7-8-2023 (HANOI) Minister-Chairman of the Government Office, Tran Van Son, addressed the press conference following the monthly cabinet meeting in Hanoi, emphasizing Vietnam’s steady macroeconomic situation and effective inflation control.
During the meeting held in July, the focus was on evaluating and discussing the country’s socio-economic performance in July and the first seven months of 2023. The progress of the socio-economic recovery and development program, public investment capital allocation, disbursement, and the implementation of three national target programs were also on the agenda.
Minister Tran Van Son revealed that participants at the meeting recognized improvements in the socio-economic situation in July, which contributed to the overall performance in the first seven months of the year.
Vietnam has maintained a stable macroeconomic environment, effectively managing inflation. The average Consumer Price Index (CPI) for the first seven months rose by 3.12%, while all major economic balances were well-maintained.
Notably, state budget collection exceeded 1 quadrillion VND (equivalent to US$42.13 billion), reaching 62.7% of the estimate. The country’s exports reached 195.4 billion USD, resulting in a trade surplus of US$16.5 billion.
In July, the Index of Industrial Production (IIP) saw a month-on-month growth of 3.9% and a year-on-year increase of 3.7%. Moreover, total revenue from retail goods and services rose by 7.1% year-on-year in July and 10.4% in the first seven months.
Tourism also experienced growth, with over 1 million foreign visitors arriving in July and 6.6 million in the January-July period, a substantial 6.9 times higher than the same period last year.
In terms of investments, 267.63 trillion VND of public investment capital was disbursed, achieving 37.85% of the yearly target, representing a 3.38% increase year-on-year. Additionally, Vietnam attracted nearly 16.24 billion USD in foreign direct investment (FDI), marking a growth of 4.5%.
The country’s entrepreneurial spirit remained vibrant, with 13,700 new businesses established in July, bringing the total number of new firms to 131,900 in the first seven months.
Furthermore, social welfare, security, and defense were well-maintained and kept stable.
The press conference highlighted Prime Minister Pham Minh Chinh’s directives to focus on supporting production and business, prioritizing growth, job creation, and ensuring the livelihoods of the people, while also stabilizing the macroeconomy, controlling inflation, and maintaining essential economic balances.
To this end, the PM urged ministries, agencies, and localities to accelerate the disbursement of public investment capital and effectively implement the socio-economic recovery and development program, along with three national target programs.
He also stressed the need for strengthened forecasts, timely warnings, and the provision of information on natural disasters and readiness for rescue operations.
