Government reviews socio-economic performance in January-August

At its meeting on September 7 under the chair of Prime Minister Pham Minh Chinh, the Government reviewed  the socio-economic performance in the first eight months of 2024 and other important issues.

The Government also scrutinized socio-economic situation in August and during the first eight months of the year, including the implementation of three national target programs, the disbursement of public investment, the implementation of the socio-economic development plan for 2024 and the socio-economic development plan estimates for 2025.

The Cabinet members evaluated the implementation of the public investment plan for 2024 and public investment plan estimates for 2025 and the handling of some bottlenecks for the infrastructure investment project of Phu Vinh and Hoanh Son Industrial Parks in Vung Ang Economic Zone in the central province of Ha Tinh.

Addressing the meeting, Prime Minister Chinh urged ministries and localities to place themselves on high determination in response to the super storm Yagi, and quickly focus on handling the consequences of the storm.

The socio-economic situation in the first eight months of this year was better than that in the corresponding time last year across spheres, creating development momentum for the time ahead, the PM said.

According to the Government leader,  the country's total import-export turnover in the January-August period was estimated at over $511 billion, a year-on-year increase of 16.7 percent.

Of the figure, export value grew by 15.8 per cent year-on-year to $265.09 billion and import value increased by 17.7 per cent to $246.02 billion.

As of August 31, Vietnam attracted $20.52 billion in foreign direct investment, a year-on-year increase of 7 per cent, according the Foreign Investment Agency (FIA) at the Ministry of Planning and Investment.

Notably, 2,247 new projects with total registered capital of over $12 billion were licensed, up 8.5 per cent in project number and 27 per cent in capital.

The FIA also reported that the amount of FDI disbursement increased by 8 percent year-on-year to $14.15 billion in the reviewed period.

The index of industrial production (IIP), meanwhile, increased by 8.6 per cent in the first eight months of 2024. In August alone, IIP saw a month-on-month increase of 2 per cent and a year-on-year growth of 9.5 per cent.

During the first eight months of 2024, Vietnam welcomed more than 11.4 million foreign tourists, a 45.8 per cent rise from the previous year and a one per cent increase compared to the same period in 2019, before the COVID-19 pandemic.