Hanoi (VNA) – Prime MinisterPham Minh Chinh chaired the Government’s regular meeting and a teleconference betweenthe Government and the 63 localities on April 3 to discuss the socio-economicsituation in March and the first quarter and set tasks for Q2.

Opening the event, Chinh saidthanks to strong action by the entire political system, the socio-economicsituation continued to improve, with results last month higher than January andFebruary and the Q1 performance faring better than the same period last year inmost areas.

He elaborated that the macro-economystayed stable, inflation under control, economic growth boosted, and majorbalances of the economy ensured. Besides, defence - security was consolidated,political stability and social order - safety guaranteed, and people’s materialand spiritual life quality improved. Bright spots were also seen in culture,education, and social security, and the fight against corruption promoted. Meanwhile,external relations were fostered and had reaped encouraging outcomes.

However, there remain certainchallenges, the Government leader said, asking officials to assess thesocio-economic situation so far this year and devise tasks andimplementation measures for April, Q2, and the coming time.

TheMinistry of Planning and Investment (MPI) reported that the gross domesticproduct (GDP) grew 5.66% year on year during January - March, the fastest Q1pace since 2020. Some localities posted high economic growth during the period,including Bac Giang (14.2%), Thanh Hoa (13.2%), Tra Vinh (13.9%), Khanh Hoa (12.4%),Quang Ninh (8.9%), Ho Chi Minh City (6.54%), Hai Phong (9.3%), and Hanoi (5.5%).

The consumer price index (CPI) rose3.97% from a year earlier in March and 3.77% in Q1. Interest rates were keptlow, domestic demand for foreign currencies met to aid growth, production andexport, and the banking system’s safety guaranteed.

In Q1, the State budget revenue was equivalent to 31.7% of this year’s target andincreased 9.8% year on year. Foreign trade, exports, and imports respectivelywent up 15.5%, 17%, and 13.9% with a trade surplus of some 8.08 billion USD. Totalinvestment in society rose 5.2% from the same period last year, when itexpanded 3.7%, statistics show.

While an approximated 6.2 billion USDin foreign direct investment (FDI) was registered during the first three months,up 13.4% year on year, the disbursement increased 7.1% to 4.6 billion USD.Many large enterprises have pledged to invest in electronics, chip,semiconductor, and renewable energy industries.

Public investment disbursementreached 13.67% of this year’s plan, compared to the 10.35% recorded during the sameperiod of 2023, thus channeling a large sum of capital into the economy tosupport growth and development, the MPI noted.

However,a number of difficulties and challenges still exist. Inflationary and foreign exchangepressure remains an issue needing attention. The financial and monetary marketsas well as the banking system still face latent risks. The shortage of fillingmaterials is hampering many key transport projects in the southern region, accordingto the MPI./.