Numerous growth drivers, opening opportunities for enterprises

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There are considerable opportunities for businesses to recover and grow throughout 2024. Photo: T.D

During the event, Dr. Can Van Luc, Chief Economist at BIDV and a member of the National Financial-Monetary Policy Advisory Council, assessed that 2024 is anticipated to have numerous growth drivers, presenting significant opportunities for Vietnamese enterprises.

Optimistic signs

Dr. Can Van Luc forecasts that the global economy in 2024 is expected to grow at a slower rate than in 2023, but a positive sign is the ongoing decrease in inflation, while central banks globally are contemplating interest rate reductions. Demand in major markets, particularly the US and Europe, is on the mend.

Nationally, Vietnamese businesses demonstrate relatively good resilience, with the economy experiencing clear recovery across most sectors. Industrial production and services have improved; exports and consumer spending are on a recovery trajectory; enhancements in public investment, private investment, and foreign direct investment (FDI) are being intensified; opportunities emerge from the shifting supply chain and global investment flows due to upgraded strategic partnerships with various nations.

Moreover, inflation is expected to rise but remain controllable; interest rates are on the decline, the foundational exchange rate is expected to stabilize, and the stock and real estate markets are also showing signs of revival.

Similarly optimistic about Vietnam's economy in 2024, Dr. Tran Du Lich, an economic specialist, argues that, despite the political and economic upheavals globally in 2023, the accomplishments achieved by Vietnam indicate the economy's considerable fortitude.

Regarding HCMC, according to Dr. Tran Du Lich, during the 2024-2025 period, the focus will be on institutional and infrastructural developments to generate momentum for the years following 2026. It's apparent that HCMC is evolving beyond short-term thinking, addressing immediate concerns while building and reinforcing the foundation for medium to long-term growth.

Furthermore, according to experts, it is noteworthy that areas such as the digital economy, green economy, circular economy, and energy transition are garnering significant attention. These are also among the critical issues currently being focused on by HCMC, even leading in these aspects at present.

Confronting challenges

Yet, alongside numerous opportunities, the Vietnamese economy still encounters challenges, as noted by experts, including: a lack of breakthroughs in public investment disbursement and several risks in the corporate bond and real estate markets that require time for resolution and normalization.

Moreover, regulations for emerging sectors (digital economy, green economy, circular economy, etc.) are yet to be promptly enacted, while the reluctance to make decisions, fear of accountability, and delays in public service execution persist.

Given the prevailing challenges, Dr. Can Van Luc advises that businesses should make accurate and targeted suggestions. Fundamentally, as he points out, reforms such as economic restructuring and institutional enhancement have been actively pursued, as evidenced by the implementation of guidelines for the Land Law, Housing Law, Real Estate Business Law, and the Amended Law on Credit Institutions; as well as the enactment of resolutions from the Central Committee, National Assembly, and Government dedicated to HCMC.

Dr. Tran Du Lich suggests that, moving forward, policies aimed at nurturing the domestic enterprise sector and facilitating the growth of Vietnamese businesses in new contexts and with fresh opportunities are critically important, given that domestic enterprises play a decisive role in national development.