Viet Nam Records Continuous Socio-Economic Recovery and Positive Results in February
Hanoi, The Gulf Observer: At the Government’s regular meeting held in Hanoi on Saturday, under the leadership of Prime Minister Pham Minh Chinh, Vietnam celebrated a sustained recovery trend and positive socio-economic outcomes across all sectors in February and the initial two months of 2024.
Participants in the meeting acknowledged the stability of the macro-economy, effective inflation control, and the overall equilibrium of major economic indicators. Key highlights of the economic achievements in February include a 3.98% year-on-year increase in the Consumer Price Index (CPI), a 10.4% rise in State budget collection, completing 23.5% of the yearly estimate. Import-export revenue soared by 18.6%, resulting in a trade surplus of US$4.72 billion. Public investment disbursement reached 9.13% of the annual plan, a 2.16% increase compared to the same period last year.
The Index of Industrial Production (IPP) displayed robust growth at 5.7% over the corresponding period in the previous year. Vietnam also welcomed over 3 million foreign visitors, marking a remarkable 68.7% increase year-on-year. Foreign direct investment (FDI) for January-February reached $4.3 billion, indicating a significant surge of 38.6% compared to the same period in 2023.
Socio-cultural initiatives received due attention, ensuring social welfare. During the Lunar New Year (Tết) festival in February, 17,700 tonnes of rice were distributed to 693,000 people in need. Tết gifts, totaling VNĐ2.74 trillion ($111.13 million), were presented to policy beneficiaries, along with VNĐ7.8 trillion to those requiring assistance.
Addressing the socio-political and defense-security landscape, as well as external relations and international integration, Prime Minister Chính highlighted the elevation of Vietnam’s position in the global arena.
Concluding the meeting, PM Chinh underscored the government’s focus on implementing set tasks and targets, issuing directives, dispatches, and documents guiding the implementation of laws. Looking forward, he emphasized priorities, including promoting growth while maintaining stability, accelerating strategic breakthroughs, economic restructuring, and enhancing national economic efficiency and competitiveness.
The Prime Minister stressed the importance of active and flexible management of monetary policies in coordination with fiscal policies. He urged efforts to increase income, reduce State budget expenses, promote the use of e-invoices, and ensure the supply of essential resources.
In addition, PM Chinh called for the renovation of traditional growth drivers, the acceleration of new growth motivations, and the emphasis on digital transformation and green transition. Administrative reform, the removal of production and business obstacles, and prompt issuance of documents detailing laws and resolutions were also highlighted.
On the 65th founding anniversary of the Border Guard Force, PM Chinh extended warm greetings to all officers and soldiers, expressing gratitude to the entire Vietnam People’s Army.
