It was the relentless efforts by ministries, sectors and localities that helped ensure that each month’s socio-economic results were better than the previous's, building momentum and confidence for the country to achieve the whole year's targets, stated Prime Minister Pham Minh Chinh at the Government’s regular meeting for May on June 4.
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| PM Pham Minh Chinh addresses the Government's regular meeting on June 4. Photo: VNA |
The PM highlighted the close and productive coordination among all agencies in the political system so far this year with strong determination, drastic actions and a spirit of “working day and night, even on holidays”.
The Government and the PM issued 115 decrees, 176 resolutions, 1,137 decisions, 15 directives, and 73 official dispatches over the past five months. These documents addressed both regular and urgent matters, aimed at promoting socio-economic development and responding to many pressing and important issues.
As a result, the socio-economic situation has improved month by month, with results during the first five months of 2025 outperforming those in the same period last year across all sectors, he stated.
PM Chinh highlighted five major achievements recorded so far – the effective handling of routine tasks and enhancement of efforts to achieve the 8% growth target; the hosting of many large forums, particularly with businesses and industry associations to resolve bottlenecks; preparations for National Assembly discussions; the successfully organisation of big national anniversary celebrations; strengthened social welfare, security, and safety; and robust diplomatic activities.
In addition, he said that significant progress was made on new tasks, including reorganising the local government into a two-tier system, implementating the four breakthrough resolutions of the Politburo, settling over 2,200 stalled projects with total capital of approximately 240 billion USD and involving more than 200,000 hectares of land, launching an intensive crackdown on counterfeit goods and commercial fraud, and responding to emerging issues such as the US tariff policy.According to the Ministry of Finance, socio-economic conditions in May and the first five months continued to improve, outperforming those in previous months and the same period last year.
The macro-economy remained largely stable, and inflation was controlled. The five-month consumer price index (CPI) increased 3.21% year-on-year. State budget revenue reached nearly 58% of this year's target, up 24.5% year-on-year.
Trade figures surged in May compared to last year, with exports up 14% and a trade surplus estimated at 4.67 billion USD. The disbursed public investment reached an estimated 199.3 trillion VND (7.64 billion USD), equivalent to 24.13% of the PM’s plan. That was 2.5% or 56 trillion VND higher than the same period last year.
Key economic sectors sustained growth momentum. The index of industrial production (IIP) rose 8.8% during the five months. Retail sales and consumer service revenue went up 9.7% during January–May. Tourism also grew, with over 9.2 million international visitors in five months, up 21.3% from a year earlier. Foreign direct investment (FDI) attraction remained a bright spot, with registered FDI hitting 18.4 billion USD, a 51.1% increase, and disbursed FDI about 8.9 billion USD, up 7.9% year-on-year.
However, the Government leader also pointed out that opportunities and challenges remain intertwined, but there are more challenges, especially with the rainy season approaching and the global economic growth slowing down.
He outlined 11 focal tasks and measures for the coming time, including carefully preparing for the NA’s 9th session; strongly implementing the Government’s action plan to carry out the Politburo’s four key resolutions; responding to other countries' tax policy changes, especially the reciprocal tariff policy of the US; diversifying markets, products and supply chains, and capitalising on the domestic market; pushing ahead with institutional perfection, political apparatus restructuring, administrative procedure reform, and digital transformation; and promoting growth by renewing traditional growth drivers and facilitating new ones.
The PM stressed the need to maintain macroeconomic stability, curb inflation, and ensure key economic balances. The monetary policy must be proactive and flexible while the fiscal policy should be appropriately expansionary and well-targeted.
He also directed urgent action on environmental protection, climate change response, disaster prevention, and resolution of lingered outstanding problems.
PM Chinh asked for thorough preparations for a national exhibition showcasing the country's achievements after 80 years of national independence, the ground-breaking or inauguration of 80 major projects in celebration of the 80th National Day, the hosting of the APEC Economic Leaders’ Week 2027 in Phu Quoc city of Kien Giang province.
He also assigned specific tasks to ministries, sectors and agencies, asking for their even greater determination and efforts to fulfil all socio-economic targets set for 2025.
