With the development of several language models designed specifically for Vietnamese users like PhoGPT, Vietnam has caught up with the world’s AI trend, an expert from VinAI  under Vingroup conglomerate said on December 19.

At the VinFuture Foundation’s forum themed “AI: Transformation Opportunities and Challenges”, Prof.Dr Bui Hai Hung, founding director of VinAI, highlighted that Vietnam’s generative AI features have allowed users to create contents in marketing and given them a great deal of support when they want to enrich their knowledge.

As the technology has an increasing impact on the society, it is necessary to capitalise on it and use it for good, he said, adding core technologies should be developed so as to develop new tools that are suitable for Vietnam’s language and culture.

Dr. Xuedong Huang, Chief Technology Officer at Zoom, said that AI is an incomplete model, therefore it is necessary to develop a content filtering system to ensure the right content for the society.

Meanwhile, Prof.Leslie Gabriel Valiant from Harvard University stressed that since AI is only bad if it is used for bad purpose, people should join hands to control and safely use the technology instead of giving the control to computers.

Discussing the boom of AI and its impact on everyday life, other world’s leading experts in the field said 2023 is a breakout year for AI – a new factor that shapes up the global socio-economy.

AI chatbots is a popular source of information for millions of people, while OpenAI’s ChatGPT reaches 100 million users just two months after launching, they said, adding the development of the GPT-3 (2022) and GPT-4 (2023) marks a major milestone in the implementation of AI.

Enterprises and research organisations could take advantage of AI to improve their productivity and reduce the researching time, thus saving production cost and creating an interesting and competitive working environment; however, it is just the best-case scenario, they said.

The technology has posed formidable challenges in ethics, security and equal access, especially when AI’s massive capacity is controlled by a minority group, experts elaborated.

Besides, they added that AI is billed as a profound threat since some 300 million people across the globe may lose jobs to this technology as said by economists from Goldman Sachs Group, a leading global investment banking, securities, and investment management firm in the US.

The VinFuture Foundation, established on the International Human Solidarity Day on December 20th, 2020, is a non-profit organisation co-founded by Vingroup Chairman Pham Nhat Vuong and his wife, Pham Thu Huong. The Foundation's core activity is awarding the annual VinFuture Prize, which recognises transformative scientific and technological innovations capable of making significant positive changes in the lives of millions of people worldwide.

China gives green light to import of Vietnamese watermelon via official channel

With the recent permission from Chinese authorities, watermelon has become the next farm produce of Vietnam to be exported to China via the official channel.

The General Administration of Customs China (GACC) on December 15 announced the requirements for phytosanitary measures for watermelon imported from Vietnam.

Accordingly, the fresh fruit meeting those standards will be exported to this market through designated border gates as agreed upon by the GACC and the Vietnamese Ministry of Agriculture and Rural Development (MARD).

The fresh watermelon permitted to enter the Chinese market must come from the cultivation and processing establishments registering with the MARD. Meanwhile, the GACC will verify the list of businesses provided by Vietnamese authorities and regularly update the list on its website.

Chinese statistics show that considerable room remains for agricultural cooperation between the two countries, whose trade in farm produce has been growing continuously. During the first 11 months of 2023, China imported 44.62 billion CNY (nearly 6.3 billion USD) worth of Vietnam’s agricultural products, up 20.3% year on year.

Lending rate forecast to be cut by 1-1.5pp in 2024

There will be little room for further reduction in deposit interest rates in 2024 as they have dropped deeply to pre-COVID-19 levels, while the lending interest rate can still be lowered by 1-1.5 percentage points next year, Vietcombank Securities (VCBS) forecast.

Under a newly released report, VCBS said compared to the end of 2022, the average deposit interest rate in the banking system has decreased by 2-2.9 percentage points, depending on terms. However, the decline has not been fully reflected as the cost of deposit mobilisation has only decreased by 0.1 percentage point from the peak.

According to VCBS, the deposit interest rate level currently drops deeply to the pre-COVID-19 level and there is little room for further reduction. However, during the period of economic recovery, maintaining low interest rates will be a priority. At the same time, keeping a low deposit interest rate for a long time is also a necessary condition to pull the lending interest rate down.

Besides, the handling of corporate bonds requires a lot of capital resources and a low interest rate will be a prerequisite to faster handling of the bonds.

