Government holds regular meeting in September

Prime Minister Pham Minh Chinh attended and chaired the meeting.

At the meeting, delegates discussed the socio -economic situation in September and the third quarter, reviewed the past 9 months and key tasks and solutions for the remaining time of 2023; the disbursement of public investment capital, the Socio-Economic Recovery and Development Program, 3 National Target Programs and the Mid-term Report according to the National Assembly's Resolution on the 5-year socio-economic development plan 2021-2025.

Speaking at the opening of the meeting, Prime Minister Pham Minh Chinh emphasized that the situation of the world's financial institutions all commented that the world economy continues to face more difficulties and challenges than opportunities and advantages, namely: the consequences of the prolonged Covid-19 pandemic; strategic competition between major countries, the conflict in Ukraine is still complicated; inflation remains high; growth is low, uneven and uncertain (European inflation decreased from 11.5% in October 2022 to 5.9% in August 2022 but is still far from the target of 2%; GDP in the first and second quarters increased by 1.1% and 0.4% respectively; inflation in the US increased again in the past 2 months, at 3.7% in August and is still far from the target of 2%; GDP in the first and second quarters increased by 1.7% and 2.4% respectively).

According to recent forecasts , global economic growth in 2023 will decrease to about 3%. Markets such as China, Japan, and the EU have recovered but growth has slowed down; some countries have negative growth, including Germany, an economic powerhouse. Notably, the current US interest rate is 5.25-5.5% and may continue to increase in 2023; the EU has raised interest rates to the highest level of 4% since the euro was born in 1999. These factors directly affect exchange rates, interest rates, and the Vietnamese currency, so appropriate solutions must be found.

Conference scene.

International trade, investment and demand in major markets are weakening; global supply chains are locally broken; protectionist barriers are increasing; world trade growth is estimated to decrease from 5.2% in 2022 to 2.0% in 2023. Financial, monetary, real estate and public debt risks are increasing; business and consumer confidence are decreasing. The risk of losing energy security and food security is present; in which crude oil prices are increasing sharply (crude oil prices are above 90 USD/barrel due to Saudi Arabia and Russia cutting production); food prices are pushed up (due to drought, El Nino phenomenon and rice export ban policies of some countries such as India, supply disruptions in Ukraine); traditional and non-traditional security challenges (such as: aging population, climate change, extreme weather, transnational crime, cybercrime...) are increasingly severe, with serious consequences.

Domestically, our country is subject to a “double impact” from adverse external factors and long-standing problems that are more clearly exposed in difficulties; while our country is a developing country, the economy is in the process of transformation, the scale is still modest, openness is high, adaptability and resilience are limited.

The conference took place in person and online.

In that context, under the leadership of the Party Central Committee, directly the Politburo, General Secretary Nguyen Phu Trong regularly directed; with the support of the National Assembly, the drastic direction of the Government and the Prime Minister; and the support of the people, businesses, all levels, sectors and localities have made outstanding efforts to synchronously, effectively, and focusedly implement the tasks and solutions set out.

The results achieved are better month after month, better quarter after quarter, the macro economy is stable, inflation is controlled, growth is ensured, major balances are ensured; social security and people's lives are guaranteed. Prevention and fight against corruption and negativity are strengthened; politics and society are stable; national defense and security are strengthened; social order and safety are ensured; foreign affairs and international integration are promoted; our country's prestige and international position continue to be consolidated and raised.

However, we still have shortcomings, limitations and face many difficulties and challenges: growth is lower than planned; inflationary pressure is still high; real estate markets, corporate bonds, and credit access are still difficult; bad debt tends to increase...; from there, we can draw lessons for the future.

Prime Minister Pham Minh Chinh speaks.

Regarding the future direction, the Prime Minister asked the delegates to further analyze the world situation, including clarifying whether oil and food prices will continue to increase; whether the US Federal Reserve (FED) and the European Central Bank will increase interest rates ; what is the geopolitical situation like? From there, we can have timely and effective policy responses, promoting growth drivers such as consumption, investment, and export; ministries, branches, and localities must have appropriate solutions.

