Meanwhile, despite efforts and continuous measures to accelerate public investment disbursement, it is recorded that by the end of November 2023, the country has only achieved about 65.1 percent of the plan assigned by the Prime Minister. Without fundamental changes, overlapping laws and regulations in the field of public investment disbursement will continue to be a hindrance in 2024.

Despite the government, agencies and businesses’ efforts to accelerate in the year-end months, the import-export revenue did not help reach the finish line when it only reached US$683 billion in 2023, down 6.6 percent compared to the previous year. 2023's trade balance of goods reached a surplus of $28 billion far exceeding 2022 with $11.2 billion.

While the world continues experiencing many risks and aggregate demand is unlikely to recover as before the Covid-19 pandemic, the country should take advantage of domestic consumption stimulation needs in the context of extensive cooperation, especially the global Strategic Partnership Agreement that Vietnam signed at the end of 2023 as a lever to create momentum for 2024.

Based on that, in addition to continued efforts to find ways to recover by disbursing public investment and making good use of the position and opportunity in 2024 to help boost exports, domestic consumption should be identified as the driving force for the city's economic development. Simultaneously, a system of policies, mechanisms and projects should be built to promote domestic consumption as an important motivational solution in the process of recovery and acceleration of the southern largest city’s socio-economic development in 2024-2025.

This year, promotion programs to stimulate people's consumption should be carefully evaluated and researched to effectively connect goods and services to people's needs as well as encourage businesses in Ho Chi Minh City to find partners and expand markets for goods, services, and tourism through linking the Southeast and Mekong Delta regions as well as other regions. The National Assembly-approved Resolution 98 should be applied to identify the leading role of Ho Chi Minh City and shape the integrated development region of Ho Chi Minh City - Binh Duong - Dong Nai - Tay Ninh.

In particular, the form of livestream sales and shopping is projected to continue to explode in 2024. This is an inevitable trend, both a market demand and an inherent requirement in the digital economic environment that has developed during and after the Covid-19 pandemic. After the OCOP Can Gio market, Ben Thanh market, the social commerce trend or commerce on social networking platforms is spreading throughout many traditional markets such as An Dong, Tan Binh, and Hanh Thong Tay.

It is hoped that authorities will be the supporter in technical training and work with network operators to provide technology assistance for small businesses who want to make changes for survival during the economic crisis. To take advantage of livestreaming sales, there should be online markets at special times, especially the upcoming Tet markets, or upgraded to fairs focusing on Tet goods.

Typically, Saigon Co.op plans to organize eight livestream sales sessions on the website and application according to eight separate topics to introduce typical products and services of the Co.opmart system this Tet holiday (the Lunar New Year). Functions for traditional commercial areas combining offline with online should be converted to sell the Tet decoration items.

Noticeably, while sales in traditional stores are sluggish with few orders, revenue increased by 56 percent on online platforms. Specifically, just in one month, more than 427,000 Tet decoration products were sold. It is estimated that around 2.7 million products were sold during the upcoming festive season.

Industrial land lease prices in Northern region forecast to rise sharply

Industrial land lease prices in the Northern region are forecast to rise sharply, said participants at a seminar organized by the Academy of Finance on January 4 in Hanoi.

In 2024 and 2025, industrial land rental prices (attached to industrial real estate) are expected to increase 6 percent to 10 percent per annum in the Northern region and 4 percent percent a year in the Southern region.

Meanwhile, ready-built warehouse rental prices are forecast to increase slightly by 2 percent-4 percent per year. After Vietnam recently upgraded its cooperative relations with major partners such as the US, Korea, and China, investment capital flows from these countries are expected to continue which will drive demand for leasing industrial land in the upcoming time in Vietnam.

Many experts also predict that Vietnam's industrial real estate market will attract investment in three main products including industrial parks, factories for rent and warehouses for rent from 2024.

According to Mr. Stephen Higgins, Senior Director of Cushman & Walkefield Capital Markets, the market size of the three industrial real estate segments will grow at least twice in the next 10 years because logistics companies will serve the domestic consumer market and thus be closer to central residential areas.

