On May 6, 2025, during the regular government meeting for April, Vietnam's Minister of Finance, Nguyen Van Thang, reported that the socio-economic situation in April and the first four months of 2025 has continued to yield positive results. This comes amid complex global and regional developments that necessitate both responsive measures and reforms to lay a new foundation for growth.
In his address, Minister Thang noted that the US tax policy introduced in April took many countries by surprise, significantly affecting global business and investor sentiment. The US economy saw a 0.3% decline in the first quarter compared to the same period last year, leading international organizations to lower their global growth forecasts for 2025. However, Vietnam proactively engaged in diverse and effective communication at all levels, particularly highlighted by a phone call between General Secretary To Lam and the US President. This engagement, along with Prime Minister-led negotiations, positioned Vietnam among six countries prioritized for negotiations by the US out of over 100 economies.
"This proactive approach has strengthened the confidence of our citizens and businesses in the timely and effective decisions made by the General Secretary, the Government, and the Prime Minister. People are more willing to spend during the upcoming holiday and summer tourism season, and global companies are increasingly confident in investing in Vietnam," Thang shared.
Notably, the economy continues to grow, with macroeconomic stability maintained and inflation under control. Industrial production (IIP) in April increased by 8.9% year-on-year, while the first four months saw an 8.4% rise, with the manufacturing sector alone growing by 10.1%. Retail sales and consumer service revenue in April surged by 11.1%, and for the first four months, the increase was 9.9%.
Trade figures also reflect a robust performance, with total import and export turnover in April rising by 21.3%, 19.8%, and 22.9% for exports and imports, respectively. Over the first four months, exports increased by 13%, leading to a trade surplus estimated at 3.8 billion USD. Furthermore, registered foreign direct investment (FDI) capital for the first four months reached approximately 13.8 billion USD, marking a 40% increase compared to the same period last year, with realized capital exceeding 6.7 billion USD, a 7.3% rise.
The Consumer Price Index (CPI) for the first four months increased by 3.2% year-on-year. State budget revenue achieved 48% of the estimate, reflecting a 26.3% increase compared to the same period last year, while domestic revenue reached 49.6% of the estimate, up by 29.5%. The implementation of electronic tax collection and e-commerce taxation has shown positive results.
Minister Thang also emphasized that energy security and food security are well-maintained, and public debt and government debt are effectively controlled. Additionally, efforts in institutional building, administrative reform, business development, infrastructure enhancement, and technological advancement continue to progress remarkably, showcasing innovative and decisive approaches.
Moreover, cultural and social sectors remain a focus, with the education sector ensuring readiness for the 2025 high school graduation exam. The healthcare sector is prepared for medical services during holidays and is advancing investment in mastering technology and implementing advanced medical techniques. National defense, security, and social order are maintained, while international relations and high-level diplomacy are being effectively executed, reflecting Vietnam's new standing on the global stage.
Despite these achievements, Minister Thang pointed out several challenges ahead, including the need to meet growth targets, investment, and business operations. He acknowledged that macroeconomic management faces significant pressure, particularly regarding interest rates, exchange rates, and inflation control. While the completion of institutional and legal frameworks has been prioritized, numerous obstacles remain, and some segments of the population continue to face difficulties.
The Ministry of Finance anticipates that the economy will continue to confront substantial external challenges, while internal drivers such as consumption and investment have yet to be effectively stimulated. However, this situation also presents opportunities to restructure markets, production, and exports, and attract high-quality FDI.
Looking ahead, Minister Thang underscored the extensive scope of work required in May and the second quarter, stressing that many tasks are revolutionary and unprecedented. He proposed several key tasks and solutions to be prioritized immediately:
First, there should be close coordination with National Assembly agencies to prepare for the discussions on constitutional amendments, laws, resolutions, and reports to ensure high consensus when the National Assembly reviews these at its ninth session, especially regarding the contents the Government plans to present.
Second, it is imperative to ensure progress on tasks related to restructuring administrative units and establishing a two-tier local government model as per Decisions 758/QD-TTg and 759/QD-TTg, under the guidance of the Government and Prime Minister.
Third, negotiations with the US should be accelerated, while efforts to combat counterfeit goods and promote exports must continue to develop harmonious and sustainable trade with other countries.
Fourth, there is a need to refine institutional frameworks and laws to improve the investment and business environment.
Lastly, traditional growth drivers, including investment and domestic consumption, must be bolstered while also fostering new growth engines. Maintaining macroeconomic stability is crucial, alongside cultural and social development. Preparations for the 80th anniversary of the founding of the nation are underway, with plans for 80 major projects and exhibitions showcasing the country's significant achievements, culminating in a military parade on September 2.
In summary, the Ministry of Finance is committed to implementing both short-term and long-term solutions to refine institutional frameworks, realize three breakthroughs, and advance strategies in science and technology, private economy, and international integration, all while ensuring social welfare, cultural development, environmental protection, and disaster preparedness.