According to VCBS, by the end of the third quarter of 2023, the average lending interest rate recorded on the financial statements of listed banks decreased by about 0.6 percentage points compared to the peak in the first quarter of 2023. However, lending interest rate is still about 1.6 percentage points higher than the bottom recorded in the fourth quarter of 2021.

Specifically, after the State Bank of Vietnam (SBV) lowered its policy interest rates four times, deposit interest rates decreased rapidly. Actual lending interest rate has also gone down by about 2-2.5 percentage points for new loans. However, the interest rate applied to outstanding loans is still high at more than 10% per year.

VCBS expects the lending interest rate will decrease by another 1-1.5 percentage points in 2024. In particular, banks will consider lowering interest rate for some groups of firms which have good business prospects, with an aim to restructure debts and support customers through difficult times.

However, experts forecast that banks will be more cautious in lending as their net interest margin (NIM) is on the decline and bad debt is on the rise. Therefore, VCBS believes that there will be a difference in lending interest rate reduction.

Besides, the group of private banks will drop the rate more sharply than the group of State-owned banks due to a rise in late debt repayment. VCBS expects lending interest rates of private banks will improve in the near future when customers return to repay debts.

Tran Hoai Nam, deputy general director of HDBank, also said there is currently no room to reduce deposit interest rates, while lending interest rates will gradually decrease until the first quarter of next year.

However, it is difficult to make a long-term forecast for the rate after that time, as it depends on domestic and world macro-economic fluctuations, Nam said.

EVN proposes purchasing wind power from Laos

Vietnam Electricity (EVN) has submitted a document to the Ministry of Industry and Trade (MoIT) regarding the proposal to import wind power from Laos to Quang Tri province.

EVN urged the ministry to review and submit to the Prime Minister the proposal to import electricity from the Truong Son Wind Power Plant, including additional planning for transmission lines. The purchase price for electricity from this project is 6.95 US cents/kWh, equivalent to about 1,700 VND/kWh.

The ministry said it has received a document requesting feedback from relevant ministries and localities on the proposal to purchase wind power from the plant, with a capacity of 250MW, from Bolikhamsai province in Laos to Vietnam, as proposed by EVN.

According to the ministry, the plant is expected to start operation in the fourth quarter of 2025.

"To import electricity from this plant to Vietnam, a new 220kV double-circuit transmission line will be constructed, with a length of 75km from the Truong Son Wind Power Plant's 220kV substation connecting to the 220kV busbar at the Do Luong 220kV substation in central Nghe An province, Vietnam," said the ministry in an official statement.

To meet the project completion schedule in 2025, the project's investor, the Vietnam Laos Energy Investment and Development Corporation, has sent a document to EVN proposing to sell electricity from this project to Vietnam. The investor suggests investing the entire grid connection project to connect the plant to the Vietnam's power system using the project's funds.

In an earlier development, in a report to the minsitry, EVN stated that the governments of Laos and Vietnam had agreed to import 1,000MW of electricity from Laos to Vietnam by 2020. The imported electricity volume is expected to be around 3,000MW by 2025 and about 5,000MW by 2030. As of the end of October, the Prime Minister has approved the proposal to import electricity from various sources in Laos with a total capacity of 2,689MW.

"EVN has signed 19 power purchase agreements (PPA) to buy electricity from 26 Laotian power plants with a total capacity of 2,240MW. Among them, seven projects are commercially operational with a total capacity of 806MW, and it is expected that an additional 1,171MW can be put into operation by 2025," according to the ministry.

The report indicates that, so far, the total approved capacity of electricity sources in Laos that can be imported into Vietnam and put into operation by 2025 is only about 1,977MW, much lower than the import scale stated in the memorandum of understanding.

Purchasing power on Christmas market still weak

A wide range of decorations with stable prices are now available in the Hanoi market as Christmas is nearing, but purchasing power remains weak.

Sellers on such streets as Hang Ma, Hang Luoc, and Luong Van Can, home to many toy and decorations stores, said that this year, consumers are tightening their belts due to economic difficulties, leading to slow consumption though Christmas is just around the corner.

Most visitors here are young people coming for sightseeing and taking check-in photos, they noted.

Nguyen Van Bay, owner of a souvenir shop on Hang Luoc in Hoan Kiem district, said the street has become more vibrant on these days, but the majority of visitors are youngsters going out for pleasure.
 
There are few buyers, which have nosedived by 30 - 50% compared to previous years.

Economic difficulties have discouraged people from spending, especially on Christmas decorations, he added.

