Vietnam's economy has overcome the most difficult period

VCN -According to experts, Vietnam's economy has passed the most difficult period. In 2024, fiscal policies will have a positive impact on business households and enterprises, becoming the key to promoting Vietnam's economic growth. Public investment was disbursed at an impressive level, reaching over 81% of the plan. The Government has taken many drastic solutions to ensure the 2024 economic growth target of 6-6.5%.
Reducing pressure on inflation control and price market in 2024 Reducing pressure on inflation control and price market in 2024
Vietnamese economy recovers last year: Expert Vietnamese economy recovers last year: Expert
Vietnam's economy has overcome the most difficult period
At the Forum, speakers shared solutions for economic growth in 2024. Photo: T.D

Many bright spots

Information at the 2024 Macroeconomic Forum with the theme "Vietnam's economy overcomes headwinds", experts assessed that in 2023, the economy will still have many difficulties but from the opposite perspective, there are many bright spots. has also appeared, creating growth conditions for 2024.

According to Associate Professor. Dr. Nguyen Duc Trung, Rector of Ho Chi Minh City University of Banking in 2023, Vietnam's economy has many bright spots such as the State Bank reducing operating interest rates 4 times; Credit growth is 13.7%, in line with macroeconomic balances; The adjusted exchange rate is at 2.89%, helping Vietnam overcome many external shocks.

Public investment was disbursed at an impressive level, reaching over 81% of the plan. The Government has taken many drastic solutions to ensure the 2024 economic growth target of 6-6.5%.

Mr. Nguyen Khac Quoc Bao, Deputy Director of Ho Chi Minh City University of Economics, also pointed out the bright spots that will appear in 2023: the world's inflation trend has decreased, creating more room for supportive policies. Vietnam's economy has gone through periods of peak inflation, and recent forecasts suggest that inflation will decrease.

Another factor is that the recovery of tourism has increased but because before the epidemic it is still far from the peak. Therefore, the growth potential for the tourism industry is still very good, if there is a stimulus program to open up domestic demand to recover.

Mr. Nguyen Khac Quoc Bao believes that the aggregate demand of the world economy and Vietnam will recover better in 2024. World aggregate demand recovers because inventories of the US and EU have peaked at the end of 2023. Inventories have increased at its peak and has decreased, opening up export opportunities for Vietnam.

Need a comprehensive solution

But according to experts, for Vietnam's economy to grow in 2024, many comprehensive solutions must be implemented.

According to Dr. Vo Tri Thanh, policies still have to respond to difficulties and overcome them. We need to have a long-term vision, take care of long-term policies and take early action to reduce short-term and immediate hardships.

Mr. Tran Anh Tuan, Head of the Ho Chi Minh City Enterprise Management Innovation Board, said that Vietnam needs to solve the problem of investment procedures. Cash flow into the economy is slow despite improvements. Currently, a quick procedure, for small projects, the normal procedure time is double the implementation and construction time. This leads to large delays, with no immediate impact on the economy. Stimulating demand takes many measures, from monetary to fiscal policy. There are many economic recovery programs implemented from 2021 but still slowly.

Accordingly, the investment policy mechanism needs to be shortened to the investment sequence. If we are too cautious to the point of self-restraint, it will be difficult to have a breakthrough in stimulating consumption, production, and export.

In addition, according to experts, the issue of economic growth model must have a longer-term policy, if we follow the path that will only have stability in the short term. Vietnam's economy recovered after the Covid-19 period. Public investment is promoted, but it is also necessary to calculate the long-term effects on growth and prepare resources to absorb the project. Regarding consumption, current consumption is based on real estate, tourism, and infrastructure. However, consumption is not stable and cyclical, the problem is how to contribute to make it more sustainable...

Related News

Sustaining growth solutions for coffee exports

Sustaining growth solutions for coffee exports

VCN - The continuous increase in coffee prices has provided a strong boost for coffee exports, aiming for a record of US$5 billion. However, it still requires many comprehensive solutions to enhance quality and value to ensure sustainable development for the coffee industry in the future.
Export-import quarter 1: The recovery trend is becoming clearer.

Export-import quarter 1: The recovery trend is becoming clearer.

VCN - The total export-import turnover of goods in the first quarter of the year is estimated to reach over $178 billion, an increase of 15.5% compared to the same period last year. Both exports and imports have achieved high growth rates, clearly reflecting the recovery trend.
Exports in first 2 months reach high record ever

Exports in first 2 months reach high record ever

VCN - In the first two months of 2024, the country's exports surged 19% year-on-year to US$59.21 billion, according to statistics from the General Department of Customs.
A lot of room for growth in the potential for Vietnam - Rok financial cooperation

A lot of room for growth in the potential for Vietnam - Rok financial cooperation

VCN - During the business trip program to the Republic of Korea (RoK), the delegation of the Ministry of Finance led by Minister Ho Duc Phoc had a working session with the RoK’s Deputy Prime Minister and Minister of Economy and Finance on March 8, at the Government Complex Seoul.

