The higher-than expected GDP growth and a big trade surplus were among the significant achievements recorded during the first half of 2024, Minister - Chairman of the Government’s Office Tran Van Son, who is also Spokesman of the Government, told a regular press conference held in Hanoi on July 6, following the semi-annual government meeting.

According to the minister, Vietnam’s economy fully recovered during the first six months to the pre-Covid-19 level and continued the positive trend, with performance improving month over month and quarter over quarter.

Many important achievements were obtained, and most areas saw better performance than in the same period of last year, he said.

According to him, GDP strongly rebounded to grow 6.93% in the second quarter and 6.42% in the first half, much higher than the growth rate recorded during the same period last year (3.84%) and also better than the scenario set for 2024 in the Government’s Resolution No. 01/NQ-CP (5.5 -6%).

The macro-economy has been kept stable, inflation under control, and major economic balances ensured, the minister remarked, adding that the six-month consumer price index (CPI) increased 4.08%, with the core inflation up 2.75%, while energy and food security has also been guaranteed.

Notably, exports continued soaring. Overseas shipments rose 14.5% while imports climbed 17% during the first half of this year, resulting in a trade surplus of $11.63 billion USD, helping ensure the balance of payments,  according to minister Son.

The service and tourism sectors have also bounced back strongly. Total retail sales of goods and consumer service revenue increased 8.6%. Meanwhile, the number of international arrivals topped 8.8 million in six months, surging 58.4% year on year and 4.1% from the same period of 2019 before the pandemic broke out, he noted

The minister also underlined encouraging results in the financial and state budget situation, development investment, foreign direct investment (FDI) attraction, enterprise development, social security, per capita income, cultural and sports aspects, administrative reform, external affairs, and integration into the world.

However, he also pointed out certain problems and challenges needing to be addressed such as the pressure on inflation, foreign exchange rates, and macro-economic stability, production and business hindrances in some areas, slow public investment disbursement, and the sluggish settlement of obstacles in the real estate market.

To achieve the growth target for the second half and create momentum for next year, the Government will continue to priorities promoting growth in tandem with keeping macro-economic stability, controlling inflation, ensuring major balances of the economy, carrying out a reasonably expanded and focus-driven fiscal policy that is coordinated harmoniously with and facilitates the implementation of a proactive, flexible, timely, and efficient monetary policy, according to the minister.

Additionally, the Government will push forward with digital transformation; the exemption, reduction, and extension of the payment deadlines of taxes, fees, charges, and land use fees; along with obstacle removal to facilitate the real estate, corporate bond, and stock markets, he added.

Electricity and petrol supply will be ensured for economic activities and consumption, the minister went on, adding that key infrastructure projects will be accelerated while the traditional growth drivers (investment, export, consumption) renewed, and new growth drivers strongly promoted.

Under the directive from Prime Minister Pham Minh Chinh, the Government will also step up institutional and legal perfection, administrative procedure reform, and national digital transformation, according to the minister.