Press conference to announce socio-economic statistics second quarter and first 6 months of 2023

On the morning of June 29, 2023, the General Statistics Office held a press conference to announce the socio-economic statistics of the second quarter and the first six months of 2023. Ms. Nguyen Thi Huong, Director General, chaired the press conference. At the press conference, the Director General announced the basic issues about the socio-economic situation of Vietnam in the second quarter and six months of 2023, according to which, the gross domestic product (GDP) in the second quarter of 2023 is estimated to increase 4.14% over the same period last year, only higher than the growth rate of 0.34% in the second quarter of 2020 in the period 2011-2023[1]. Generally, in the first 6 months of 2023, GDP grew by 3.72%, just higher than the 1.74% growth rate of the first 6 months of 2020 in the period 2011-2023[2].

          Some key socio-economic indicators in the first 6 months of 2023 are as follows:

        – Gross domestic product (GDP):  + 3.72%

        – Index of industrial production (IIP): – 1.2%

        – Number of newly established enterprises: 75.9 thousand enterprises

        – Retail sales of consumer goods and services:  + 10.9%

        – Realized investment capital: + 4.7%

        – Total export turnover of goods: – 12.1%

        – Total import turnover of goods: – 18.2%

        – Trade surplus: 12.25 tỷ USD

        – International visitors to Vietnam: 9.3 times more

        – Average consumer price index:   + 3.29%

        – Core inflation: + 4.74%

        – Labour force at 15 years of age and above:  52.3 million people

        – Employed persons: 51.2 million people

        – Unemployment rate of labour force at working age: 2.27%

– Underemployment rate of labour force at working age: 2.00%

In general, in the context of the world’s economic and political situation with unpredictable and unfavorable fluctuations, however, with the participation of the whole political system, the timely and drastic direction and administration, With the close supervision of the Government, the Prime Minister and the efforts of all levels, sectors, localities, the business community and the people of the country, our economy has achieved a growth rate of 3.72% in the first 6 months  of the year. This is not a high growth rate, but major balances are ensured, macroeconomic stability is stable, and inflation is controlled at an appropriate level in the context of facing many difficulties and challenges both at home and abroad. Supply and demand of essential goods are guaranteed, and goods procurement and domestic consumption are promoted. The agriculture, forestry, and fishery sector maintained a stable growth rate, ensuring the supply of food, food, and essential goods. The progress of disbursement of public investment capital has improved markedly, the balance of trade in goods has maintained a surplus, and social security has been paid attention to.

Besides the achieved results, entering the third quarter of 2023, our country’s economy – society continues to face many difficulties and challenges; changes in the world’s economy and politics, energy security, food security, natural disasters, climate change, and epidemics are unusual and difficult to predict. Therefore, achieving the growth target in 2023 is a huge challenge, requiring great effort, determination, joint effort, and consensus to create the synergy of the whole political system, businesses and people across the country. Sectors and levels should strengthen forecasts, proactively and flexibly operate, suitable to the actual situation, promptly respond in all situations, and focus on effectively and synchronously implementing policies to support recovery and socio-economic development, focusing on the following key contents:

Firstly, closely monitor and timely update the world situation, fiscal and monetary policies of countries with large economic scale, which are important trade and investment partners of Vietnam. Maintaining macroeconomic stability, implementing proactive, flexible and effective monetary policy, closely coordinating with fiscal and other macro policies. Effectively implement solutions on currency and interest rates to support enterprises to recover and develop production and business; Credit management focuses on production and business areas to create growth drivers. Operating the appropriate exchange rate; strengthen the adaptability, resilience and safety of the financial and banking system.

Unified and harmonized fiscal, monetary, and other policies to remove difficulties for capital and labor markets. Synchronous and effective coordination of monetary and fiscal policies to create conditions for enterprises to access capital sources for production and business activities.

Continuously update forecast scenarios on growth and inflation to be proactive in directing and managing to respond to arising situations. Closely monitor price movements of the most essential commodities, especially petroleum, and energy; develop plans to ensure supply, limit sudden price increases, and minimize the impact of inflation on people’s lives.

Secondly, boost domestic production and consumption, especially products with domestic raw materials, fuels, and input materials to limit imports and proactively supply. Regularly review to promptly remove difficulties and obstacles; effectively support enterprises lacking capital, high input material prices, and difficulties in product consumption. Ensure power source for production and consumption in the hot season. Timely take solutions to support several industries and fields that are adversely affected by the decline of the world market’s demand such as leather and footwear, textiles, wood production and processing, etc. Deploy solutions to promote the consumption and export of agricultural products, especially agricultural products with strengths in the harvest season.

Thirdly, effectively deploying appropriate solutions to stimulate trade and service demand and develop tourism; promoting exports in traditional markets, focusing on boosting the export of agricultural, forestry, and fishery products; expand and diversify export markets and products; effectively exploit the signed Free Trade Agreements (FTAs); timely adjustment of policies to increase the attraction of high quality foreign direct investment; impact assessment to have an appropriate response to the global minimum tax rate policy in ensuring the balance of the state budget and attracting foreign investment into Vietnam.

Ministries, branches, and localities create maximum favorable conditions for enterprises in the service and tourism sectors; effectively exploit the Chinese tourist market; promote tourism, promote tourism, promote tourism recovery and sustainable development.

Fourthly, to focus on drastically implementing solutions to promote disbursement of public investment capital, the program of socio-economic recovery and development; actively accelerate the progress of key transport infrastructure works, of national importance, of inter-regional, international nature and large urban infrastructure; promptly and effectively handle difficulties and legal problems, focusing on immediately handling the main bottlenecks and bottlenecks in public investment activities such as project preparation and site clearance.

Fifthly, continue to strengthen disease prevention and control; proactively plan for disaster prevention, warning of rain, floods, landslides, impacts of drought and saltwater intrusion to minimize damage to production and people’s lives; effectively implement policies on social security, labor, and employment.

Sixthly, improve the effectiveness of direction and administration of branches and levels; tighten discipline and administrative discipline in state management in all fields; strictly observe working regulations and disciplining statements; publicity, transparency, and creating an equal business and production environment. Strengthening information, preventing and destroying bad and untrue information that confuses public opinion; propagating beautiful images about the country and people of Vietnam./.

[1] The GDP growth rate in the second quarter compared to the same period last year in 2011-2023 were: 6.25%, respectively; 5.56%; 5.39%; 6.19%; 7.11%; 6.74%; 6.66%; 7.1%; 7.16%; 0.34%; 6.58%; 7.83%; 4.14%.

 [2] GDP growth rate in the first 6 months of the year compared to the same period last year in 2011-2023 were: 6.1%, respectively; 5.25%; 5.03%; 5.86%; 6.68%; 6.13%; 5.93%; 7.43%; 7.12%; 1.74%; 5.76%; 6.46%; 3.72%.