Hanoi, February 10, 2025 – The Europe Today: The General Statistics Office (GSO) has released its January socio-economic report, revealing steady growth indicators that set a positive tone for the year ahead.
Positive Growth Indicators
According to the GSO, the consumer price index (CPI) in January rose by 3.63 per cent year-on-year, reflecting stable supply, demand, and commodity prices. State budget revenue reached 14 per cent of the annual target, marking a 3.5 per cent increase from the same period last year.
Foreign direct investment (FDI) experienced a remarkable surge, with registrations exceeding US$4.3 billion, a 48.6 per cent increase from the previous year. Disbursed FDI also climbed by 2 per cent, reaching over $1.5 billion. Industrial production saw modest growth of 0.6 per cent, while retail sales of goods and consumer services jumped 9.5 per cent year-on-year.
Challenges in Trade and Economic Growth
Despite these achievements, Deputy Minister of Planning and Investment Trần Quốc Phương highlighted two major challenges: ambitious growth targets for 2025 and ongoing global economic uncertainties.
Trade data showed several concerns, with total trade declining by 10.5 per cent month-on-month and 3.5 per cent year-on-year. Exports dropped by 4.3 per cent, while imports fell by 2.6 per cent. Although the trade balance recorded a surplus of $3.03 billion, import turnover plummeted by 14.1 per cent monthly and 2.6 per cent year-on-year.
Exporters are facing increasing pressure as key markets like the United States tighten trade policies and implement protectionist measures. Domestically, the sluggish global recovery adds further complexity.
Breakthrough Solutions for Economic Growth
To achieve the targeted 8 per cent economic growth in 2024, Phương emphasized the need for comprehensive solutions across all sectors, as outlined in the Government’s Resolution 01. He called for ministries, agencies, and localities to double their efforts and productivity.
The Ministry of Planning and Investment has proposed prioritizing institutional reforms as a key driver of development. The ministry stressed the importance of swiftly finalizing legal frameworks and issuing guidelines for recently passed laws and resolutions related to public investment and finance.
Local authorities have been urged to adopt strong measures to boost production and trade, reinforcing traditional growth drivers such as investment, consumption, and exports while fostering new economic engines. Strengthening regional coordination councils and enhancing macroeconomic stability remain crucial priorities.
Deputy Governor of the State Bank of Vietnam Đào Minh Tú underscored the importance of aligning monetary policy with economic growth objectives. He emphasized the need to balance inflation control and currency stability while maintaining flexible coordination with fiscal and trade policies to ensure sustainable growth.