Sharing the same view, Hoang Thi Van Anh, a shop owner on Hang Ma in Hoan Kiem district, noted prices of decorations this year are equivalent to last year’s, but purchasing power has yet to meet expectations because of economic slowdown.

Therefore, she continued, her store has offered some new and unique products to attract buyers.

Aside from decorations, the market of fresh pine trees also has diverse products to offer. Most of the trees are imported from Denmark, the Netherlands, and China.

In addition to the traditional market, Christmas decorations and gifts with prices about 20% lower are also being sold on e-marketplaces such as Lazada, Sendo, and Shopee or social media platforms like Facebook or Zalo.

PepsiCo gains permission to build food factory in Ha Nam

The People’s Committee of Ha Nam province on December 19 handed over an investment registration certificate to a PepsiCo food production project of the PepsiCo Vietnam Foods Company Limited to invest in Dong Van I industrial park in Duy Tien commune.

Covering an area of 80,000 sq.m, the project has a total investment capital of more than 2 trillion VND (82.2 million USD) with a capacity of over 23,000 tonnes of all kinds of snacks a year. The project is expected to complete construction in the third quarter of 2025.

Speaking at the conference, chairman of the provincial People's Committee Truong Quoc Huy said the project will actively contribute to improving the province’s industrial production value in particular and socio-economic development in general. He  requested relevant departments and branches to create favourable conditions to help the company carry out administrative procedures as well as remove obstacles in the construction process.

The chairman also asked the company to focus on financial and human resources in order to implement the project on schedule and pay attention to vocational training and job creation for local labourers.

Nguyen Viet Ha, General Director of PepsiCo Vietnam Foods Company Limited, said the company will make efforts to implement the project on schedule.

The company will invest in expanding raw material areas in the locality and other northern provinces. The firm will also apply regenerative agriculture methods and digital technology, he added.

Livestock industry targets production growth of 4-5% in 2024

Vietnam’s livestock industry set a production growth target of 4-5% in 2024 and is expected to make up 28-30% of the country’s agricultural production.

These goals were announced at a meeting held on December 19 in Hanoi by the Department of Livestock Production under the Ministry of Agriculture and Rural Development to review its performance in 2023 and deploy its plans for 2024.

According to the department, the production of meat is expected to reach about 7.98 million tonnes in 2024 with a year-on-year increase of 3.8% including over 4.87 million tonnes of pork (up 4%) and over 2.31 million tonnes of poultry meat (up 3.1%).

Meanwhile, the output of eggs is expected to surge by 3.7% year-on-year to about 19.68 billion, and milk production is hope to hit 1.28 million tonnes, up 6.7%.

In addition, it is expected that Vietnam will produce 25,800 tonnes of honey next year and over 20.5 million tonnes of industrial feeds, an increase of 9.8% and 2.5%, respectively, compared with the figures in 2023.

To this end, Deputy Minister of Agriculture and Rural Development Phung Duc Tien asked agencies and localities to continue implementing restructuring plans in the industry, pay more attention to the market’s demand, promote advantages of specific production areas, and key animals, increase production efficiency, and boost sustainable development.

Tien also requested the livestock sector to urgently implement solutions to stabilise and develop poultry farming and grass-fed cattle to meet the demand for essential foods like meat, eggs, and milk.

They also need to mobilise resources for Vietnamese livestock products to better access markets, thus increasing the export of potential products.

Vietnam Airlines achieves positive financial results

Vietnam Airlines Corporation achieved positive financial results, with total consolidated revenue reaching 71.77 trillion VND (nearly 2.95 billion USD) in 2022.

The figure was announced at Vietnam Airlines’ 2023 annual general meeting of shareholders held last weekend.

The figure exceeded the plan set by the general meeting of shareholders by 20% and was 2.4 times higher than the results in 2021. Additionally, the number of consolidated losses decreased compared to the plan reported at the 2022 annual general meeting of shareholders.

In terms of passenger transportation, Vietnam Airlines carried 18.24 million passengers, surpassing the planned number by 7.5%. The international tourist output reached more than 2.47 million visitors, while domestic visitors reached 15.77 million. These figures exceeded the planned targets by 9% and represented a 14.2% increase compared to 2019.

The year 2022 presented significant challenges for the aviation industry, including rising input costs, particularly fuel costs. The average fuel price in 2022 was 124.4 USD per barrel, which was 14.1 USD higher than planned (110.26 USD per barrel). This increase led to fuel costs rising to approximately 2.4 trillion VND. Compared to 2019, fuel costs increased by about 7.6 trillion VND. Moreover, the USD appreciated significantly against other currencies in the past two decades, resulting in higher input costs due to the high USD/VND exchange rate.

