Prime Minister Pham Minh Chinh chairs the regular Government meeting in May 2025

On the morning of June 4, Prime Minister Pham Minh Chinh chaired the regular Government meeting in May to assess the socio-economic situation in May and the first 5 months of 2025; the allocation and disbursement of public investment capital; the implementation of national target programs; and at the same time identify and deploy key tasks in June 2025 and the coming time.

Attending the meeting were Vice President Vo Thi Anh Xuan; Deputy Prime Ministers; Deputy Secretary of the Government Party Committee; Ministers, Heads of ministerial-level agencies and Government agencies; leaders of ministries, branches and central agencies; representatives of committees and agencies of the Party Central Committee and the National Assembly; leaders of a number of large economic groups; members of the Policy Advisory Council.

In his opening speech, Prime Minister Pham Minh Chinh said that in May, the world situation continued to be very complicated and unpredictable, especially trade tensions, specifically the US reciprocal tax policy, which contained many potential risks and uncertainties; forecasts for economic and trade growth in 2025; armed conflicts occurring in many regions, fierce and escalating strategic competition; non-traditional security issues, wars, and conflicts that are increasingly difficult to predict... affecting the global economic situation, especially major markets and global supply chains.

Domestically, the Government and the Prime Minister have resolutely directed all levels, sectors and localities to resolutely and synchronously implement the proposed tasks and solutions, focusing on promoting the reorganization of the apparatus and local governments at two levels; implementing solutions to promote economic growth of 8% or more and respond to the new US tariff policy; resolutely implementing the "four pillars" of the Politburo; carefully preparing documents and participating in the 9th Session of the 15th National Assembly, submitting to the National Assembly 44 draft laws and resolutions - the largest number in one session; preparing for party congresses at all levels, leading up to the 14th National Party Congress; thoughtfully and solemnly organizing major holidays, including the 135th Birthday Anniversary of President Ho Chi Minh.

In the context of difficulties, urgent time, high requirements, and complex nature, the socio-economic situation continues to trend positively. The macro economy is stable, inflation is under control, major balances of the economy are ensured, in which on June 2, electricity consumption reached a record high, but electricity supply is still guaranteed; deficit and public debt are well controlled; growth is promoted; all three sectors of agriculture, industry, and services are developing positively.

Cultural and social fields are focused on; social security is ensured, in which the National Assembly and the Government have issued resolutions on social housing development, solving housing difficulties for policy families, the program to eliminate temporary and dilapidated houses is reaching its goal; people's material and spiritual lives are improved; politics and society are stable; national defense, security, social order and safety are consolidated and enhanced; foreign affairs are promoted; long-standing backlog projects, with a total capital of about 240 billion USD and more than 200,000 hectares of land are being actively resolved.

Prestigious international organizations, countries and partners highly appreciate Vietnam's efforts and socio-economic development results.

Prime Minister Pham Minh Chinh said that despite many important achievements, the economy still has many shortcomings, difficulties and challenges such as great pressure on macroeconomic management; production and business in many fields are difficult; the real estate market has not improved much; the gold market is still complicated; smuggling, trade fraud, trading in counterfeit goods, counterfeit goods, goods of unknown origin, and food safety are complicated; the export situation is promoted, especially in large, traditional and new markets such as China, Brazil, Japan, new products such as halal food... need to continue to be promoted; administrative procedures in some places are still cumbersome; social order and safety, especially drugs and cyber security, still face many challenges.

Noting that ministries, branches and agencies receiving proposals and recommendations from localities and enterprises must resolve and respond clearly, not generally, the Prime Minister reminded officials to comply with discipline, order, and speak responsibly, firmly, and in accordance with their functions, tasks and powers.

The Prime Minister requested the Government members to focus on discussing the socio-economic situation in May and the first 5 months, the key tasks and solutions in June and the coming time; in particular, analyzing the context of what is new and different; the difficult and challenging context in the coming time; on that basis, proposing solutions for the direction and management of the Government, the Prime Minister, ministries, branches and localities to ensure proactive, timely, flexible and effective implementation of tasks, especially the organization of local governments at 2 levels; organizing party congresses at all levels, towards the 14th National Party Congress; implementing the "four pillars"; achieving growth targets; and at the same time completing the goals for the whole year 2025 and the whole term.

Emphasizing that there is a lot of work, high requirements, and limited time, the Prime Minister requested that Government members, especially localities, need to be proactive, dynamic, and creative in focusing on completing tasks with high results.

Reporting at the meeting, the Ministry of Finance said that in the first 5 months of 2025, the Government and the Prime Minister issued 115 legal documents, 2,574 directive and administrative documents; chaired and organized 1,025 conferences, meetings, worked and went on business trips to localities and bases to directly inspect and urge the implementation of many important and key infrastructure projects.

Many policies and solutions directed by the Government and the Prime Minister in a timely and drastic manner since the beginning of the year have proven effective. As a result, the socio-economic situation in May and the first 5 months continued to change positively, better than the previous month and the same period last year; this is the driving force to strive to exceed the socio-economic development targets and tasks in June and the coming time.

The macro economy is basically stable, inflation is under control, growth is promoted, and major balances of the economy are ensured. The average consumer price index (CPI) in the first 5 months increased by 3.21% over the same period.

The money market is basically stable; lending interest rates continue to be adjusted downward, especially short-term lending rates. State budget revenue for the first five months reached nearly 58% of the estimate, up 24.5% over the same period; state budget expenditure increased by 27.7%, thoroughly saving regular expenditure, meeting the tasks of spending on socio-economic development, national defense, security, paying due debts and regimes and policies according to regulations.

Total import and export turnover of goods in May increased sharply compared to the same period last year, of which exports increased by 14%, with an estimated trade surplus of 4.67 billion USD. Disbursement of public investment capital accelerated significantly; estimated disbursement by the end of May was 199.3 trillion VND, reaching 24.13% of the plan assigned by the Prime Minister, 2.5% higher in proportion and 56 trillion VND higher in absolute terms compared to the same period last year.

Major sectors and fields of the economy maintained positive growth momentum. The index of industrial production (IIP) for the first 5 months increased by 8.8%.

Total retail sales of goods and consumer services revenue in the first 5 months increased by 9.7% over the same period. The Purchasing Managers' Index (PMI) in May reached 49.8 points.

The tourism industry has grown positively; in 5 months, international visitors to Vietnam reached more than 9.2 million, an increase of 21.3% over the same period.

Attracting foreign direct investment (FDI) continued to be a bright spot; total registered FDI capital in the first five months reached 18.4 billion USD, up 51.1%, and realized FDI capital reached about 8.9 billion USD, up 7.9% over the same period./.