In the first eight months of 2024, Vietnam's economy has continued to make steady progress. Under the proactive, decisive, and timely guidance and administration of the Government and the Prime Minister, with the spirit of "focus on action, no retreat," the efforts of ministries, sectors, and localities have effectively and seriously implemented the Resolutions of the Party, National Assembly, and Government. Various sectors of the economy have successfully "overcome the sun and rain," "turning difficulties into opportunities," achieving significant results and laying the groundwork for entering a new phase of development.

Economic Context and Challenges: Vietnam is facing pressures from both global and domestic economic developments. Internationally, there is intense competition, conflicts, and price volatility. Domestically, opportunities and challenges coexist, with challenges being more prominent.

Efforts and Achievements: Despite many difficulties, Vietnam's economy has remained on a positive trajectory thanks to the efforts of the entire Party, people, and military. Growth has been seen across the industrial, agricultural, and service sectors, with macroeconomic stability, controlled inflation, and surplus in major balances.

Improving Social Welfare and Finance: Social welfare is ensured, and people's livelihoods have improved. Exports continue to rise, resulting in a large trade surplus, and state budget revenues are increasing, despite tax exemptions and reductions. Development investment and a strong tourism rebound have helped strengthen the national financial situation.

Government Action: The government has implemented flexible and decisive measures to boost growth, control inflation, and stabilize the macroeconomy. Key infrastructure projects, such as airports and highways, have been expedited, along with the resolution of issues related to funding and land clearance.

Looking Forward: With the spirit of "focus on action, no retreat," the government has made strong commitments to legal reforms, infrastructure investment, and sustainable development. These initiatives are expected to help the economy meet its goals for 2024 and provide a solid foundation for the new development phase up to 2030.

Duy Nguyen compiled from Vietnam Financial Times