Growth present across all sectors in the past four months

April 30, 2022 - 07:37
Prime Minister Phạm Minh Chính on Friday chaired April's regular Cabinet meeting, which discussed the socio-economic development progress over the past four months and set out the goals for the future.
Prime Minister Phạm Minh Chính (centre) chairing April's regular Cabinet meeting on Friday. — VNA/VNS Photo Dương Giang

HÀ NỘI — Prime Minister Phạm Minh Chính on Friday chaired April's regular Cabinet meeting, which discussed the socio-economic development progress over the past four months and set out the goals for the future.

Reports show that the socio-economic situation in April and previous months of 2022 had positive signs across all sectors, including industries, services, agriculture, socio-cultural aspects, environment, national defence and security, foreign affairs and global integration.

In his opening remarks, the Prime Minister acknowledged that global affairs continue to be complicated with the conflict in Ukraine, surging fuel prices and disrupted supply chains in various countries. Several major export-import markets for Việt Nam have also seen a decline in GDP growth, while non-traditional security issues remain complex.

Despite this situation, socio-economic recovery and development programmes have been implemented by all sectors and levels of authorities in the country. The focus is set on public investment disbursement, implementing Politburo’s resolutions, national defence and security and the master plan for the Mekong Delta in the 2021-2030 period, with a vision to 2050.

According to the Ministry of Planning and Investment, the month of April continues to see positive results across all sectors. Major balances of the economy are ensured and overachieved. 

The macro-economy remains stable and inflation is under control despite the current challenges. The Consumer Price Index (CPI) rose by 2.64 per cent, the lowest increase compared to the same period of time from 2017 to 2022. 

State budget revenue is expected to reach 45.7 per cent of estimations, equivalent to a 13.3 per cent increase.

Industrial production reached 7.5 per cent, growing by two per cent compared to March and 9.4 per cent year-on-year (YoY). In this sector, processing and manufacturing industries increased by 11.3 per cent, which is higher than the pre-pandemic levels of 5.8 per cent in 2018 and 9.6 per cent in 2019.

The number of employees in industrial businesses also grew by 1.3 per cent compared to the previous month, and 3.9 per cent YoY.

Agricultural production also witnessed positive growth with an expanding consumer market. April fishery production is expected to reach 736,400 tons, a 2.6 per cent YoY increase. 

In commerce and services, the total retail sales of consumer goods and services increased by 12.1 per cent YOY. Over the past four months, exports grew by 16.4 per cent and imports by 15.7 per cent, with the trade surplus at approximately US$2.5 billion.

The tourism industry has been making a strong recovery with a five-fold increase in international tourists in April, and 184.7 per cent growth over the past four months. 

Funding from the State budget also reached VNĐ109.6 trillion in these four months, equivalent to 20.6 per cent of the plan, and a 9.1 per cent YoY increase. Foreign Direct Investment (FDI) also increased by 7.6 per cent to US$5.92 billion, the highest level since 2018. 

Since the beginning of the year, the number of newly-registered enterprises has increased by 12.3, while that of businesses resuming operation is up by 60.6 per cent, with the total additional capital rising by 39.4 per cent on the YOY basis. 

Digital transformation and applied technology are on the rise, with the development of e-commerce and new business models. 

COVID-19 relief packages have also been delivered to policy beneficiaries and the disadvantaged.

The focus of April has been to address issues concerning poor-performing credit institutions and projects. In a recent visit to Sóc Trăng Province, the Prime Minister also conducted a field trip to Long Phú 1 thermal power project, which is lagging behind schedule and needs to improve its progress in the future. 

The PM also recently chaired a conference on the capital market, following several cases of market manipulation, to mitigate the impact on legitimate investors at large.

While there have been impressive achievements, PM Chính required that the delegation must further analyse the existing shortcomings and identify their root causes.

The most important thing is that people’s life is improved, and their trust in the Government and Party is enhanced, increasing Việt Nam’s position and credibility in the global market.

Noting the challenges ahead, especially the pandemic situation, the PM reminded departments of all levels to stay vigilant, despite high vaccination coverage, as Việt Nam is opening up and new variants could emerge. 

Thorough preparations are also required for major events scheduled for May, which include the 5th Plenum of the 13th-tenure Party Central Committee, the opening of the third session of the 15th National Assembly, the ASEAN-US Summit, and the 31st SEA Games. — VNS