In the second quarter, economic growth has not broken through but is expected to improve

DNHN - In the context of the current global economic situation, according to experts, the economy in the second quarter continues to face many challenges and has not been able to achieve breakthrough growth, but it is expected to improve more than in 2023

According to the General Director of the General Statistics Office, Ms. Nguyen Thi Huong, the socio-economic situation in the first quarter of our country has not yet reached a high growth rate, but it is a positive and remarkable result when compared to the economic growth of many countries. The level of participation in the region and the rest of the world is extremely low or declining, confirming the management and administration policies of the government and the prime minister to gradually increase efficiency.

Notably, even though the growth in industry and construction decreased by 0.4% and lowered the overall growth rate by 4.76 %, the agriculture, forestry, and fishery sector still increased by 2.52 % and contributed 8.85 % to the overall growth rate.

In addition, the service sector grew significantly by 6.79 percent and contributed 95.91 percent to the overall growth. According to Ms. Huong, this is possible due to the policies of stimulating domestic consumption and promoting and promoting Vietnam's tourism to countries around the world once the COVID-19 epidemic is under control.

Total retail sales of consumer goods and services increased by 13.9%; tourism revenue increased by nearly 120%, accommodation service revenue increased by 28%, and the number of international visitors to Vietnam increased by 29.7 times compared to the same period the previous year.

Vietnam maintained a trade surplus of $4.07 billion in the first quarter, with a particular emphasis on mobile phones and their components, wood and wood products, seafood, and vegetables.

In general, inflation remains at a suitable level of control. In March, the consumer price index (CPI) decreased by 0.23 percent compared to February and increased by 3.35 percent compared to the same month in 2022. Consequently, the average CPI for the first quarter rose by 4.18 percent.

Ms. Huong also emphasized the tendency for Vietnam's economic growth to decelerate in the first quarter, then increase gradually in the second quarter, and then explode in the second half of the year. According to Ms. Huong, Vietnam's economy can continue to follow this trend through 2023. In light of the current state of the global economy, the second quarter is anticipated to be more difficult than the first. However, it is anticipated to be better than the first quarter.

"With the participation of the entire political system, the timely, decisive, and close direction and management of the Government and the Prime Minister, and the efforts of all levels, branches, localities, and communities Businesses and people, it is anticipated that Vietnam's economy will experience exceptional growth in the final half of the year," Ms. Huong said.

According to Tran Quoc Phuong, Deputy Minister of Planning and Investment, the manufacturing sector is facing numerous challenges, resulting in negative growth. Therefore, the remaining motivations must be more targeted, and the agriculture and service sectors must be included in the support for other industries.

Deputy Minister Tran Quoc Phuong estimated that, in terms of consumption, export motivation, despite being smaller, still maintained an export surplus of 4 billion USD. Although affected, both foreign and private investment maintained positive growth. In addition, public investment plays a significant role, and the Prime Minister continues to direct ministries, branches, and municipalities to promote this capital expenditure.

Deputy Minister Tran Quoc Phuong stated, "This is a key solution in the investment and economic growth engine."

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