Prime Minister presides over Cabinet meeting for May

The disbursement of public investment capital, and the realization of three national target programs will also be brought to discussions at the meeting.

In his opening remarks, Prime Minister Pham referred to complicated and unpredictable developments, including fierce competition among major powers, conflict escalation in Ukraine, Red Sea and Gaza Strip; and increases in USD price, gold price, crude oil, and basic goods, sharp fluctuation in transportation services and unclear monetary policy trends.

Meanwhile, climate change, natural disasters, and epidemics cause severe impacts, especially heat and drought due to the El Nino phenomenon. The consequences of the COVID-19 pandemic are still lingering. There are potential risks of food insecurity in some countries and regions, noted the Prime Minister.

Generally, the world economy is showing signs of recovery, but is still facing serious risks and challenges, shared Pham.

Despite adverse conditions, Viet Nam's key economic indicators show positive growth pace in May, he emphasized.

A total of 98,825 enterprises were established or resumed operations in the first five months of 2024, up 4.1 percent over the same period of last year and 1.2 times higher than the average in the 2019-2023 period.

Industrial production continued positive growth with the index of industrial production in May expanding 3.9 percent against previous month and 8.9 percent against the same period last year.

In the first five months, the index of industrial production was estimated to increase by 6.8 percent compared to that of the same period last year.

Total disbursed volume of State investment capital was estimated at VND190.6 trillion, equal to 26.6 percent of this year's plan and up 5 percent compared to the same period last year.

Foreign investment inflows increased by 2 percent to nearly US$11.07 billion from January 1 to May 20 while disbursement rose 7.8 percent to US$8.25 billion.

Outbound investment decreased by 57 percent to US$136.1 million.

Export value in May was estimated at US$32.81 billion, an increase of 5.7 percent against the previous month and 15.8 percent year on year. In January-May period, export turnover was estimated at US$156.77 billion, up 15.2 percent year on year.

Import value in May was estimated at US$33.81 billion, up 12.8 percent compared to that of April and 29.9 percent year on year. In the first five months, export turnover was estimated at US$148.76 billion, up 18.2 percent against the same period last year.

The U.S. was the largest importer of Vietnamese goods with US$44 billion while China was the biggest exporter to Viet Nam with US$54.9 billion.

Consumer price index in the first five months increased by 4.03 percent compared to that of the same last year.

Foreign arrivals to Viet Nam soared by 51 percent to nearly 1.4 million in May and by 64.9 percent to nearly 7.6 million in January-May period./.