Cabinet meeting highlights achieved results and outlines future orientations

Chủ Nhật, 05/05/2024, 20:15

Prime Minister Pham Minh Chinh chaired a regular Government meeting on April 4 to review the socio-economic development situation in April and the first four months of the year, as well as outlining orientations and key tasks for May and the time to come.

Cabinet meeting highlights achieved results and outlines future orientations -0
The Government meeting reviews the socio-economic development situation in April and the four-month period.

A number of other important issues such as the disbursement of public investment capital and three national target programs were also touched upon during the meeting.

In his opening speech, PM Chinh underlined the need to analyse the objective and subjective causes of the direction and administration work over  recent time and propose fundamental tasks and long-term solutions moving forward. This was done while considering the immediate situation to fulfil the tasks set for the year according to Government Resolution No1.

It can be viewed as essential to prepare for the Party Central Conference and the next session of the National Assembly, whilst also dealing with sudden and unexpected problems such as droughts, storms, and floods.

Reporting at the meeting, Minister of Planning and Investment Nguyen Chi Dung said that the socio-economic situation in April continued to record positive changes, generally better than March and the first quarter of the year in most fields.  In particular, the economy continued to maintain its positive development momentum in all three sectors, including agriculture, industry, and services.

Industrial production in April soared by 0.8% compared to March and 6.3% over the same period from last year. Overall, the four-month period saw a rise of 6.0%, in which the manufacturing and processing industry surged by 6.3%.

Cabinet meeting highlights achieved results and outlines future orientations -0
PM Pham Minh Chinh speaks at the meeting.

The service sector continued to grow quite high, with total retail sales of goods and consumer service revenue over the past four months increasing by 8.5%. The Purchasing Managers' Index (PMI) in April reached 50.3 points, in which the number of new orders increased sharply.

The four-month period saw stable macroeconomy, controlled inflation, and guaranteed major balances. The consumer price index (CPI) in April increased by 0.07% compared to March, thereby bringing the average increase of four months to 3.93%.

Energy security and food security were guaranteed; rice exports reached over 3.2 million tonnes worth US$2.08 billion, up 11.7% and 36.5%, respectively, over the same period from last year.

Exports continued to record a positive trend with a growing trade surplus, a factor contributing to ensuring the balance of payments and stabilising exchange rates.

Total import-export turnover in the January to April period hit US$238.9 billion, an increase of 15.2%, with exports rising by 15%, including the domestic sector which increased by 21%, higher than the FDI sector at 12.9%; imports increased by 15.4%; and the trade surplus stood at US$8.4 billion.

The tourism sector enjoyed a strong recovery, exceeding the same period before the pandemic with international visitors in April reaching nearly 1.6 million. Overall, the reviewed period saw 6.2 million visits, representing a 68.3% increase on- year.

State budget revenue showed a drastic upturn with continued remarkable improvements made in the financial situation and state budget. In line with this, development investment continued to achieve positive results, thus creating motivation to promote economic growth.

The disbursement of public investment capital throughout the reviewed period met 17.46% of the plan, higher than the same period last year at 15.65%. FDI attraction reached US$9.27 billion, up 4.5% on-year; US$6.28 billion in FDI capital was disbursed, up 7.4% over the same period from last year, the highest in recent years.

In general, all fields such as culture, society, politics, security, defence, foreign affairs, and international integration all continued to record positive trend. In particular, administrative reform was intensified with reduced and simplified administrative procedures; the prevention of corruption and negativity were promoted, further contributing to consolidating public trust.

Many international organisations and experts continued to hail the results and prospects of the Vietnamese economy which will grow 6% in 2024, as forecast by the Asian Development Bank (ADB); HSBC Bank at 6.3%; Standard Chartered Bank at 6.7%; and the business environment ranking increased 12 places.

The nation’s global innovation index ranked 46 out of 132, up two places, while the happiness index ranked 54th, up 11 notches compared to 2023.

Concluding the meeting, PM Chinh clearly pointed out shortcomings, limitations, difficulties, and challenges while highlighting the results achieved during the four-month period.

The Government chief affirmed that these results were mainly thanks to the leadership and direction of the Central Committee, the Politburo, and the Secretariat which was headed by Party General Secretary Nguyen Phu Trong.

These results were attributable to the close and active co-ordination of the National Assembly and agencies in the political system, the participation and support of people and businesses, and co-operation and support from international friends.