Air routes from Can Tho airport reopened during lunar New Year Festival

An air route connecting the Mekong Delta city of Can Tho and Taiwan (China) will be resumed to serve the increasing travel demand during the upcoming lunar New Year (Tet) Festival.

Accordingly, flights on the Can Tho – Taiwan route will be operated on Sundays, Wednesdays and Fridays from January 21. Flights from the Can Tho International Airport will take off at 2:30 pm, while return flights will land at the Can Tho International Airport at 10:45 pm of the same day.

Meanwhile, flights on the route between Can Tho and the Incheon International Airport of the Republic of Korea (RoK) have been stably operated since late 2023 on Monday, Tuesday, Thursday, and Saturday every week. 

The resumption of the routes aims to create favourable conditions for overseas Vietnamese to return home to celebrate Tet.

More aquaculture establishments allowed to export to markets

An additional 99 aquaculture establishments were licensed to export to the Republic of Korea (RoK), the European Union, China, the US and Russia in 2023, according to the Ministry of Agriculture and Rural Development’s National Authority for Agro-Forestry-Fishery Quality, Processing and Market Development (NAFIQPM).

Specifically, 38 more establishments are allowed to ship aquatic products to the RoK, raising the total number of exporters to this market to 786. The figures are 13 and 524 for the EU market, 45 and 585 for China, one and 26 for the US, and two and 83 for the Russian market.

In addition, 6,997 growing areas and 1,613 packaging establishments were granted export codes.

Meanwhile, more products have gained access to certain markets, such as durian and bird’s nest to China, pomelo and fresh coconut to the US.

Last year, Vietnam earned 53.01 billion USD from shipping agro-forestry-aquatic products abroad.

Many start-ups integrate sustainable development goals into operations

Up to 85% of Vietnamese businesses under a survey reported they have fully or partially integrated the Sustainable Development Goals (SDGs) into their operations.

In particular, the number of businesses in the fields of technology, communications and marketing, e-commerce or AI, blockchain, accounts for nearly 100%.

Vietnam is increasingly demonstrating its determination to associate national development with the SDGs through integrating these goals into national development activities and policies.

In that context, startups and small and medium-sized enterprises are considered indispensable.

The Project Office “Support Innovative Startup Ecosystem in Vietnam Until 2025”, of the Ministry of Science and Technology, in coordination with Start-up Vietnam Foundation, Innovation Connection Platform BambuUP, MSD Vietnam and MSD United Way Vietnam, have just conducted a survey on innovation and entrepreneurship towards sustainable development goals and lessons learned from practice for Vietnam.

The survey was conducted on 153 businesses. The results show that the three most prominent goals chosen by businesses include SDG8: job creation and sustainable economic growth (57%); SDG12: sustainable consumption and production (39.66%) and SDG4: quality education (31.03%).

In addition, 100% of businesses expressed a desire to contribute to sustainable corporate values, 63.79% aimed to promote initiatives and promote innovation, while half of these businesses prioritised responding to customer and market needs.

The above data shows the current situation of businesses that are gradually tending to be more proactive in recognising and being more responsible for environmental and social issues.

More than 82.76% of businesses choose to integrate SDGs into their business activities by taking concrete actions to incorporate sustainability into their core strategies and adjust their products and services according to principles that support sustainable development.

This underlines their true dedication in contributing to a more sustainable future, demonstrating a comprehensive and deep commitment to responsible business practices and sustainable development.

However, the implementation of these goals still faces certain difficulties.

More than 74.14% of businesses reflected that they are experiencing financial problems, 36.21% of businesses have human resource problems and 37.93% of entities find it difficult to balance SDGs with profit goals.

To overcome the above problems, the survey also recommends that Vietnam continue to learn from international experiences like other countries in the OECD by promoting the use of industrial policy to encourage entrepreneurs to commit to the SDGs and provide more accessible information on the regulatory framework for businesses.

Additional recommendations include introducing a mandatory compliance regime, requiring businesses to report information on the impact of business activities on the environment and society.