Furthermore, 2022 was marked by major global changes in politics, economics, and society. The international air transport market began reopening on March 15, but many countries still had entry and quarantine regulations in place, which made passengers hesitant to travel. China's "zero-COVID" policy froze its market, and conflicts between Russia and Ukraine, along with the potential risk of a European economic recession, added to the challenging environment.

Despite these difficulties, Vietnam Airlines proactively developed plans for various scenarios and operated its production and business activities in line with market recovery. The company prioritised safety in epidemic prevention and control while balancing operational efficiency. By the end of 2022, Vietnam Airlines had restored its entire domestic flight network compared to pre-pandemic times and resumed operations on over 70% of international routes. Transport output exceeded the yearly plan by 7-8%.

The corporation also implemented cost-cutting measures to enhance efficiency. Total cost reductions in 2022 amounted to approximately 7.2 trillion VND, with efforts such as negotiating price reductions and implementing savings initiatives contributing to cost savings of around 4.29 trillion VND.

Binh Dinh - bright spot in attracting investment

The central province of Binh Dinh has become a bright spot in attracting domestic and foreign investors thanks to a transparent investment policy.

The province has implemented many practical solutions that focus on strengthening investment promotion abroad. Accordingly, it has set up working delegations to a number of countries with potential for cooperation and investment. Thus, this year, delegations were dispatched to Thailand, Germany and the Republic of Korea (RoK) in this regard.

After the trips, investors wanted to learn more about the development of Binh Dinh province and its orientations in the coming time, especially in terms of transport infrastructure, human resources and industries that Binh Dinh was calling for investment. Some have conducted surveys and carried out procedures to invest in the locality.

Next year, Binh Dinh will mobilise all resources to attract more investments. Specifically, it will lure investment for large-scale projects that use a lot of labourers and apply modern production processes in the Nhon Hoi Economic Zone and other industrial zones and clusters which have been planned to promote socio-economic development.

Binh Dinh will focus on attracting small and medium-sized investors with clean and high technology from Japan, the RoK, the United States, Australia, New Zealand, Israel, and European countries to fill in Nhon Hoi Economic Zone, industrial parks and industrial clusters in the province as well as enhance the development of supporting industries, infrastructure, and auxiliary services, creating an attractive premise to attract big investors.

Binh Dinh has lured six new foreign-invested projects with a total investment of nearly 1.1 trillion VND (46.2 million USD) since the beginning of this year.

The province has so far attracted 82 projects with a total registered capital of 16.3 trillion VND, surpassing the set target for 2023 by 36.6%.

Minister hosts UAE firm seeking business opportunities in Vietnam

Minister of Industry and Trade Nguyen Hong Dien had a working session with leaders of Sirius International Holding of the UAE in Hanoi on December 19 to discuss business and investment cooperation opportunities in Vietnam.

Akshay Kumar Mahajan, Director for investment at Sirius International Holding – an Abu Dhabi-based subsidiary focusing on digital transformation of International Holding Company (IHC), said that within the framework of the recent 28th United Nations Climate Change Conference (COP28) in the UAE, leaders of his company had a meeting with Vietnamese Prime Minister Pham Minh Chinh.

This visit to Vietnam by a delegation of Sirius International Holding shows the firm’s wish to promote substantive cooperation with Vietnamese partners in such potential fields as developing smart grids, carbon credit trading ecosystem and infrastructure, e-commerce, and cryptocurrency, he noted.

Minister Dien said Vietnam has been deeply integrating into the world via 16 bilateral and regional free trade agreements, and it is accelerating the negotiation on and signing of a comprehensive economic partnership agreement with the UAE.

He also provided more information about Vietnam’s commitment to achieving net zero emissions by 2050, the development of the energy sector and carbon credit trading, and e-commerce growth.

Vietnam and the UAE have agreed on the content of the comprehensive economic partnership agreement and plan to sign this deal in early 2024, he said, adding that the agreement is expected to help foster UAE business investment in the Southeast Asian country.

Minister Dien invited Sirius International Holding to work with Vietnamese firms in the fields it is interested in to tap into cooperation opportunities to be generated by the coming agreement.

Akshay Kumar Mahajan expressed his hope to soon find out potential partners in Vietnam in the time ahead.

