Numerous growth drivers, opening opportunities for enterprises

VCN - That is the appraisal given by experts at the seminar "HUBA Entrepreneurs' Coffee" under the theme: "Vietnam and HCMC's Economy in 2024 - Issues of interest to entrepreneurs," which took place on March 9, organized by the Ho Chi Minh City Business Association (HUBA).
Seeking overdue tax debts of enforced businesses – Final part: Recommendations for effective debt recovery Seeking overdue tax debts of enforced businesses – Final part: Recommendations for effective debt recovery
Quang Ninh Customs handles procedures for 22,429 declarations Quang Ninh Customs handles procedures for 22,429 declarations
Seafood businesses adapt to the new situation Seafood businesses adapt to the new situation
There are considerable opportunities for businesses to recover and grow throughout 2024. Photo: T.D
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.

By Ngoc Diu/ Tran Minh

Related News

Many businesses wish to participate in the Voluntary Compliance Program

Many businesses wish to participate in the Voluntary Compliance Program

At direct working sessions between the Customs authority and businesses and business dialogue and consultation conferences, many businesses want to participate in the Pilot Program to support and encourage enterprises to comply voluntarily with customs laws.
Corporate profits enter recovery cycle

Corporate profits enter recovery cycle

VCN - The recently released Q1 2024 business results update by SSI Securities Corporation shows that corporate profits may have overcome the most challenging period and entered a phase of recovery and more stable growth.
Many challenges in preventing and combating drugs through express and postal delivery

Many challenges in preventing and combating drugs through express and postal delivery

VCN - Postal and express delivery routes have the advantage of fast, safe and time-saving transportation, procedures for sending goods through express delivery service companies are very simple... Therefore, drugs traffickers always try to mix drugs with goods through this form of transportation.
Ha Nam Ninh Customs Department promotes dialogue and removes difficulties for enterprises

Ha Nam Ninh Customs Department promotes dialogue and removes difficulties for enterprises

VCN – On May 10, Ha Nam Ninh Customs Department Customs- Business dialogue conference with more 130 processing enterprises in three provinces of Ha Nam, Nam Dinh and Ninh Binh to remove difficulties in implementing Customs policies and regulations.

Latest News

Agricultural and food businesses increased profits thanks to export recovery

Agricultural and food businesses increased profits thanks to export recovery

VCN - Many agricultural and food exporters have recorded positive business results thanks to the momentum from the recovery of major markets and solutions to enhance deep processing, helping to improve product value and business efficiency.
The auto industry does not shrink from many challenges

The auto industry does not shrink from many challenges

VCN - In the context of the import tax reduction roadmap being implemented when Vietnam participates in commitments in Free Trade Agreements, the pressure of competition on the Vietnamese automobile industry is also increasingly fierce. Therefore, in addition to tax and fee support, many breakthrough solutions and policies are needed to create a boost for the auto industry.
Traceability helps improve product value

Traceability helps improve product value

VCN - Traceability of origin has been and is a mandatory requirement for Vietnamese goods when exporting to several markets. The application of information technology and the use of QR codes is an effective solution in traceability, increasing value and promoting product consumption, especially agricultural products.
Vietnamese pepper prices see strong upward trend

Vietnamese pepper prices see strong upward trend

The Vietnam Pepper and Spice Association has expected pepper prices to continue rising every week.

More News

E-commerce boosts exports of Vietnamese products

E-commerce boosts exports of Vietnamese products

Digital platforms have played a key role in helping Vietnamese firms take their high-quality products to the world, insiders have said.
Increasing the value of rice grains from the project of 1 million hectares of high quality rice

Increasing the value of rice grains from the project of 1 million hectares of high quality rice

VCN - The implementation of the project of 1 million hectares of high-quality rice will contribute to promoting the transition from traditional farming methods to synchronous mechanization, developing large-scale, stable and long-term concentrated raw material areas, ensuring sustainable and effective farming quality and minimizing environmental pollution. Vietnam is also the first country in the world to build a large-scale project on sustainable rice production and reduced emissions.
Hai Phong Port strengthen solutions to improve cargo handling capacity

Hai Phong Port strengthen solutions to improve cargo handling capacity

VCN - The flow of goods passing through Hai Phong port area has tended to improve recently.
Five trends in exporting through e-commerce

Five trends in exporting through e-commerce

VCN - On May 22, 2024, Amazon Global Selling announced the prominent cross-border e-commerce (CBEC) trends shaping Vietnam's online export economy. Concurrently, it launched phase two of the program "CBEC: The breakthrough era" in collaboration with the Vietnam e-Commerce and Digital Economy Agency (iDEA) under the Ministry of Industry and Trade.
Vietnamese firms urged to watch global trade policies

Vietnamese firms urged to watch global trade policies

Experts say Vietnamese firms should keep an eye on global trade moves by major economies to figure out how best to promote the consumption and export of products made in Việt Nam, in the context of a glut of cheap Chinese goods flooding the world market.
Vietnam’s tra fish export tipped to bounce back

Vietnam’s tra fish export tipped to bounce back

Vietnamese tra fish export has roared back to growth after a significant drop recorded earlier this year as countries have scaled up their imports, according to insiders.
FDI attraction in five months tops 11 billion USD

FDI attraction in five months tops 11 billion USD

More than 11.07 billion USD in foreign direct investment (FDI) was funneled into Vietnam during January-May, up 2% against the same time last year, according to the Ministry of Industry and Trade (MoIT)’s Foreign Investment Agency.
What to do to develop Vietnam

What to do to develop Vietnam's automobile industry when implementing FTAs?

VCN - On May 24, Customs Magazine organized a discussion on the topic "Vietnam's automobile industry implements the Free Trade Agreement: In which direction to develop?"
The processing and manufacturing industry increased by 6.3% in four months

The processing and manufacturing industry increased by 6.3% in four months

VCN - Continuing the recovery momentum from the end of 2023, industrial production in April and the first four months of 2024 continues to show a positive trend. Of which, the processing and manufacturing industry increased by 6.3%.
Read More

Your care

Latest Most read
Agricultural and food businesses increased profits thanks to export recovery

Agricultural and food businesses increased profits thanks to export recovery

VCN - According to data from the Ministry of Agriculture and Rural Development, agricultural, forestry and fishery export turnover in April reached 5.14 billion USD, an increase of 19.7% compared to April 2023.
The auto industry does not shrink from many challenges

The auto industry does not shrink from many challenges

VCN - In the context of the import tax reduction roadmap being implemented when Vietnam participates in commitments in Free Trade Agreements, the pressure of competition on the Vietnamese automobile industry is also increasingly fierce. Therefore, in addi
Traceability helps improve product value

Traceability helps improve product value

VCN - According to Dang Phuc Nguyen, General Secretary of Vietnam Fruit and Vegetable Association, currently, linking production with consumption of agricultural products plays a very important role in agricultural development, helping to enhance the bene
Vietnamese pepper prices see strong upward trend

Vietnamese pepper prices see strong upward trend

The Vietnam Pepper and Spice Association has expected pepper prices to continue rising every week.
E-commerce boosts exports of Vietnamese products

E-commerce boosts exports of Vietnamese products

Digital platforms have played a key role in helping Vietnamese firms take their high-quality products to the world, insiders have said.
Mobile Version