At the same time, the effort should implement supporting policies, loans or equity investments to generally support businesses' sustainable initiatives and help start-ups and small and medium-sized enterprises have a clear direction in implementation of the SDGs.

An Giang exports first green-peel elephant mangoes to Australia, US

The Mekong Delta province of An Giang on January 5 exported a total of seven tonnes of green-peel elephant mango (Mangifera Indica) to Australia and the US.

Speaking at the event, Deputy Chairman of Cho Moi district People’s Committee Doan Thanh Loc said that export initially affirmed the position of the locality’s fruit in demanding markets like Australia and the US. This is also a significant event of the local agricultural sector, helping bring about enormous economic opportunities while bolstering the image and reputation of the province’s agricultural products in the international market.

Huynh Kim Dinh, Deputy Director General of the Department of Cooperatives and Rural Development, said her office commits to continue accompanying, supporting and creating favourable conditions for local cooperatives and enterprises to participate in the project and promote the development of sustainable mango production - consumption links.

Cho Moi district has the largest mango growing area in An Giang province with more than 6,401ha. In 2009, 40 mango farming households in Tan My, My Hiep, and Binh Phuoc communes of the district carried out mango production according to VietGAP standards under the direction of the Central Horticultural Association.

The district has issued 41 area codes for planting green elephant mango with an area of over 6,149ha for export to China, the Republic of Korea, Japan, Australia, and the US.

Hai Phong strives to welcome 9.1 million tourists in 2024

The northern port city of Hai Phong has introduced several key tourism tasks to realise the goal of 9.1 million tourists, including more than one million foreign arrivals, in 2024.

Deputy Director of the municipal Tourism Department Duong Duc Hung said that the city’s tourism sector will focus on improving quality of sports tourism (especially golf tourism), meeting-incentive-conference-event (MICE) tourism and cruise tourism.

At the same time, the sector will continue to develop “Hai Phong City tour” in association with local historical, cultural, cuisine and architectural values, and bolster communications activities on the city's sea and island tourism.

The sector will actively participate in fairs, programmes and events to stimulate tourism demand and support travel agencies to expand markets, seek opportunities for cooperation and investment in some key markets in Northeast Asia, Southeast Asia, and Europe, among others, particularly on occasions of important political, diplomatic, cultural and sports events both home and abroad.

The city will invest in developing tourism human resources, especially training in professional skills and the Code of Conduct for tourism, and pay attention to protecting environmental sanitation, security and safety at tourist zones and attractions.

In 2023, the city’s Department of Tourism connected with travel businesses of the Republic of Korea to study ways to promote golf tourism targeting Korean visitors.

The city welcomed about 7.9 million tourists in 2023, an increase of 12.85% compared to 2022.

Thailand’s Kasikornbank to expand operation in Vietnam

Kasikornbank (KBank), Thailand’s second-largest lender by total assets, is focusing on expanding its international  banking business this year in Vietnam and Indonesia, given the two ASEAN economies’ high growth potential.

KBank chief executive Kattiya Indaravijaya said Vietnam and Indonesia are expected to post strong economic growth as compared with regional peers.

The World Bank forecast long-term Thai GDP growth of 3%; therefore, the bank’s regional expansion is said to facilitate its business growth as Thai companies have branched out to regional markets.

For KBank Vietnam, the goal is to be among the top 20 banks by asset size in the market by 2027 following a branch opening in Ho Chi Minh in August 2022, she said, adding digital bank is a key strategy for growing business in the market.

Around 1.3 million people are using its mobile banking app, K-Plus, in Vietnam.
As of September 2023, the bank’s total loan portfolio amounted to 2.49 trillion THB (over 72 billion USD).

It has been present in Cambodia, China, Indonesia, Japan, Laos, Myanmar, and Vietnm.

For the digital platform, the bank provides cross-border multi-currency settlement, cross-border THB direct settlement and cross-border retail payment.

Additionally, it has partnered with 80 banks in 14 countries.

