Nguyen Thi Huong, General Director of General Statistics Office

And the efforts of the whole political system to keep the economy from missing the pace of the recovery have been effective.

Could you please talk about some bright spots in the socio-economic picture in the first quarter?

Vietnam's socio-economy in the first quarter of 2022 has achieved many positive results. Most industries and fields tended to recover and grow again. Some highlights of the socio-economic situation in the first quarter were as follows.

First, compared with the same period last year, economic growth in the first quarter reached 5.03%, higher than the growth rate of 4.72% in the first quarter of 2021 and 3.66% in the first quarter of 2020. This has created growth momentum for the next quarters of 2022.

In particular, industrial production in the first quarter prospered when businesses were more proactive in terms of labor, production, and business plans to overcome difficulties, recover, and expand production.

Along with that, trade and service activities in March were active with total retail sales of consumer goods and services increasing by 2.9% over the previous month and up by 9.4% over the same period last year.

Second, the realized investment capital of the whole society has increased sharply in both the domestic, non-state, and foreign investment sectors with an average growth rate of nearly 9%. This also affirmed the confidence of foreign investors as well as domestic enterprises and manufacturers in the socio-economic development of Vietnam in the future.

Third, in the context of difficulties in connecting with some markets and fluctuations such as high gasoline prices, import and export activities still recorded outstanding growth. Generally, in the first quarter, export turnover of goods was estimated at US$88.58 billion, up 12.9% over the same period last year.

Fourth, we have overcome the regional and global "price storm" with CPI reaching 1.92%, which was a low level in the region. This was a remarkable result in the direction and administration of prices by the Government in the context that many countries are suffering an unprecedented "price storm" in the past few decades.

Simultaneously, it showed that we have exploited the advantages of the domestic supply, as well as successfully controlled the domestic market prices to avoid sudden fluctuations. Along with that is constantly updating the world's fluctuations and quickly making practical decisions, without putting pressure on the supply.

In the first quarter, the number of newly registered enterprises returning to operation increased to a record high, but the number of enterprises leaving the market was also high. What is your explanation on this matter? How will this be an indicator for businesses in the near future?

The business registration situation in the first quarter was more prosperous when the number of newly established and returned businesses increased by 36.7% over the same period last year. Total registered capital in the economy increased by 21%, of which additionally registered capital of operating enterprises increased by 34.5%.

Notably, an average of 20,000 businesses are newly established and returned to operation and about 17,000 units withdrew from the market each month. Thus, about 3,000 businesses joined the market every month. This number is close to the "golden" period before the Covid-19 pandemic.

The increase in the number of newly established, re-entering, and exiting enterprises from the market is also considered a condition to test their resilience, restructure production, and transform operations amid the fast and complicated fluctuations of the economy.

I think this is a normal reaction of the economy, the quick adaptation of businesses in choosing suitable industries in each period and the flexible response of Vietnamese small and medium enterprises.

In addition to the achieved results, we are also facing significant challenges from prices to input materials for businesses as well as the global supply chain. How do you assess the challenges in the future?

In my opinion, the results above will be the support for us to overcome difficulties in the future.

In the short term, we have to ensure domestic supply with products related to production such as petroleum, iron and steel, and raw materials for agricultural activities. Accordingly, we must increase the supply and open the domestic and international connection demand, while maintaining the connection between supply and demand. Especially, it is necessary to exploit the advantage of Vietnam which is both exporting and importing gasoline. In the long term, we must consider converting the energy consumption structure to green energy, sustainable energy that comes from nature and does not cause pollution.

Additionally, the implementation of programs to support economic recovery and development in 2022-2023 to be proactive in the prevention of the Covid-19 pandemic and timely support for socio-economic recovery and sustainable development is necessary for the current conditions, but it will also increase pressure on inflation.

In our opinion, these economic stimulus packages must be implemented in a synchronous manner with fiscal and monetary policies. Moreover, management and supervision must be strict, and support policies need to be close to reality, open, and transparent.

The credit of the economy must meet the capital for the growth of the economy; which focus on production and business areas, it is necessary to strictly control the areas with many potential risks. The good implementation of policies will promote economic growth and control inflation according to the set target.

To achieve the growth target of 6.5% as set out, what solutions does the General Statistics Office propose to promote growth in the remaining quarters of 2022?

To achieve the growth target as set out, it is necessary to focus on a number of key contents.

First, continue to effectively implement Resolution No. 128/NQ-CP on "Safely adapting, flexibly, effectively controlling the Covid-19 pandemic"; implement the tasks in Resolution No. 11/NQ-CP on the program to support economic recovery and development in 2022-2023; and ensure 100% disbursement of public investment capital, creating a driving force to boost the economy.

Second, persistently maintain macroeconomic stability, control prices, markets; ensure supply, circulation of goods and major balances of the economy.

Third, promote domestic production towards self-reliance in domestic raw materials supply.

Fourth, strengthen the domestic market, promote sustainable export, remove barriers, facilitate domestic consumption and export of agricultural, forestry, and fishery products.

Fifth, urgently restore the tourism market, facilitate international and domestic passenger traffic, and appropriately support tourism businesses associated with disease safety to welcome the upcoming tourist season.

Sixth, promote administrative reform, remove bottlenecks, barriers, and obstacles hindering production and business activities.

Seventh, closely monitor the weather situation, proactively plan for disaster prevention, and warn of floods, landslides, the impact of drought, and saline intrusion to minimize damage to production and people's lives. Effectively implement policies on social security, labor, and employment.

Thank you madam!