Firstly, GDP growth in the first quarter reached 5.66%, higher than the same period in 2020 and higher than the proposed scenario. All three fields have gained good results: Agriculture increased by 2.98%, industry and construction increased by 6.28%, and services increased by 6.12%.

Illustrative image (internet)

The economic structure has shifted in a positive direction (agriculture only accounts for 11.77%, industry and construction accounts for 35.67%, services accounts for 43.48%, taxes minus product subsidies account for 9.02%).

Some localities have seen high increases in processing and manufacturing industries over the same period (Quang Ninh increased by 39.9%, Phu Tho increased by 27.7%, Bac Giang increased by 24%, Thanh Hoa increased by 18.6%, Ha Nam increased by 17.9%, Ninh Thuan increased by 17.4%, Tay Ninh increased by 14.4%, Hai Duong increased by 12.8%.

Secondly, the macroeconomy continues to be stable, inflation is controlled, major balances are guaranteed (export is enough - trade surplus is 8.08 billion USD; making enough food - export is over 2 million USD) tons of rice, worth 1.37 billion USD; energy and food security, labor supply and demand are guaranteed).

Consumer price index in March decreased by 0.23% compared to February; The average increase in the first quarter is 3.77% (the same period in 2023 is 4.18%; the National Assembly target is about 4-4.5%). Exchange rates are managed proactively and flexibly; Interest rates continue to have  downward trend.

Thirdly, exports continue to achieve a high increase, trade surplus continues to be large, contributing to ensuring the balance of payments. Import-export turnover in March reached 65 billion USD, up 35.6% over the previous month and 12% over the same period. Overall, the first quarter reached 178 billion USD, an increase of 15.5%; of which exports increased by 17% (the domestic sector increased by 26.2%, higher than the FDI sector increased by 13.9%), imports increased by 13.9%, trade surplus was 8.08 billion USD.

Illustrative image (VGP/Nhat Bac)

Fourthly, the service and tourism sectors recovered strongly. Total retail sales of goods and consumer service revenue in March increased by 9.2% over the same period; Overall, the first quarter increased by 8.2%. The number of international visitors in March reached nearly 1.6 million, an increase of 78.6% over the same period; Overall, in the first quarter, there were over 4.6 million visits, an increase of 72% (up 3.2% compared to the same period in 2019 before the COVID-19 epidemic).

Fifthly, the State's financial and budget situation continues to improve clearly. State budget revenue in the first quarter reached 31.7% of the yearly estimate, up 9.8% over the same period. Public debt, government debt, national foreign debt and budget deficit are well controlled, much lower than regulatory limits. The stock market recovered positively, the VNIndex increased over 13%, transaction value increased 28.2%, market capitalization increased 12.2% compared to the end of 2023.

Sixthly, development investment continues to achieve positive results, creating motivation to promote economic growth. Total social investment capital in the first quarter increased by 5.2% over the same period (in the first quarter of 2023 it increased by 3.7%). Disbursement of public investment capital reached 13.67% of the year plan, higher than the same period (10.35%), the absolute number was higher than 16,500 billion VND. FDI attraction reached 6.17 billion USD, up 13.4% over the same period; Realized FDI capital reached 4.63 billion USD, up 7.1% (highest in the past 5 years).

Seventhly, business development continues to increase with a positive trend. In March 2024, there were 14,100 newly registered businesses, an increase of 64.3% compared to February; Overall, in the first quarter, there were 36,200 newly registered businesses, an increase of 6.9% and 23,600 businesses re-operated, an increase of 2.4% over the same period.

Results of the survey on business trends of enterprises in the manufacturing and processing industry: 82% of businesses expected the second quarter to be stable and better than the first quarter of 2024; In particular, 82.9% of businesses assessed that export orders in the second quarter were stable and increased compared to the first quarter of 2024.

For issues with differing opinions between ministries and branches, the Prime Minister assigned Deputy Prime Ministers according to their assigned fields to work directly with ministries and branches to handle them. If beyond their authority, they should report to the competent authorities, consider and decide - Photo: VGP/Nhat Bac

Eighthly, cultural and social fields are emphasized; Social security is guaranteed; People's lives are improved. In the first quarter, 93.6% of households assessed their income to be stable or higher than the same period. The average income of workers in the first quarter of 2024 reached 7.6 million VND/month, an increase of 7.8% over the same period.

According to reports from localities, the total amount of paid money and gifts to  to social protection beneficiaries is 8,100 billion VND; Poor and near-poor households more than 2,400 billion VND; people with meritorious services and their relatives is 9,200 billion VND; distributed more than 27.1 million free health insurance cards to beneficiaries. Supported more than 17,700 tons of rice on the occasion of Tet and harvest season. Cultural activities, festivals and sports are widely organized, especially during the Lunar New Year.

Ninthly, administrative reform is emphasized, especially reducing and simplifying administrative procedures; Prevention of corruption and negativity is promotet without prohibited areas, no exceptions.

Illustrative image  (internet)

Tenthly, political and social stability, national defense and security are maintained, social order and safety are guaranteed. Foreign affairs and international integration have been promoted, many foreign affairs activities of Party and State leaders have been successfully organized; Economic diplomacy is promoted; The country's prestige and position continue to be enhanced.

Many international organizations and experts continue to highly appreciate the results and prospects of Vietnam's economy. ADB forecasts that Vietnam will grow by 6% in 2024, HSBC Bank forecasts a growth of 6.3%, Standard Chartered Bank forecasts a growth of 6.7%, S&P forecasts a growth of 6.8%...

Business environment ranking in 2023 increases 12 ranks. The 2023 Global Innovation Index ranked 46/132, up 2 places. The Human Development Index (HDI) increased 8 ranks, from 115 position to 107 position. Vietnam's national brand value reached 431 billion USD, ranked the 32nd/100 strong national brands in the world. The 2024 happiness index ranked 54th, up 11 places compared to 2023...