Solutions sought to help Vietnamese businesses protect brand

A workshop discussing measures and appropriate policies to help Vietnamese businesses enhance their brand position during the process of international economic integration was held by the Vietnam Institute of Economics (VIE) under the Vietnam Academy of Social Sciences in Hanoi on December 19.

In his opening speech, Director of VIE, Assoc. Prof. Dr. Bui Quang Tuan said developing and protecting Vietnamese brands plays a crucial role in the development of the business community and the national economy, stressing that in the context of Vietnam's increasingly open economy and strong integration into the global economy, this task becomes even more essential.

He mentioned limitations in this work, saying that the brand development and protection of Vietnamese businesses still lacks professionalism, and that Vietnamese brands appear relatively indistinct in the eyes of international consumers and the competitive advantage of Vietnamese exports primarily relies in prices rather than value.

Dr. Nguyen Quoc Thinh, former head of the Marketing Faculty of the Vietnam University of Commerce, cited a recent report by Brand Finance that said the value of Vietnam's national brand rose by 11% to 431 billion USD in 2022 from 388 billion USD in 2021.

He said that to successfully build a brand, businesses need to perfect their products, enhance brand identity set and touchpoints, and promote communication activities to introduce their brands and expand distribution channels.  

Meanwhile, Dr. Khong Quoc Minh from the Intellectual Property Department (IPD) under the Ministry of Science and Technology underlined the importance of refreshing brands to meet new requirements and directions in keeping up with market trends and competing with rivals.

VinFast, Japanese corporation shake hands on repurposing EV batteries

VinFast, Vietnam’s leading electric vehicle (EV) manufacturer, and Marubeni Corporation, a major Japanese trading and investment conglomerate, on December 18 officially announced a memorandum of understanding (MoU) to explore opportunities in the secondary use of EV batteries and the potential to establish a circular economy model.

The MoU marks a significant milestone in the strategic partnership between these two companies, and represents a meaningful effort to reduce greenhouse gas emissions in Vietnam and globally.

The document announcement took place in the presence of Vietnamese Prime Minister Pham Minh Chinh, on the occasion of the Vietnam – Japan Economic Forum and the Commemorative Summit for the 50th Year of ASEAN – Japan Friendship and Cooperation held in Tokyo from December 16-18.

Under the document, VinFast and Marubeni will collaborate on researching and manufacturing Battery Energy Storage Systems (BESS) using recycled EV batteries, with VinFast supplying used batteries and Marubeni conducting feasibility assessments, technical consulting, and BESS deployment. Both companies will also work closely together to promote business opportunities in the field of recycled EV batteries, with the aim to establish a circular economic model.

Marubeni plans to leverage exclusive technology from its strategic partner to recycle VinFast's EV batteries, repurposing them into affordable and easily manufacturable BESS without the need for disassembly, processing and repackaging of the batteries.

In May, Marubeni Green Power Vietnam Co., Ltd., a subsidiary of the Marubeni Corporation, signed an agreement with VinES Energy Solution Joint Stock Company, a subsidiary of VinFast and a manufacturer of electric vehicle batteries and BESS products.

Nearly 20,000 vacancies available for workers in HCM City

Nearly 100 domestic and foreign enterprises in Ho Chi Minh City – the southern largest economic hub of Vietnam - offered some 20,000 job vacancies at a job fair held in the city on December 17.  

Most of the vacancies were available in the fields of garment and textile, leather shoes, sale and consultancy, product research and development (R&D), engineering, electricity-electronics and accounting, among others.

Enterprises with huge recruitment demand included Worldon Vietnam Co., Ltd. (11,000 workers), Vien Computer JSC (1,000 technicians), Dong Nam Viet Nam Co., Ltd. (800 workers), and LOTTE Vietnam Shopping JSC (1,000 workers).

PouYuen Vietnam Co., Ltd. and Lac Ty Co., Ltd. which had laid off a large amount of workers, were present at the job fair, recruiting workers to meet their production demand due to the recovery of orders.

The job fair aimed at providing labour market information, regulations on labour and preferential loan policies for workers, and connecting enterprises and recruiters with workers who were seeking suitable jobs. Besides, it helped promote the development of the labour market, while balancing labour supply and demand in the city./

ADB Country Director points to three main growth drivers of Vietnam's economy in 2024

Public investment, domestic consumption, and export recovery will be the three main growth drivers of Vietnam's economy in 2024, the Asian Development Bank (ADB)’s Country Director for Vietnam Shantanu Chakraborty has told the Vietnam News Agency.

