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Summary

26 COVER STORY

18 COVER STORY
Business landscape in 2023:
INDUSTRY MAINTAINS GROWTH
MOMENTUM IN 2023 TOUGH TIMES

A ccording to the General Statistics Office of Vietnam
(GSO), the added value of the industrial sector
increased by 3.02 per cent in 2023 compared to 2022.
Thanks to positive trends from the second quarter onwards,
by the end of 2023 the Index of Industrial Production (IIP)
had witnessed growth momentum. Notably, of 33 key Level
2 industries, 21 grew during the year. Regarding industrial A ccording to the Department of Business Registration
production in localities, 50 cities and provinces saw their Management at the Ministry of Planning and
IIP rise during 2023. Investment, following the implementation of a range
of solutions, positive trends were maintained and became
increasingly clear in many industries and fields in the closing
months of 2023. The business landscape in 2023 saw similar
20 COVER STORY trends, with the number of newly-registered enterprises
increasing strongly thanks to the effectiveness of measures
Exports fail to meet to address difficulties and resolve problems facing the
business community. However, the number of businesses
growth targets leaving the market also rose, and far exceeded the number
of newly-registered enterprises, showing that difficulties and
challenges still beset the business sector. Vietnamese
D espite major efforts to implement solutions and take authorities may consider implementing policies to provide
advantage of existing opportunities, Vietnam’s exports
additional support to businesses and individuals, to support
reached just $355.5 billion in 2023, down 4.4 per cent aggregate demand in the economy.
against 2022, according to the General Statistics Office of
Vietnam (GSO). Import turnover, meanwhile, was estimated
at $327.5 billion, down 8.9 per cent, with Vietnam posting a
trade surplus of $28 billion; the eighth consecutive year it has
14 OP EDS
done so. The result contributed positively to Vietnam’s
balance of payments, helping increase foreign exchange
reserves and stabilize exchange rates and other macro-
economic indicators in the economy. Though exports saw
more positives towards the end of the year, this was the first
time in the 2012-2023 period that Vietnam’s export turnover
declined, clearly demonstrating the general difficulties in the
global economy from falling demand.

CARE NEEDED WITH

POTENTIAL RISKS IN 2024

T hough GDP growth for 2023 fell short of targets set
in the 2023 Socio-Economic Development Plan and
Resolution No. 01/NQ-CP from the government, it
was a positive result nonetheless and put Vietnam among
economies with the highest growth in the region and the
world. Ms. Nguyen Thi Huong, General Director of the
General Statistics Office of Vietnam (GSO), told a that,
in 2024, potential risks from the global economic
environment will remain and continue to negatively affect
Vietnam’s economic recovery prospects. Therefore, along
with policies to boost growth, the country also needs to pay
attention to solutions to withstand the ongoing risks and
ensure macro-economic stability and sustainable growth.

4 KINH TẾ VIỆT NAM | Số 1 | Ngày 1/1/2024 www.vneconomy.vn