Despite difficulties in 2022, many enterprises, especially in banking, fertilizer manufacturing and transport, reported good business results in 2022 and are paying high dividends.

Investment management firm VinaCapital said it expects Vietnam’s economy and stock market to “normalise” this year after the COVID-19 pandemic.

The Trade Promotion Agency under the Ministry of Industry and Trade (MoIT) will collaborate with relevant agencies in carrying out measures to help enterprises expand their shares in foreign markets, said Vu Ba Phu, head of the agency.

Geopolitics and new technologies are changing the world, opening up new opportunities for Vietnam to develop, if it can grasp them.

Vietnam’s economy still relies heavily on the agro-forestry-fishery sector, as the trade surplus of this group accounted for over 75% of the national figure in 2022.

Some 43,900 businesses have withdrawn from the local market in the year to date, up 14.4% year-on-year, according to the Agency for Business Registration under the Ministry of Planning and Investment.

The Ministry of Industry and Trade has set a target of an average industrial value-added growth rate of over 8.5% per year, with the proportion of the manufacturing industry as part of GDP reaching about 30% by 2030.

The Central Institute for Economic Management (CIEM) under the Ministry of Planning and Investment has sketched out two scenarios for the Vietnamese economy in 2023.

Vietnam is becoming a destination for global manufacturers, an opportunity that needs to be taken full advantage of.

With certain headwinds predicted for the global economy in 2023, Vietnam too, faces considerable challenges. But opportunities are also significant if concerted and appropriate solutions are taken, an expert has said.

Vietnam’s economy had a prosperous year in 2022 with GDP growth rate of 8.02 percent, a one-decade high.

Positive prospects for Vietnam’s stock market this year

A survey conducted by the association showed 63% of Japanese enterprises said they would continue investing in operation expansion in the next 1-2 years, reflecting that investors have great expectations for Vietnam's economic growth.

The impressive growth momentum during the past year is expected to be a premise for Vietnam to achieve the growth target of 6.5% in 2023, according to economic experts.

The slowdown or possibly recession of the global economy; risks and uncertainties in the financial system that may culminate in a crisis; and foot-dragging disbursement of public investment are three major challenges to Vietnam’s economy in 2023.

Reducing the VAT (value added tax) by 2 percent has been the most practical solution to stimulate consumption and production.

The Central Institute for Economic Management (CIEM) has developed two scenarios for the Vietnamese economy in 2023 after an 8% growth rate was recorded in 2022.

Last year, Vietnam’s economy recovered impressively with GDP growth of 8.02%, far exceeding the target of 6-6.5% set by the National Assembly and the Government.

“Industrialization means that we have to produce many things ourselves so that our industry can move higher.”

Vietnam’s GDP growth in 2023 has been adjusted upward to 6.8% in the ASEAN+3 Macroeconomic Research Office (AMRO)’s January Update, up from 6.5% in its October report.