of the economy.

The PM also asked ministries, agencies and localities to accelerate the disbursement of public investment capital, and carry out the socio-economic recovery and development programme, as well as three national target programmes. He urged agencies to strengthen forecasts, warnings and provide timely information on natural disasters and readiness for rescue works, Son said, adding that the PM assigned specific tasks to particular ministries, sectors and localities in the time to come./.