Vietnam prioritises driving growth momentum this year: Cabinet

Vietnam will  focus on boosting growth, maintaining macroeconomic stability, controlling inflation, and ensuring key balances of the economy in 2024, stated Minister-Chairman of the Government Office Tran Van Son while chairing a regular government press conference in Hanoi on January 5.

Noting that 2024 continues to be a challenging year for Vietnam, Son said in addition to bolstering traditional growth drivers like investment, exports, and consumption, there is a need to promote new ones like regional linkages, science and technology, innovation, digital transformation, green transformation, semiconductors, and hydrogen. Notably, the government is determined to cut state budget expenditures by 5% and increase budget revenue by at least 5%, he added.

Moreover, ministries and localities will continue to streamline administrative procedures and business regulations, Son said, adding that the goal for 2024 is to reduce administrative compliance costs by at least 10%. Efforts are set to be intensified in resources management and environmental protection, with resources allocation for disaster prevention and climate change response prioritised. Foreign relations and international integration will also be further strengthened.

The official stressed the country’s 2023 encouraging results, with economy expanding quarter-on-quarter to reach 5.05%, placing Vietnam among the high-growth countries regionally and globally and raising the size of the economy to around 430 billion USD.

The stability of the monetary and foreign exchange markets was maintained, with interest rates decreasing by approximately 2 percentage points compared to the end of 2022. The agricultural sector remained resilient, registering a growth of 3.83% – the highest in the past decade. The service sector grew by 6.82%, and the total retail sales of goods and consumer service revenue by 9.6%. The industrial sector rebounded quickly each quarter, logging a 3.02% annual growth.

The state budget revenue exceeded the estimate by around 8.12%, enabling the allocation of approximately 560 trillion VND (22.97 billion USD) for salary reform over the next three years (2024-2026).

Foreign direct investment (FDI) attraction, meanwhile, reached nearly 36.6 billion USD, up 32.1% year-on-year, in the context of global trade and investment contraction. Actual FDI disbursement was close to 23.2 billion USD, the highest ever recorded, indicating that Vietnam remained an attractive destination for foreign investors. The digital economy's contribution to GDP hit about 16.5%, making Vietnam the fastest-growing digital economy in Southeast Asia for the two consecutive years.

At the event, Deputy Governor of the State Bank of Vietnam Dao Minh Tu announced that the credit growth target for 2024 is expected to be 15%, with the figure for 2023 standing at 13.71%.

An Giang exports first green-peel elephant mangoes to Australia, US

The Mekong Delta province of An Giang on January 5 exported a total of seven tonnes of green-peel elephant mango (Mangifera Indica) to Australia and the US.

Speaking at the event, Deputy Chairman of Cho Moi district People’s Committee Doan Thanh Loc said that export initially affirmed the position of the locality’s fruit in demanding markets like Australia and the US. This is also a significant event of the local agricultural sector, helping bring about enormous economic opportunities while bolstering the image and reputation of the province’s agricultural products in the international market.

Huynh Kim Dinh, Deputy Director General of the Department of Cooperatives and Rural Development, said her office commits to continue accompanying, supporting and creating favourable conditions for local cooperatives and enterprises to participate in the project and promote the development of sustainable mango production - consumption links.

Cho Moi district has the largest mango growing area in An Giang province with more than 6,401ha. In 2009, 40 mango farming households in Tan My, My Hiep, and Binh Phuoc communes of the district carried out mango production according to VietGAP standards under the direction of the Central Horticultural Association.

The district has issued 41 area codes for planting green elephant mango with an area of over 6,149ha for export to China, the Republic of Korea, Japan, Australia, and the US.

Vinhomes kicks off its first social housing project in Hai Phong

Vietnam’s biggest listed property firm Vinhomes JSC on January 6 held a ceremony to kick off its first social housing project in Hai An district, Hai Phong city.

“Happy Home Trang Cat” is the social housing project with the largest scale and utility infrastructure in Hai Phong with the provision of 4,300 houses, thus contributing to solving the housing need of tens of thousands of local workers.