The official said that the ADB maintains its GDP growth rate for next year at 6%, with an expectation that there will be a certain recovery in the external environment, and domestic growth drivers will regain momentum from 2023.

An important foundation to maintain growth momentum in the coming time will be macroeconomic stability thanks to Vietnam's continuation of prudent fiscal policies, and proactive and flexible monetary policies applied since 2023, he stated, stressing the need to ensure that they are effectively carried out to create stronger momentum for the economy.

To achieve the 6% growth in 2024, the ADB Country Director advised Vietnam to speed up public investment in infrastructure, as it will help stimulate economic activities, support industrial, construction and mining businesses, and provide more employment opportunities.

Domestic consumption can be boosted by fiscal measures that encourage demand, and also supported by appropriate monetary policies that keep interest rates at relatively low levels.

To cope with headwinds, Vietnam's policies need to be more proactive to support enterprises in expanding their markets, and promoting the exploitation of signed free trade agreements.

In the long term, Vietnam needs to promote public investment in green energy transition, upgrade infrastructure to improve the competitiveness of the economy, and strengthen the foundation to increase resilience and boost sustainable development, Shantanu Chakraborty said.

Assessing the country’s economic situation this year, he said that its economy is showing a strong recovery despite the global economy’s instability and increasing geopolitical tensions.

The Vietnamese Government has taken right steps to solve problems posed by global challenges. To date, the Government has achieved a balance between monetary and fiscal policies to ensure high resilience to the global challenges facing the economy.

The bank recently lowered its growth forecast for Vietnam this year to 5.2% from the previous 5.8% forecast. However, according to him, Vietnam's growth rate is quite good compared to many countries in the region.

Vietnam's economy remains resilient in 2023: WB official

Andrea Coppola, World Bank Lead Economist for Vietnam, has described Vietnam in 2023 as resilient, saying that amid the global economic slowdown, the Southeast Asian nation was still able to sustain a rate of growth that many other countries in the rest of the world can only dream about.

According to Coppola, Vietnam is considered one of the most open economies in the world. Its strong trade relations with the rest of the world are a source of strength and success. Vietnam’s economic performance in 2023 is positive when the very challenging global context is put into consideration.

Economic growth in the US was about 2.5% in 2023, he said, adding that in the European area, economic growth was even weaker at about 0.5%. Despite the global challenges, Vietnam was able to continue growing at relatively fast rates.

The last part of the 2023 showed signs of economic recovery in the country, he said, noting that this recovery is driven by three main factors: a gradual recovery of external demand for Vietnamese exports, increasing public investment, and resilient private consumption.

Vietnam also raised a lot of attention in 2023 as media outlets with global reach have published articles to underscore the country’s performance and potential, he said, stressing that the visits of world leaders to Vietnam also attracted even more the attention of the international community. 

According to the economist, Vietnam is an appealing destination for international investors because of its economic and political stability and its capacity to integrate in the global economy.

He stressed that in such a context, it is critical for the country to continue strengthening the business environment and attract private investors’ attention to fully take advantage of impact of global geopolitical developments on international investment and trade.

After the global slowdown experienced in 2023, global economic growth is expected to decelerate further in 2024, including in key trade partners of Vietnam such as the US, Coppola said.

The WB hopes that the demand for Vietnamese exports from the rest of the world will recover in 2024, he said, recommending Vietnam to leverage its internal strength and boost the productivity growth of its domestic economy to transform the challenges provided by the global economic slowdown into an opportunity to further strengthen its economic growth model.

Authorities can play an important role to support the economy through fiscal policy, particularly by accelerating the implementation of transformational public investment and infrastructure projects which are going to strengthen economic growth both in the short term and in the longer term, he said.

According to the expert, Vietnamese people are the greatest source of the country’s internal strength, so he suggested Vietnam continue promoting the private sector development and boosting productivity by upskilling the labour force and physical capital development through public investments in transport and energy infrastructure that can further strengthen the competitiveness of the private sector.

According to Vietnam’s Macro and Poverty Outlook released by the WB in October, Vietnam’s economic growth is expected to slow to 4.7% this year before recovering to 5.5 % in 2024 and 6.0 % in 2025.

Source: VNA/SGT/VNS/VOV/Dtinews/SGGP/VGP/Hanoitimes