The prolonged Lunar New Year holiday in Giap Thin 2024 has affected the results of production and business activities in some industries. Many macroeconomic indicators in February 2024 such as industrial production, new business registration, investment from the state budget, retail sales and goods exports all decreased.
 

Although 2024 is still forecast to be the year Vietnam's economy faces many challenges and difficulties, with the proactive and drastic management of the Government, many solutions to promote the economy have been implemented. Macroeconomic indicators in January 2024 achieved positive results and are in a positive trend.

In 2023, Vietnam's economy will be affected by the world economic situation. The driving forces of the economy have not been as effective as in previous years, especially in the first half of the year. However, a more positive trend in the last months of the year has helped Vietnam's economic growth in 2023 reach 5.05% and be one of the high-growing economies in the region and the world... In which , the agricultural sector continues to be the foundation for the economy with growth reaching 3.83%; The commercial sector grew by 6.82% with some service sectors growing steadily while the industrial and construction sectors faced many difficulties with a growth rate of only 3.74%.

Vietnam's economy in the first 11 months of 2023 will continue its recovery process, creating a foundation for stable development in the coming time. Agricultural production flourished, industry recovered, foreign direct investment (FDI) attraction increased, and import-export activities remained effective. Besides the bright spots, Vietnam's economy in the first 11 months of 2023 continues to face many difficulties and challenges.
 

Over the past 10 months, the economy has had many positive points. The industrial production index in October increased significantly compared to months from the beginning of the year; trade surplus of more than 24.6 billion USD within 10 months, higher than the same period last year of 9.56 billion USD; Disbursement of public investment capital reached more than 65% of the plan, an increase of nearly 23% over the same period last year... However, it is still very challenging to strive to achieve a GDP growth rate of 5-6% when the entire economy has only 2 months to strive.

There were more positive signs in the economic picture in September such as the recovery of industrial production in the third quarter, positive import-export turnover again, newly established business registration continued to increase... Accordingly, growth GDP in the fourth quarter of 2023 will be supported by the recovery momentum of the third quarter of 2023 even though challenges still lie ahead as the world economy still has many unpredictable fluctuations.

The world context continues to face many difficulties and challenges when most economies in the world and the Asia-Pacific region have lower-than-expected growth rates. In the country, many solutions to remove difficulties, promote growth, maintain macroeconomic stability, major balances have been implemented such as reducing lending interest rates, promoting disbursement of investment capital, public tax, exemption, reduction, extension of taxes, fees, land use fees, business support...

The increase in the prices of food, foodstuffs and electricity when the demand increases during the tourist season are the main reasons why the consumer price index (CPI) in July 2023 increased by 0.45% compared to the previous month.

GDP growth in the second quarter of 2023 and the first six months of the year was just above the bottom of the 2011-2023 period. However, in the context of the world economy experiencing many fluctuations, this is considered a positive result when the major balances of the economy are kept stable, inflation is under control.

Although the economy still faces many difficulties, causing newly registered enterprises to decrease again, attracting foreign direct investment (FDI) still decreased over the same period... but many indicators such as production Exports of the whole industry, investment from the state budget, total retail sales, import and export of goods, etc. have improved compared to the previous month or the same period last year.

The report on socio-economic situation in April 2023 and the first 4 months of the year has just been released by the General Statistics Office, showing that the economy is still facing many difficulties. However, many economic indicators such as foreign direct investment attraction, business registration, total retail sales, freight transport and industrial production... have improved compared to the previous months. first, so that the 4-month decline was contained or rebounded.

In the following section, NDTC Consulting would briefly describe herewith some highlights regarding most significant variations of macroeconomic indicators during April and the first four months of 2023.