Covering an area of 28.14 ha, the project includes 27 apartment buildings from 7 to 9 storeys, and nearly 300 houses along with modern utility services such as outdoor sports areas, children's playgrounds, gardens. Commercial and service works, and schools are also built inside the area, along with a medical station and other available infrastructure in the area. It has a total investment of 5.8 trillion VND (238 million USD).

The project is expected to be completed in five years.

Electricity supply plan in 2024 dry season approved

The Ministry of Industry and Trade has approved the plan for electricity supply during dry season which runs from April to July 2024.

The ministry asked the Việt Nam Electricity (EVN) to keep a close watch on the hydrological situation of hydroelectric reservoirs to have an appropriate operational plan.

Before March 15, 2024, EVN is responsible for updating and reporting to the ministry on electricity assurance plan for the national power system, including fuel supply for thermal power plants, especially those in the northern region during the peak dry season months of 2024 with scenarios to respond to problems and difficulties which might arise together with backup plans in case incidents occur.

EVN must make public the electricity supply plan for the dry season, including information about the electricity mobilisation and import.

It is estimated that more than 109 billion kWh is needed for this year’s dry season.

Checks must be carried out carefully to prevent incidents to generators and ensure uninterrupted operation.

The ministry also asked priority to ensuring enough coal and gas for electricity generation in the dry season months.

Accordingly, the Việt Nam Oil and Gas Group must be in charge of asking the Việt Nam Gas Corporation to coordinate with thermal power plants and give priority to supply gas for electricity production.

Effort must be sped up to put Thái Bình thermal power plant No. 2 into commercial operation to ensure readiness and reliable operation during the peak months of the 2024 dry seasons and the full year.

Việt Nam National Coal – Mineral Industries Group, Đông Bắc Corporation and other coal suppliers must coordinate with coal-fired power plants to develop detailed coal supply plan for the dry season.

On December 25, Prime Minister Phạm Minh Chính signed an official dispatch calling for drastic efforts to ensure an adequate supply of power in 2024 and the following years.

“No electricity shortages are allowed to happen and affect production, business and people’s lives,” he stressed.

In late May and early June 2023, the northern region faced power outages, which significantly affected production and business and undermined investors’ confidence. 

Ninh Thuận: Creating growth momentum for 2024

To create growth momentum for socio-economic development in 2024, Ninh Thuận Province has identified its main tasks and solutions to spur a gross regional domestic product (GRDP) growth rate of 11-12 per cent.

According to Ninh Thuận Province's People's Committee, the province strives for a GRDP growth rate of 11-12 per cent, and average income per capita of about VNĐ101 million (US$4,300). The economic structure of agriculture - forestry - fishery accounts for 25-26 per cent; industry - construction accounts for 41-42 per cent; and services 32-33 per cent.

The province strives for local budget revenue to reach about VNĐ4 trillion, and total social investment capital of about VNĐ22.9 trillion.

The proportion of total factor productivity (TFP) contribution to GRDP is 39-40 per cent. The contribution of the marine economy to GRDP is 42 per cent. Labor productivity is about 8-9 per cent and the proportion of digital economy contributing to GRDP is 12 per cent.

Ninh Thuận Province strives to reduce the poverty rate by 1.5-2 per cent, with Bác Ái District alone reducing it by at least 4 per cent. There are two or three communes meeting new rural standards, and three to four communes meeting advanced new rural standards.

The rate of high schools meeting national standards targeted at 64-65 per cent.

The province will provide vocational training to more than 9,500 people. The rate of trained workers will reach 67-68 per cent and 98.5 per cent of communes will meet national health criteria.

Regarding the environment, the province strives for a forest coverage rate of 48.14 per cent, with 99.7 per cent of rural households provided with clean hygienic water and 100 per cent of households using clean water meeting Ministry of Health standards. All operating industrial clusters will have centralised wastewater treatment systems that meet standards.

Trần Quốc Nam, chairman of the provincial People’s Committee, said the province has mobilised capital from various sources to invest in coastal areas. With precise investment mechanisms and policies, it managed to attract strategic investors.

The province will continue to mobilise resources for investment to improve infrastructure in coastal areas and areas zoned for developing key tourism, energy and coastal urban area projects, he said.

