Cabinet reviews socio-economic performance in first half of 2024

Leaders of 63 cities and provinces attended the event via virtual format.

Cabinet members reviewed the disbursement of public investment capital and the implementation of three national target programs, and outlined major tasks for the second half of the year.

In his opening remarks, Prime Minister Pham pointed out that strategic competition among major powers, conflicts, sharp increase in gold and dollar prices, fluctuations in prices of crude oil and commodities, along with climate change, resource depletion, and population aging are increasingly affected countries and economies around the world.

The Vietnamese economy is suffering dual impacts from both adverse external factors and internal limitations and inadequacies, Pham said.

The Prime Minister urrged participants to clearly identify achievements and shortcomings that need to be fixed as well as lessons learned in socio-economic development in June and the first half. Based on this, they were required to put forward key solutions and breakthrough measures to carry out tasks in the second half.

Despite challenges, official data showed the economy performed better across fields compared to the first half and the second half last year. 

Viet Nam's GDP expanded by 6.42 per cent year-on-year in the first half of this year. In comparison with the same period during the 2020-2024 period, the above growth pace is only lower than that of the first half of 2022.

Viet Nam's GDP growth accelerated to 6.93 percent in the second quarter from 5.66 percent in the previous quarter.

As of June 20, foreign investment inflows into Viet Nam during January-June saw an increase of 13.1 percent to nearly US$15.19 billion.

Foreign investment disbursement in the reviewed period reached a five-year high of US$10.84 billion.

Viet Nam's trade with the rest of the world hit US$368.53 billion in the first half of this year, with trade surplus reaching US$11.63 billion.

June's exports were estimated at US$33.09 billion, up 10.5 percent over the same period last year, pushing the total export value in the first half of this year to US$190.08 billion, a year-on-year rise of 14.5 percent.

In June, Viet Nam imported US$30.15 billion worth of products, a rise of 13.1 percent year on year, raising the total import turnover in the January-June period to US$178.45 billion, up 17 percent over the same period last year.

The nation welcomed more than 8.8 million international visitors in the first half of 2024, a year-on-year increase of 58.4 percent and up 4.1 percent compared to the same period in 2019./.