The economy shows robust recovery: Minister

(MPI) - Minister of Planning and Investment Nguyen Chi Dung reported on the country's socio-economic performance in September and nine-month period, implementation of Resolution No. 09/NQ-CP and national target programmes, and the allocation and disbursement of public investments while attending the Government's monthly meeting in Hanoi on October 7.

Minister of Planning and Investment Nguyen Chi Dung speaks at the meeting. Photo: VGP

Minister Dung stated that the economy continued to show a robust recovery with high growth rate in Quarter 3. The Asian Development Bank (ADB) projected a positive economic outlook for the country, forecasting its gross domestic product (GDP) growth at 6% in 2024, among the leading countries in the ASEAN.

In the first nine months of this year, the Government and Prime Minister issued 122 decrees, 215 resolutions, 1,129 decisions, and 35 directives.

The country's GDP growth is estimated at 7.4% in the third quarter, 0.7% higher than the 6.7% scenario set in the Government's Resolution 01-CP, with overall growth reaching 6.82% for the first nine months of 2024. The agriculture, forestry, and fisheries sector increased by 3.2%, industrial sector and construction rose by 8.19%, and services was up 6.945%.

Macro-economic stability was maintained, inflation kept under control, and major balances ensured; budget deficit, and public and foreign debt were within permissible levels.

The nine-month consumer price index (CPI) rose by 3.88% year-on-year in the context of the salary reform and price adjustment of some services; the foreign exchange rates was generally stable in accordance with global market trends.

The nine-month State budget was estimated at completing 85.1% of the yearly projection, up 17.9% over the same period. The trade turnover, including exports and imports in the nine months increased by 16.3%, 15.4% and 17.3% respectively, with the trade surplus is estimated at 20.8 billion USD.

Approximately 17.7 thousand companies entered or re-entered the market in September, making about 183 thousand companies entered or re-entered the market in the nine months months, higher than those exiting (163.8 thousand companies). According to the General Statistics Office (GSO) survey, about 82.6% of enterprises in the processing and manufacturing industry assessed that the business performance in Quarter 4 would be stable or better than the previous quarter, showing their confidence in the positive economic recovery of the country.

Growth drivers from the demand side showed more positive recovery. The realised social investment capital was better quarter-on-quarter, increasing by 7.0% in the third quarter and 6.8% in the nine months, of which investment from private sector rose 7.1% (with the figure was up 2.1% in the same period).

The foreign direct investment (FDI) continued to be a bright spot, reaching nearly 24.8 billion USD in the nine months, a year-on-year rise of 11.6%, with the newly registered FDI of 13.6 billion USD, up 11.3%, and the realised capital of about 17.3 billion USD, up 8.9%.

Minister Dung said the MPI proposes a 7.6-8% economic growth in Quarter 4, following the positive results of the previous quarter and nine months, and economic growth forecasts for the whole year, helping achieve and exceed the full year target of 7% growth.

The scenario is based on six major factors, including positive outcomes from economic sectors, and requirements for quicker overcome of Typhoon Yagi in agriculture and tourism sectors; stronger promotion of public investments; positive performance in FDI attraction and exports; improvement of domestic markets to encourage international tourists; effective promulgation of new polices and legal regulations; and drastic direction of the Government and Prime Minister.

Regarding allocation and disbursement of public investment, as the end of September, provinces, ministries and government agencies had allocated 664.9 trillion VND, which represented 98.1% of the plan approved by the Prime Minister. That leaf 13.03 trillion VND unallocated, including 5.94 trillion VND of the country's budget, and 7.09 trillion VND of the local government budget.

Regarding the implementation of the three national target programmes, by the end of last months, ministries, agencies and localities had allocated about 26.4 trillion VND of investment plans (or 97% of the plan), and 20.2 trillion VND of public capital (or 100% of the estimate); about 14.8 trillion VND had been disbursed to the three programmes, fulfilling 54.4% of the plan./.

Bao Linh

Ministry of Planning and Investment

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