The province will also focus on developing six key sectors, giving priority to promoting growth such as promoting investment, especially public investment; energy; tourism; manufacturing and processing industry; high-tech agriculture; and urban economy.

The province will strive to increase the added value of the entire agriculture - forestry - fishery sector by 4-5 per cent, the industry sector by 17-18 per cent, the construction sector by 23-24 per cent, and the service and tourism sectors by 9-10 per cent.

In addition to focusing on economic development, the province will also pay attention to comprehensive and synchronous development of the fields of culture, society, education and health, including ensuring social security, sustainable poverty reduction, and improving the material and spiritual lives of the people.

The provincial People's Committee will strictly manage and effectively use land and resources, protect the environment, proactively prevent and combat natural disasters, and respond to climate change, Nam said.

The urbanisation rate is aimed at around 55-56 per cent. Poverty rates would be kept well below 2 per cent.

Ninh Thuận has set out to bolster its transportation networks to cater to the specific demands of each urban area across the province.

A key part of this plan involves the development of Ninh Thuận's seaport system, including the Cà Ná and Ninh Chữ port zones, which serve as comprehensive national ports. These ports play a regional hub role, handling general cargo, containers and liquefied gas.

Ninh Thuận aims to become an exceptionally attractive destination with high regional and national competitiveness.

Ninh Thuận is also dedicated to preserving and honouring its rich and diverse cultural heritage, while simultaneously raising living standards and quality of life for its residents.

Robust national defence and security measures will be implemented to ensure the province's long-term stability.

In 2023, the provincial People's Committee issued an implementation plan to promote growth. Thanks to that, the total production value of industries in the province reached VNĐ52.7 trillion, an increase of 10.46 per cent compared to 2022.

GRDP in 2023 reached VNĐ25.7 trillion, an increase of 9.4 per cent compared to 2022, ranking the province ninth nationwide and second among provinces in the north central and central coast regions. The poverty rate decreased to 1.72 per cent.

Market closes 1st week of New Year on a positive note

The stock market closed the week on a positive note on gains of banking and some pillar stocks, while foreign investors kept selling on the biggest bourse.

The benchmark VN-Index on the Hồ Chí Minh Stock Exchange (HoSE) extended the uptrend since the market reopened after the New Year holiday. It increased 3.96 points, or 0.34 per cent, to 1,154.68 points.

The breadth of the market remained in negative territory as 140 stocks inched higher while 169 declined.

Liquidity dropped from the previous session, down 35.6 per cent to VNĐ16.3 trillion (US$668.6 million). This was equal to a trading volume of nearly 803.3 million shares.

The VN30-Index, tracking the 30 biggest stocks on the southern bourse, rose 4.77 points, or 0.41 per cent, to 1,161.14 points. In the VN30 basket, up to 19 stocks added up points while 11 ticker symbols hit lower.

According to the Saigon - Hanoi Securities JSC (SHS), the market is moving positively and has approached the short-term barrier of 1,150 points.

"In the short term, the market is likely to fluctuate and correct at the resistance area, but with a good short-term accumulation base, we expect that after further accumulation, the VN-Index will soon surpass this threshold to enter the expected area of ​​medium-term accumulation," said SHS.

In the top five stocks leading the market's bullish trend, BIDV (BID) led the rally with a gain of 1.95 per cent. It was followed by Vietinbank (CTG), up 1.4 per cent, MBBank (MBB) rose 2 per cent and Vietcombank (VCB) up 0.35 per cent.

Other large-cap stocks contributed to the uptrend were Vietnam Rubber Group (GVR), Sacombank (STB), PVGas (GAS), Mobile World Investment Corporation (MWG), SSI Securities Corporation (SSI) and Vietnam International Commercial Joint Stock Bank (VIB). All the stocks soared in a range of 0.65-2.45 per cent.

In the contrast, many stocks still faced sell-off. Vinhomes (VHM) plunged 0.81 per cent, VPBank (VPB) was down 0.78 per cent, and Vietnam Airlines JSC (HVN) dipped 2.3 per cent.

