Addressing the Government’s regular meeting for May on June 3, Prime Minister Le Minh Hung said that despite increasingly complex and unpredictable global developments, the Government had closely followed the Party and National Assembly’s directions while implementing socio-economic development tasks, institutional reforms, and growth-support measures.

He stressed that the remaining months of the year would require greater efforts to boost growth while maintaining macroeconomic stability, controlling inflation, and ensuring major economic balances.

Minister of Finance Ngo Van Tuan reported that the economy remained broadly stable, with many key indicators posting positive results.

Industrial production continued to be a major growth driver. The Index of Industrial Production (IIP) in May increased 8.8% year-on-year, while the five-month figure rose 9.1%, the highest growth rate in four years. Manufacturing and processing expanded by 9.5%, contributing 7.4 percentage points to overall industrial growth.

Investment also supported economic expansion. State budget-funded investment disbursement was estimated at 254.1 trillion VND (about 9.6 billion USD) in the first five months, equal to 24% of the annual plan and up 11.2% from a year earlier.

Registered foreign direct investment (FDI) reached 24.81 billion USD, up 34.9% year-on-year, while disbursed FDI hit 9.75 billion USD, up 9.6% and the highest level in five years. Manufacturing and processing remained the largest recipient of foreign capital.

Business activity showed strong momentum, with more than 94,800 newly established enterprises and nearly 47,800 firms resuming operations during the January-May period, bringing the total number of new and re-entering businesses to over 142,600.

Domestic consumption continued to recover, with total retail sales of goods and consumer service revenues rising more than 11%, the highest level since 2024. International tourist arrivals reached nearly 11 million, up almost 15% and marking a record high.

State budget revenue totalled nearly 1.34 quadrillion VND, equivalent to 53% of the annual estimate and up 15.3% year-on-year. Budget expenditure was estimated at 843.7 trillion VND, up 3.1%.

Trade activities remained vibrant, with total import-export turnover reaching 445.12 billion USD, up 25% year-on-year. Exports rose 19.5% to 215.66 billion USD, while imports increased 30.8% to 229.46 billion USD, resulting in a trade deficit of 13.8 billion USD, compared with a surplus of 5.1 billion USD a year earlier.

Despite the positive results, challenges remain, including inflationary pressures, risks from extreme weather affecting agricultural production, and the need to ensure adequate electricity and fuel supplies.

The Prime Minister called for faster public investment disbursement and urged ministries, sectors, and localities to remove bottlenecks related to site clearance, construction materials, and investment procedures to accelerate national key projects.

The Ministry of Finance proposed maintaining the double-digit growth target while safeguarding macroeconomic stability and accelerating public investment, particularly in ministries and localities with low disbursement rates.

The State Bank of Viet Nam has continued to maintain stable interest rates and liquidity, while the Ministry of Industry and Trade has been tasked with ensuring adequate fuel and electricity supplies, promoting trade, stimulating domestic consumption, and supporting a greener and more sustainable growth model.