VINACHEM

Vietnam has kept its economic recovery on track, with positive signs recorded in January 2025, according to the Government at its regular monthly meeting for January, held in Hanoi on February 5.

A report presented at the meeting shows that several key indicators in business operations, industrial production, foreign direct investment (FDI) attraction, and state budget revenue continued to grow positively, performing better than the same period last year and creating momentum for full-year growth.

The macroeconomy remained stable, inflation was under control, and major balances were ensured. The Consumer Price Index in January increased by 3.63% compared to the same period last year. Market supply and demand as well as commodity prices were stable, with no sudden price hikes or incidents of market manipulation.

State budget revenue in January reached 14% of the annual estimate, up 3.5% year-on-year. Import-export activities continued without disruption, with total trade turnover estimated at US$63.15 billion and a trade surplus of US$3.03 billion.

Total registered FDI capital exceeded US$4.3 billion, an increase of 48.6% year-on-year, while disbursed FDI capital reached over US$1.5 billion, up 2%.

The banking system operated safely, stably, and smoothly, meeting the public’s needs during the Lunar New Year 2025 holiday that fell within the month. Fiscal deficit, public debt, government debt, and the nation’s foreign debt were well controlled, remaining below permissible limits.

Ministries, agencies and localities showed their resolve to improve the investment and business environment, remove backlogs and obstacles, accelerate key infrastructure projects, promote new growth drivers, streamline organizational structures, practice thrift, and combat wastefulness.

The health sector effectively managed disease prevention and control during the festive season by maintaining round-the-clock emergency response services with sufficient staff, medicines, and medical supplies. Food safety was strengthened, and to date, no food poisoning incidents have been reported nationwide.

Addressing the meeting, Prime Minister Pham Minh Chinh asked delegates to review the results and draw lessons in an effort to improve the governance and leadership for better outcomes.

Vietnam aims to achieve a GDP growth rate of 8% or higher in 2025, after expanding 7.09% in 2024, to propel national development in the following years. It has set goals of becoming a developing country with a modern industrial economy and upper middle income by 2030 to mark 100 years of its Communist Party of Vietnam and a developed, high-income country by 2045 to celebrate 100 years of its modern socialist state. – Source: VOV