On the Hà Nội Stock Exchange (HNX), the HNX-Index also inched higher to 232.76 points, an increase of 0.2 points, or 0.09 per cent.

Investors poured VNĐ1.14 trillion into the northern exchange, equivalent to a trading volume of 60.95 million.

Foreign capital was still run away from the market as foreign investors withdrew a net value of VNĐ411.27 billion on both main exchanges. In particular, they net sold VNĐ422.84 bilion on HoSE but net bought VNĐ11.57 billion on HNX. 

Measures sought to help domestic firms optimise US market

Experts gathered at a forum in HCM City on Thursday to seek ways for domestic firms to effectively exploit the US market as the two countries have upgraded their ties to a comprehensive strategic partnership.

According to Phan Thị Mỹ Yến, director of the Centre for Vietnamese Trademark Research and Development under the Việt Nam Union of Science and Technology Associations (VUSTA), US demand for Vietnamese farm produce is high, but the majority of the products are being sold in the market under foreign brands, which is a difficulty for both farm produce businesses and those involving in branding activities in Việt Nam.

Yến said that the upgrade of the Việt Nam-US relations has provided a good opportunity for Vietnamese firms to access the US market for higher export revenue and better reputation.

However, she said that to effectively exploit this market, Vietnamese agricultural and food businesses should pay greater attention to building their trademarks in a scientific manner, while systematically investing in their production to enhance the quality of their products, thus enhancing their reputation and competitiveness.

Deputy Minister of Agriculture and Rural Development Phùng Đức Tiến said that the US is a large market and a target of many exporters, but entering this market is still a challenge for Vietnamese businesses.

He advised domestic firms to strengthen the application of science and technology in the processing stage.

Economist Dr. Lê Đăng Doanh stressed the need to design policies and solutions to exploit the US market, to which the door has opened wide. He recommended that domestic firms actively participate in trade promotion activities and fairs, while connecting with relevant agencies, building trust among US consumers, and optimising digital technology to seek partners.

The economist pointed out that US trade defence remedies, tariff barriers and competition from South American, Asian and African rivals have been among greatest difficulties for Vietnamese exporters in the US.

Huỳnh Minh Triết from the Trade Office of the US Consulate General in HCM City said that Việt Nam and the US are heading together toward sustainable and balanced cooperation.

The US has encouraged Vietnamese firms to expand investment and business in many areas of the country from consumer goods, garment and textile, energy, bio-pharmaceuticals, automobiles, machinery and equipment, hotel and tourism.

The US is not only a "launching pad" for Vietnamese businesses to export to other American markets, but also a good production venue thanks to abundant material sources and abundant financial resources with various private investment funds that are ready to support foreign investors, he underlined. 

ACV and Vietnam Airlines signed a strategic cooperation agreement

The Airports Corporation of Vietnam (ACV) and Vietnam Airlines Corporation (VNA) signed a strategic cooperation agreement on January 3, 2024 to leverage the strengths, experience, and resources of the two leading aviation entities under the Committee for Management of State Capital at Enterprises.

The agreement outlines various areas of collaboration between ACV and Vietnam Airlines. One key aspect is the joint research and development of new products and services aligned with global aviation industry trends. This partnership will enable Vietnam Airlines to enhance its service quality, with ACV actively supporting the airline and its member units in this endeavour.

In addition, both corporations will optimise advertising and communication activities by leveraging their respective strengths. They will also collaborate extensively in the fields of information technology and digital transformation.

The cooperation established through this agreement serves as a platform for sharing vision, management expertise, and operational experience. By doing so, it aims to improve operational efficiency and facilitate business development for both entities. Furthermore, this collaboration is expected to enhance the passenger experience and make a positive contribution to the growth of Việt Nam's aviation industry, as well as the overall economic and social development of the country.

Inflationary pressure to ease in 2024: Economists

Economists at a workshop in Hà Nội on Thursday shared the view that despite a host of difficulties forecast for 2024, inflation would not be a big issue for Việt Nam in the year.

