In January, certain processing and manufacturing industries continue their upward trend in the production index compared to the corresponding period last year. (Photo: Vietnam+)
Hanoi (VNA) - The economic landscape in the initial month of the year has showcased noteworthy positive aspects, although agile management is crucial in navigating the complex dynamics arising from the international arena.
These developments unfolded against the backdrop of the country's celebration of the Lunar New Year (Tet) and the concurrent implementation of Government Resolution No. 01/NQ-CP (dated January 6) outlining the tasks and key solutions for realizing the socio-economic development plan and the state budget estimates for 2023.
As a result, various ministries, sectors, and localities focused on formulating action plans to implement Resolution No. 01 and diligently executed a comprehensive array of measures under the Socio-Economic Recovery and Development Program. These concerted efforts aimed to generate transformative impetus towards attaining the stipulated economic development objectives.
Do Thi Ngoc, Head of the General Statistics Division at the General Statistics Office, highlighted the encouraging aspects of the overall economic landscape in the initial month of the year.
The consumer price index (CPI) for January 2023 registered a growth of 4.89% compared to the corresponding period last year, a level that has been prudently managed given the bountiful supply of goods during the Tet holiday, with essential consumer goods demonstrating relative stability in prices. Notably, total retail sales of goods and revenue from consumer services also surged by 20% year-on-year.
Moreover, the tourism sector contributed significantly to the favorable "picture," witnessing a considerable increase in international arrivals to Vietnam, reaching 870,000 visitors in January, reflecting a 23% surge compared to the previous month and a remarkable 44-fold rise in comparison to the same period last year. This positive outcome can be attributed to the successful implementation of programs aimed at attracting international tourists amidst the well-managed containment of COVID-19.
Turning to investment, the ratio of disbursed capital from the state budget reached 4% of the annual plan, marking a 3.2% increase from the corresponding period last year, while newly registered foreign direct investment (FDI) tripled.
The tourism sector contributes significantly to the favorable "picture," witnessing a considerable increase in international arrivals to Vietnam, reaching 870,000 visitors in January, reflecting a 23% surge compared to the previous month. (Photo: Vietnam+)
"This signifies that foreign investors maintain their trust in Vietnam's investment environment," stated Ngoc.
In an overall evaluation, economic expert Vu Vinh Phu contended that the socioeconomic situation in January yielded several encouraging outcomes, owing to the collaborative engagement of the political system.
However, alongside the achievements, Ngoc also underscored some existing limitations. Of particular concern was the decline in the industrial production index in several localities with significant industrial scales, attributable to the fewer working days in the month (due to holidays) and a decrease in the volume and scale of orders amid the global economic fluctuations affecting industrial production.
Furthermore, the consumption demand in several countries, which serve as major trading partners of Vietnam, exhibited a tendency to diminish compared to the corresponding period last year. Specifically, exports to the EU market declined by 32.7%, the United States by 24.5%, the Republic of Korea by 14.9%, ASEAN by 13.4%, and Japan by 8.9%.
Based on these insights, Ngoc proffered several recommended measures. Firstly, closely monitoring and timely updating developments in the global landscape, fiscal and monetary policies of economically significant countries that serve as trade and investment partners for Vietnam.
Secondly, upholding macroeconomic stability, price and market controls, ensuring adequate goods supply, and maintaining equilibrium in major economic aspects, while adopting flexible fiscal and monetary policies to curb inflation while promoting growth.
Thirdly, resolutely implementing tasks and investment projects under the 2023 Economic Recovery and Development Program.
Fourthly, bolstering the domestic market, effectively implementing measures to boost exports, and promptly adjusting policies to attract high-quality foreign direct investment, alongside actively executing programs and solutions to stimulate domestic consumption.
Fifthly, sustaining efforts to strengthen disease prevention and proactively formulating contingency plans for natural disaster prevention to minimize adverse impacts on production and citizens' livelihoods.
Lastly, enhancing the efficacy of guidance and management across various sectors and levels, tightening administrative discipline, and diligently implementing working protocols, communication transparency, and openness to foster an equitable business environment.
Consumption demand in several countries, which serve as major trading partners of Vietnam, exhibites a tendency to diminish compared to the corresponding period last year. (Photo: Vietnam+)
Mr. Vu Vinh Phu further highlighted the escalating traffic congestion and increasing incidents of traffic accidents, along with the complexities posed by counterfeit goods and food safety violations in the market./.
