Page 4 - KTVNSO3

Summary

16 COVER STORY

6 COVER STORY
NEW DRIVERS TO

ADD TO GDP GROWTH

“ R isk, uncertainty, caution” have been three of the
keywords many analysts and stakeholders have used
to forecast the global economy in 2024. To create
momentum for Vietnam’s economy to post breakthroughs, BUSINESSES REQUIRE
it is necessary to renew old growth drivers and exploit the ASSISTANCE IN REGAINING
power of new drivers, Dr. Can Van Luc, Member of the
National Financial - Monetary Policy Advisory Council, told GROWTH MOMENTUM
the Vietnam Economic Scenario Forum 2024, co-hosted by
, and the Ministry of Foreign Affairs (MoFA)
on January 11 in Hanoi. There are many new growth drivers,
such as digital transformation and the application of science A ccording to speakers at the Vietnam Economic
and technology; higher workplace productivity and total Scenario Forum 2024, co-hosted by ,
factor productivity (TFP); the promotion of economic and the Ministry of Foreign Affairs (MoFA) on
institutional reform; green growth and proactive climate January 11 in Hanoi, 2023 was truly a tough year for the
business community. 2024 is expected to continue to be
change adaptation; improvements to Vietnam’s position in
global value chains through developing supporting quite difficult, so in addition to businesses being proactive
industries; more thorough regional connectivity to promote and making every effort to overcome the difficulties,
the role of socio-economic locomotives; and better access fundamental solutions from the government, ministries,
to opportunities from integration and economic diplomacy. and localities are urgently needed to restore growth
momentum.
Notably, according to the World Bank, if Vietnam
implements and transitions well towards green growth, it
may add 1.5-2 ppts to GDP.

32 DIGITAL BIZ
14 COVER STORY
Flexible monetary policy supporting

economic growth

T he effects of the State Bank of Vietnam (SBV)’s four
interest rate cuts in the first quarter of 2023 began to
positively impact on the country’s economy in the
second half of the year. Economic growth in the fourth
quarter reached its highest level since 2020, helping the
annual GDP growth figure rise by over 5 per cent, which
impressed many financial institutions and international
analysts. The government has set a GDP growth target for
2024 of 6-6.5 per cent. To ensure there is sufficient capital to ISSUES REMAIN IN NETWORK
support growth, in line with resolutions from the government
and the National Assembly, the SBV will have a number of INFORMATION SECURITY
focuses in monetary policy, such as operating policy tools
proactively, flexibly, and effectively, adjusting interest rates
appropriately according to market developments, and ccording to the Ministry of Information and
ensuring stable exchange rates. A Communications, tasks in network information
security posted many positive results over the course
of 2023. However, there were also significant numbers of
cyber attacks during the year. Awareness of and compliance
with regulations on ensuring information security at units
under ministries, branches, and localities remains limited
and many measures are yet to be fully implemented. This
is among the factors behind risks in information security at
agencies and organizations remaining a concern.

4 KINH TẾ VIỆT NAM | Số 3 | Ngày 15/1/2024 www.vneconomy.vn