Speaking at the workshop, jointly held by the Institute of Economics and Finance under the Academy of Finance and the Price Management Department at the Ministry of Finance, Deputy Director of the Institute Nguyễn Đức Độ explained that the world economy, especially the US and China, is expected to slow this year.

Given this, Việt Nam’s exports are projected to remain modest, he said. The struggling real estate market will adversely affect the entire economy and lead to low growth in the year.

Độ also set out several scenarios for the consumer price index (CPI) growth, the main gauge of inflation, ranging from 2.5 to 3.5 per cent.

Economist Định Trọng Thịnh said Vietnamese enterprises will optimise opportunities generated by free trade agreements (FTAs) and the economy would grow 5.5-6.5 per cent, with inflation hovering around 3.2-3.5 per cent.

Associate Professor Dr. Ngô Trí Long stressed that the inflation target of 4-4.5 per cent approved by the National Assembly would be possible thanks to the Government’s experience in price management, plus aggregate demand yet to show signs of rebound.

However, the factors that cause inflationary pressure still remain, but the outlook is better in a number of countries, reducing the once high CPI growth forecast due to service fee adjustments, heard the workshop.

The Price Management Department will also keep a close watch on economic developments and impacts of global inflation on Việt Nam to take appropriate solutions, while closely monitoring the domestic market to give policy consultation and flexible management scenarios.

Statistics show that Việt Nam’s CPI rose 3.25 per cent in 2023, much lower than the target of about 4.5 per cent.

Economists reported that the building of price management scenarios that match the reality is an important basis to control inflation.

Many start-ups integrate sustainable development goals into their operations

85 per cent of Vietnamese businesses under a survey reported they have fully or partially integrated the Sustainable Development Goals (SDGs) into their organisation's operations.

In particular, the number of businesses in the fields of technology, communications and marketing, e-commerce or AI, blockchain, accounts for nearly 100 per cent.

Việt Nam is increasingly demonstrating its determination to associate national development with the SDGs through integrating these goals into national development activities and policies.

In that context, startups and small and medium-sized enterprises are considered indispensable.

The Project Office “Support Innovative Startup Ecosystem in Việt Nam Until 2025”, of the Ministry of Science and Technology, in co-ordination with Start-up Việt Nam Foundation, Innovation Connection Platform BambuUP, MSD Việt Nam and MSD United Way Việt Nam, have just conducted a survey on innovation and entrepreneurship towards sustainable development goals and lessons learned from practice for Việt Nam.

The survey was conducted on 153 businesses. The results show that the three most prominent goals chosen by businesses include SDG8: job creation and sustainable economic growth (57 per cent); SDG12: sustainable consumption and production (39.66 per cent) and SDG4: quality education (31.03 per cent).

In addition, 100 per cent of businesses expressed a desire to contribute to sustainable corporate values, 63.79 per cent aimed to promote initiatives and promote innovation, while half of these businesses prioritised responding to customer and market needs.

The above data shows the current situation of businesses that are gradually tending to be more proactive in recognising and being more responsible for environmental and social issues.

More than 82.76 per cent of businesses choose to integrate SDGs into their business activities by taking concrete actions to incorporate sustainability into their core strategies and adjust their products and services according to principles that support sustainable development.

This underlines their true dedication in contributing to a more sustainable future, demonstrating a comprehensive and deep commitment to responsible business practices and sustainable development.

However, the implementation of these goals still faces certain difficulties.

More than 74.14 per cent of businesses reflected that they are experiencing financial problems, 36.21 per cent of businesses have human resource problems and 37.93 per cent of entities find it difficult to balance SDGs with profit goals.

To overcome the above problems, the survey also recommends that Việt Nam continue to learn from international experiences like other countries in the OECD by promoting the use of industrial policy to encourage entrepreneurs to commit to the SDGs and provide more accessible information on the regulatory framework for businesses.

Additional recommendations include introducing a mandatory compliance regime, requiring businesses to report information on the impact of business activities on the environment and society.

At the same time, the effort should implement supporting policies, loans or equity investments to generally support businesses' sustainable initiatives and help start-ups and small and medium-sized enterprises have a clear direction in implementation of the SDGs. 

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