At the Government's teleconference with localities and the regular Cabinet meeting in Hanoi on July 4, the Ministry of Planning and Investment (MPI) presented two growth scenarios for the third quarter and the whole year 2023, indicating that the tasks for the remaining months of this year are heavy, with a growth rate of 8.0% or higher.

Thanks to the Government and Prime Minister’s drastic, timely, effective and comprehensive directions in various areas, the consumer price index went up 3.29% year-on-year in the first half, continuing the downward trend. The State budget collection reached 54% of the estimate. The country posted a trade surplus of 12.25 billion USD while the total social investment capital hit over 1.35 quadrillion VND (58.6 billion USD), up 4.7% annually.

During the period, the FDI disbursement surpassed 10 billion USD, up 0.5% annually. Notably, the disbursement of public investment capital significantly improved, reaching 30.49% of the plan.

Many localities in important growth-driving regions posted quarter-on-quarter growth in gross regional domestic product (GRDP) in the second quarter, which was also higher than the national average, such as Ho Chi Minh City, Binh Duong, Dong Nai and Bac Giang.

However, the economic growth in the first half only reached 3.72%, lower than the 6.2% set in the scenario under the Government’s Resolution.

So far, over 93.3 trillion VND worth of preferential loans and support in interest rates, rental, tax reduction, fees, and charges have been disbursed. The Government has allocated more than 707 trillion VND to ministries, agencies and localities, over 215 trillion VND of which has been disbursed, or 30.49% of the assigned task.

Regarding the three national target programmes, as of June 30, over 23 trillion VND were earmarked for localities, achieving 94.6% of the plan. Of the figure, 6.8 trillion VND was disbursed, or roughly 28.2% of the plan.

In the first scenario presented by the MPI, the full-year growth will reach 6%, with a required growth of 6.8% for the third quarter, 9% for the fourth quarter, and an overall growth of 8.0% for the second half.

The second scenario predicts a full-year growth of 6.5%, with an expected growth of 7.4% for the third quarter, 10.3% for the fourth quarter, and an overall growth rate of 8.9% for the last 6 months.

In order to achieve set targets, leaders of ministries, agencies and localities shared the view that it is necessary to closely grasp the situation, tighten administrative discipline, tackle difficulties in production and trade, sustainably develop stock, real estate, corporate bond and labour markets, toward maintaining macro-economic stability, controlling inflation, and ensuring major balances of the economy.

They also urged further promoting startups, innovation, digital economy and digital transformation while thoroughly addressing obstacles in education and health care, strengthening national defence and security, maintaining social safety and order, and enhancing widespread and effective global integration./. VNA