The Government convenes its regular monthly meeting for March 2019 in Ha Noi on April 2 under the chair of PM Nguyen Xuan Phuc, during which the cabinet members review the country’s socio-economic situation in the first quarter in 2019 and discuss orientations for the time ahead.

PM Nguyen Xuan Phuc addresses the meeting. Photo: VGP

A number of key contents will be debated at the meeting, including delivering reports on the implementation of the Government’s Resolution No. 01 and 02 and the implementation of Resolution No. 35/NQ-CP and Directive No. 26/CT-TTg on supporting and developing enterprises by 2020, alongside some other reports related to administrative reforms in the first quarter of 2019.

Cabinet members will also discuss the implementation of the Government’s law and ordinance building program; the situation of issuing documents detailing the execution of laws and ordinances in the January-March period; the inspection and handling of complaints and denunciations and the fight against corruption in the first quarter of the year; and the situation of implementing tasks and the inspection results of the PM’s working group in March 2019.

As reported by the Ministry of Planning and Investment, Viet Nam’s gross domestic product (GDP) in the first quarter of 2019 increased by 6.79%. Consumer price index (CPI) in March saw a 0.21% decline over the previous month. The average CPI during the period increased by 2.63% compared to the same period in 2018.

The industrial production index (IIP) surged by 9.2%, of which the manufacturing and processing industry posted an increase of 11.1%. Total retail sales of goods and revenues from consumer services were up 12%, compared to the 9.9% level in the same period last year.

Agricultural production continued to grow; especially the fisheries sector grew by 5.1% year on year (the highest in the last 9 years). International tourist arrivals to Viet Nam in Q1 reached over 4.5 million, an annual increase of 7%.

The country’s export revenues rose sharply, reaching an estimated US$22.4 billion in March, of which the domestic economic sector accounted for more than US$17 billion, up 9.7% year on year. Viet Nam enjoyed a trade surplus of US$600 million last month, and US$536 million for the three-month period.

Total social investment capital rose by 8.8%. New and additional FDI pledges reached over US$ 5.1 billion, up 30.9% over the same period in 2018. FDI disbursement hit US$4.12 billion, representing an annual increase of 6.2%.

From January to March 2019, roughly 28,450 new businesses were established, up 6.2% annually – the highest rate in the last 5 years. Meanwhile, the number of enterprises resuming operation reached over 15,000.

In addition to the favorable factors, the Vietnamese economy still faces many difficulties and challenges.

VGP