Latest News

Measures sought to boost Vietnam - Russia digital economic cooperation

Measures sought to boost Vietnam - Russia digital economic cooperation

The Vietnamese Embassy in Russia organised a seminar on April 19 on prospects for Vietnam-Russia digital economic cooperation, attracting over 100 delegates representing ministries, sectors, research institutes, and business associations of the two countries.
Vietnam becomes biggest rice supplier for Singapore

Vietnam becomes biggest rice supplier for Singapore

Vietnam has for the first time surpassed India and Thailand to become the largest rice exporter to Singapore by shipping 36.15 million SGD (26.55 million USD) worth of rice in the first three months of this year, an increase of 80.46% over the same period in 2023, winning 32.03% of the market share, according to the Vietnam Trade Office in Singapore.
New fulcrums for economic growth

New fulcrums for economic growth

VCN - According to experts, despite the improvement, Vietnam's economy in 2024 still has potential risks, weighing on growth solutions until the end of the year. Accordingly, the application of science and technology, innovation, and green transformation are considered important factors and new growth drivers for Vietnam.
Opportunity for a high open economy like Vietnam

Opportunity for a high open economy like Vietnam

VCN - According to economic expert Nguyen Bich Lam (photo), in 2024, our country's economy will have bright spots, with opportunities that not every country has to more effectively promote existing dynamics and create new driving forces for development.

More News

Cooperation with Vietnam among EU’s priorities in Indo-Pacific: official

Cooperation with Vietnam among EU’s priorities in Indo-Pacific: official

The Vietnamese Embassy in Belgium - the Vietnamese Delegation to the European Union (EU) held a meeting with the Asia-Oceania Working Party (COASI) of the EU Council on April 17 to update the latter on the country’s socio-economic situation and foreign policy and suggest cooperation areas to be promoted.
Overseas remittances to HCM City record highest increase in three years

Overseas remittances to HCM City record highest increase in three years

Overseas remittances to Ho Chi Minh City exceeded 2.86 billion USD in the first quarter of 2024, an annual increase of 35.4% and the highest recorded in three consecutive years.
Vietnam, UK sign new agreement on illegal migration

Vietnam, UK sign new agreement on illegal migration

Vietnam and the UK signed an agreement to increase cooperation on tackling illegal migration in London on April 17.
Quang Ninh tops country’s public administrative reform index

Quang Ninh tops country’s public administrative reform index

The northeastern province of Quang Ninh again secured its top place in the Public Administrative Reform (PAR) Index ranking in 2023 which was announced by the Government’s Steering Committee for Administrative Reform on April 17.
Government urged to probe gold traders to prevent possible market manipulation

Government urged to probe gold traders to prevent possible market manipulation

The National Assembly (NA) Standing Committee has asked the Government and the Prime Minister to investigate gold trading firms to promptly address any violations in business activities and possible market manipulation, amid soaring domestic prices.
Việt Nam announced National Report under 4th UN Human Rights Council

Việt Nam announced National Report under 4th UN Human Rights Council's fourth cycle reviews

Among the 241 recommendations accepted in the third cycle, Việt Nam has successfully fulfilled 209, accounting for 86.7 per cent; partially met 30 others, or 12.4 per cent. Two others are slated for fulfillment at an appropriate time.
Brand building common responsibility of whole society: ministry

Brand building common responsibility of whole society: ministry

Building and developing product brands is a common responsibility of the whole society, not a single ministry, sector, locality, or organisation, said Vu Ba Phu, Director of the Trade Promotion Agency (VIETRADE) at the Ministry of Industry and Trade.
Paraguay wants to expand economic cooperation with Vietnam

Paraguay wants to expand economic cooperation with Vietnam

Paraguayan Minister of Industry and Commerce Javier Gimenez has expressed his hope to expand economic cooperation with Vietnam and the Association of Southeast Asian Nations (ASEAN) as a whole.
Top legislator wraps up official visit to China

Top legislator wraps up official visit to China

National Assembly Chairman Vương Đình Huệ and his entourage arrived in Hà Nội on April 12 afternoon, concluding their official visit to China.
Read More

Your care

Latest Most read
Measures sought to boost Vietnam - Russia digital economic cooperation

Measures sought to boost Vietnam - Russia digital economic cooperation

The Vietnamese Embassy in Russia organised a seminar on April 19 on prospects for Vietnam-Russia digital economic cooperation, attracting over 100 delegates representing ministries, sectors, research institutes, and business associations of the two countries.
Vietnam becomes biggest rice supplier for Singapore

Vietnam becomes biggest rice supplier for Singapore

Vietnam has for the first time surpassed India and Thailand to become the largest rice exporter to Singapore by shipping 36.15 million SGD (26.55 million USD) worth of rice in the first three months of this year, an increase of 80.46% over the same period in 2023, winning 32.03% of the market share, according to the Vietnam Trade Office in Singapore.
New fulcrums for economic growth

New fulcrums for economic growth

According to experts, despite the improvement, Vietnam's economy in 2024 still has potential risks, weighing on growth solutions until the end of the year.
Opportunity for a high open economy like Vietnam

Opportunity for a high open economy like Vietnam

According to economic expert Nguyen Bich Lam, in 2024, our country's economy will have bright spots, with opportunities that not every country has to more effectively promote existing dynamics
Cooperation with Vietnam among EU’s priorities in Indo-Pacific: official

Cooperation with Vietnam among EU’s priorities in Indo-Pacific: official

The Vietnamese Embassy in Belgium - the Vietnamese Delegation to the European Union (EU) held a meeting with the Asia-Oceania Working Party (COASI) of the EU Council on April 17 to update the latter on the country’s socio-economic situation and foreign policy and suggest cooperation areas to be promoted.
Mobile Version