Hanoi (VNA) – Vietnam’s socio-economic situation continues to face challenges in the third quarter, such as risks from global economic uncertainties, unpredictable political changes, epidemics, and natural disasters.
In that context, this year’s growth target of 6-6.5% is a big challenge requiring the joint efforts of the entire political system, enterprises, and people nationwide, said Dr Nguyen Thi Huong, General Director of the General Statistics Office (GSO).
Positive trend sustained
She said though several challenges remain, ministries, sectors, and localities have carried out the devised measures to obtain the highest possible results for 2024.
The socio-economic situation continued its positive trend during the first half of this year with performance getting better quarter over quarter. Many important results were recorded in different sectors, creating growth momentum for the coming quarters.
Highlighting some socio-economic bright spots in Q2 and H1, Huong said agricultural production maintained stable growth as seen in the bumper winter-spring rice crop. There were also high output and prices of some main fruits, stable development of animal farming, a boost in timber logging, and increased aquaculture output.
In terms of industrial production, she went on, the recovery trend is highly positive with month-on-month and quarter-on-quarter increases. The H1 index of industrial production rose 7.7% from a year earlier, including an expansion of 8.5% in the processing-manufacturing industry and 13% in electricity production and distribution.
Additionally, a strong upward trend was also seen in the tourism sector, with promotion programmes enhanced. As a result, Vietnam welcomed more than 8.8 million foreign visitors in H1, increasing 58% year on year and 4% from the same period in 2019, before the COVID-19 pandemic broke out. These are positive signs promising the year’s target of 18 million foreign arrivals is within reach, according to the GSO official.
Another bright spot, the improved global trade has positively affected Vietnam’s exports. Total foreign trade turnover in H1 was estimated at 368.5 billion USD, rising about 16% year on year. In particular, exports went up 15% and imports 17%. The six-month trade surplus stood at some 11.63 billion USD, compared to the 13.44 billion USD recorded in the same period last year, helping fuel production and export.
Joint efforts, consensus required
Huong recommended sectors and all-level authorities enhance forecasting and make flexible, appropriate, and timely responses to new circumstances. Particularly, they should persevere in promoting growth in tandem with keeping macroeconomic stability, controlling inflation, providing maximum support for enterprises, and guaranteeing social security and people’s quality of life.
Growth and inflation scenarios should be updated constantly to ensure the close, effective, and harmonious coordination between macroeconomic policies and the maintenance of economic stability and growth. Authorities need to keep a close watch on price fluctuations of essential goods while adjusting electricity, healthcare, and educational service prices at a level and point of time appropriate to the real situation. This will help minimise the impact on inflation, production, and business activities, along with people’s lives.
Power and fuel supply must also be guaranteed for production, business, and consumption, the official said.
Huong suggested ministries, sectors, and localities take strong measures to disburse public investment and attract high-quality foreign investment. Nationally important projects, especially those in transport infrastructure, need to be accelerated. Investment resources of State-owned enterprises need to be brought into play while attracting and utilising resources from private and foreign-invested sectors.
Besides, FDI attraction policies should be proactive and selective to ensure investment quality, she said.
It is also necessary to enhance disease control, ready natural disaster response plans, and work out appropriate agricultural production schemes, the GSO leader added./.
