Assembly lines at Bokwang Vina Company in Diem Thuy Industrial Zone in Thai Nguyen province (photo: Hoang Hung/ VNA)

For the past 10 months, Vietnam has worked to overcome adverse external factors due to global volatility. Thanks to strong determination of the Government, ministries, and sectors, Vietnam’s socio-economy has continued to achieve strong results in many fields.

Positive indicators

In the reviewed period, most indicators have been clearly positive. The macroeconomy continued to be stable and inflation controlled. Production and business activities have expanded. Agricultural and service sectors have maintained strong growth momentum. Social security, education, health care, political stability, defense, security, foreign affairs, and international integration have been robust.

The Government, ministries, and sectors have focused on fine-tuning institutions and laws, improving the business environment, handling problems, increasing investment in strategic infrastructure projects, and promoting new economic growth engines. Systematic policies and solutions, especially fiscal and monetary policies, have been deployed to remove difficulties in production and business.

Prime Minister Pham Minh Chinh said: “The Government is focused on implementing fiscal, monetary, and other policies to boost growth, maintaining macroeconomic stability, controlling inflation, and ensuring major balances of the economy. The Government has ordered the reduction of interest rates four times, exempted certain interest, extended, postponed, or restructured debts, and implemented policies to exempt, reduce, or extend many kinds of taxes and fees.”

The three main growth drivers of the economy recorded positive results. The consumer price index (CPI) in October increased 3.59%, higher than the same period last year, while export increased 5.6% and import grew 5.9%. By the end of October FDI rose 14.7% against the same period last year, reaching 25.7 billion USD.

The new National Innovation Center at Hoa Lac Hi-Tech Park exemplifies guidelines and policies on promoting science, technology, and innovation, demonstrates Vietnam's determination to promote fast, sustainable growth based on science and technology, and make Vietnam a destination for foreign investors in technology transfer and innovation. 41 foreign investment funds have committed to investing 1.5 billion USD in the National Innovation Center between now and 2025.

Focusing on key solutions to achieve goals

The results show that Vietnam is on the right track in socio-economic management. In the final months of the year, Vietnam will continue to implement policies and solutions on taxes, fees, currency, trade, and investment, rapidly recovering production and business to hit this year’s targets. Vietnam needs to take advantage of market recovery to boost exports, especially of agriculture, forestry, and fishery products, and promote its competitive advantages in each export market.

Prime Minister Pham Minh Chinh said: “We must continue to strive and remain determined to obtain our goals. We must focus on investment. Domestic and foreign investment resources should be effectively used for development. We need to expand our export markets, diversify our products and supply chains, and take advantage of a comprehensive economic agreement with the United Arab Emirates (UAE) and free trade agreements with Brazil and the Southern Common Market or Mercosur.”

Besides strongly promoting the three growth drivers of investment, consumption, and export, Vietnam is also pushing the green economy, green growth, the digital economy, and the circular economy to restore sustainable growth and achieve its socio-economic development goals for this year and the next few years.