Looking back over the past 9 months, what has been done? What has not been done, thereby enhancing the sense of responsibility, promoting the spirit of innovation, implementing well the Resolutions of the Party, the Politburo, the National Assembly; implementing well the investment and planning tasks... There are many tasks, but we must identify the focus and key points to create a push and breakthrough to ensure the requirements.

Next week, the 8th Central Conference will take place, followed by the 6th Session of the National Assembly, so the Government must prepare many reports and draft laws (about 60 documents)... We only have 3 months left in 2023; the remaining tasks are very heavy. However, our country's economy has shown signs of improvement and positive recovery. The results of 2023 depend on us.

Delegates attending the conference.

Therefore, the Prime Minister requested ministries, branches and localities to be proactive, positive, timely, flexible, effective, closely follow the situation, give specific tasks to complete assigned tasks; especially put an end to the situation of pushing and avoiding responsibility; coordinate work more closely.

The Prime Minister asked delegates to contribute diverse, rich, quality, concise, and to-the-point opinions.

According to the General Statistics Office, GDP in the third quarter of 2023 is estimated to increase by 5.33% over the same period last year, although only higher than the growth rate of the same period in 2020 and 2021 in the period 2011-2023, but with a positive trend (first quarter increased by 3.28%, second quarter increased by 4.05%, third quarter increased by 5.33%).

The total added value of the industrial sector in the first 9 months of 2023 is estimated to increase by 1.65% over the same period last year (the first quarter decreased by 0.75%; the second quarter increased by 0.95%; the third quarter increased by 4.57%). Of which, the processing and manufacturing industry increased by 1.98% (the first quarter decreased by 0.49%; the second quarter increased by 0.6%; the third quarter increased by 5.61%), contributing 0.51 percentage points to the total added value growth of the entire economy.

Industrial production index in the first 9 months of 2023 compared to the same period last year increased in 49 localities and decreased in 14 localities nationwide; Consumption index of the entire processing and manufacturing industry in the first 9 months of 2023 increased by 0.6% over the same period in 2022 (same period in 2022 increased by 9.7%).

Minister of Planning and Investment Nguyen Chi Dung speaks.

The results of the survey on business trends of enterprises in the processing and manufacturing industry in the third quarter of 2023 showed that 30.1% of enterprises assessed it better than in the second quarter of 2023 and expected that in the fourth quarter of 2023, 39.1% of enterprises assessed the trend to be better than in the third quarter of 2023.

Total social investment capital in the third quarter of 2023 at current prices is estimated at VND902.5 trillion, up 7.6% over the same period last year. It is estimated that in the first 9 months of 2023, total social investment capital at current prices is estimated at VND2,260.5 trillion, up 5.9% over the same period last year.

Total registered FDI capital as of September 20, 2023, including newly registered capital, adjusted registered capital, and capital contribution and share purchase value of foreign investors, reached nearly 20.21 billion USD, up 7.7% over the same period last year. Foreign direct investment capital realized in Vietnam in the first 9 months of 2023 is estimated at 15.91 billion USD, up 2.2% over the same period last year. This is the highest realized foreign direct investment capital in 9 months in the past 5 years.

The export turnover of goods in September 2023 is estimated at 31.41 billion USD, down 4.1% compared to the previous month and up 4.6% compared to the same period last year. In the first 9 months of 2023, the export turnover of goods is estimated at 259.67 billion USD, down 8.2% compared to the same period last year. The import turnover of goods in September 2023 is estimated at 29.12 billion USD, down 0.7% compared to the previous month and up 2.6% compared to the same period last year.

In the first 9 months of 2023, the total import turnover of goods is estimated at 237.99 billion USD, down 13.8% over the same period last year. The trade balance of goods in September is estimated to have a trade surplus of 2.29 billion USD. In the first 9 months of 2023, the trade balance of goods is estimated to have a trade surplus of 21.68 billion USD (the same period last year had a trade surplus of 6.9 billion USD).

Nhandan.vn