Businesses expect the 2024 market to develop faster

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Mr. Jensen Huang, Chairman, General Director of Nvidia Corporation - the world's largest chip manufacturing corporation with a market value of nearly 1,200 billion USD, visited the National Innovation Center (NIC) facility in Cau Giay ( Hanoi) on December 11, 2023

Find optimistic opportunities for growth

Preliminary estimate of business results in 2023, Mr. Than Duc Viet, General Director of Garment 10 Corporation, said that Garment 10's revenue will reach about VND 4,200 billion, down 10% compared to 2022, resulting in profit also decreased similarly but the decrease is still lower than the average of the entire garment industry. According to Mr. Viet, the most encouraging thing is that the company still tries to take advantage of each business opportunity, preserve export markets, maintain production capacity as well as ensure quality and trust with domestic consumers.

To achieve these successes, the General Director of May 10 said that unlike previous years, the slogan of 2023 is "choose difficult jobs" because it is determined that there will be no easy jobs to do in a difficult market, and workers of Company employees and employees must proactively choose difficult tasks. From expanding to new markets in ASEAN to penetrating deeper into the Australian market and expanding to more new customers in traditional markets. Along with that, there must be flexibility in production organization.

Similarly, with the wood industry, when asked by reporters about the business situation in 2023, representatives of the Vietnam Timber and Forest Products Association as well as many businesses refusing to complete the export target when the market is difficult, the standards are increasingly strict.

Mr. Nguyen Van Tuyen, Director of Tien Dat Production Trading and Services Co., Ltd. said that the company has had to make efforts to meet requirements related to sustainable development and green production in major markets to increase export turnover. Specifically, infrastructure according to international standards is invested in, the company must work with import partners to meet requirements on banning deforestation and environmental protection from EU partners; in order to do this, businesses have to pay higher costs, but raw materials with certificates and clear origins have more opportunities to increase the market.

The market is developing and will get stronger

Going through 2023 with full of difficulties, it is forecasted that 2024 will continue to be difficult due to the economic situation with many unpredictable factors. Leaders of May 10 as well as many other businesses have expressed that they will try to maintain effective measures and strategies as in 2023.

Mr. Than Duc Viet stated that the signs of recovery in 2024 are not really clear, the quantity is gradually recovering but there are still many difficulties in price, but the company still targets 7% growth in both revenue and profit compared to 2023. Mr. Nguyen Van Tuyen said that the market is "running" from the end of 2023 so it is expected that 2024 will be stronger. Furthermore, Tien Dat Company's leaders said they will take advantage of opportunities from e-commerce, foreign trade agencies and international organizations through exhibitions and fairs to find customers, expanding the market for a growth target of 10% in 2024.

In addition, with the strategy of diplomacy and extensive integration towards the sustainable development of Vietnam, many investors and multinational corporations have come to Vietnam with the desire to turn our country into a stronghold on supporting industrial production and high technology. In the last days of 2023, the boss of the American "giant" in chip manufacturing, Nvidia Group, had a working trip to Vietnam with the expectation of continuing to expand cooperation, business investment and ecosystem development. Thai support for the semiconductor industry in Vietnam.

Since the end of 2023, many businesses have invested in infrastructure, sought partners, and even created a "turning point" in their business strategy to create momentum for development plans in 2024 and the following years. For example, with TPG Group Joint Stock Company, which is a real estate development enterprise, faces the potential of supporting industries, this enterprise, which has invested in Hoang Lau Industrial Cluster in Vinh Phuc with the expectation Construction, will begin in the first quarter of 2024 and be completed by the end of the year. According to Mr. Pham Hai Dang, Chairman of the Board of Directors of TPG, this is a large-scale project, promising to open up many new opportunities for domestic and foreign businesses.

With such strategies, the results of surveys on the business situation of domestic and foreign enterprises appear to be quite optimistic. For example, recently, the Japan International Cooperation Agency (JETRO) said that more than 50% of Japanese businesses in Vietnam expect business profits to improve in 2024.