Page 5 - KTVNSO5

Summary

6 ECONOMY - POLICY
T he Comprehensive and Progressive Agreement for
Trans-Pacific Partnership (CPTPP) officially took
effect in Vietnam on January 14, 2019, and was
expected to be a turning point creating new momentum and
promoting trade and investment cooperation between
Vietnam and agreement partners. According to the Ministry
of Industry and Trade (MoIT), Vietnam’s exports to the
CPTPP market stood at $36.87 billion in 2018, $39.23 billion
in 2019, $38.34 billion in 2020, $45.71 billion in 2021, up
19.22 per cent, $53.54 billion in 2022, and $50.18 billion in
2023, down 6.31 per cent. In addition to expanding Vietnam’s
export markets, the CPTPP has helped boost institutional
reform and the introduction of more transparent and clearer
legal instruments, thereby having a positive impact and
EXPORTS UP AFTER bringing benefits to businesses. However, businesses are still
to take full advantage of the opportunities the agreement
FIVE YEARS OF CPTPP provides, as they must fully meet standards on export quality,
compete for high-quality human resources, and overcome
limitations in capital, technology, and market information.

27 BANKING - FINANCE 38 PROPERTY
FACTORS TO AFFECT REAL ESTATE BUSINESSES
INTEREST RATES IN 2024 MUST CONTINUE TO

‘WEATHER THE STORM’

T he most difficult period for the real estate market has
passed, with the market beginning to show positive signs
T he State Bank of Vietnam (SBV) lowered operating interest general, business activities in the field still involve dealing with
in late 2023 and early 2024, according to analysts. But, in
rates four times in 2023 to reduce mobilization and lending
interest rates, which contributed to increasing access and a host of issues. Real estate businesses need to adopt specific
capital supply in the economy. Credit institutions have predicted and feasible plans to pay off maturing bond debts, especially
that deposit and lending rates may continue to fall slightly, by 0.3- this year. At the same time, it is necessary to consider
0.4 per cent on average in the first quarter of 2024 and 0.2 per cent diversifying capital sources, reducing financial leverage,
for the year as a whole. Developments in economic growth, limiting investment spread, and aiming for transparency and
changes in investment needs in production and business, professionalism. It is also necessary to focus on researching key
investment, import and export opportunities, and SBV solutions points in the Land Law 2024, the Law on Housing 2023, and
are expected to contribute to stimulating credit demand over the the Law on Real Estate Business 2023, to continue ‘weathering
course of the year. the storm’ and secure a sustainable foundation for the future.

O export turnover Vietnam earned from China in
50 TRADE - MARKET f the $12.2 billion in agriculture, forestry and fishery

China may provide opportunities 2023, livestock products accounted for just 1 per
cent, or less than $150 million. The main reason for the
in livestock product exports low figure is that China has not yet allowed the
importation of meat products from Vietnam. However, it
recently agreed to review Vietnam’s exports of poultry
meat. To expand its meat export markets, Vietnam must
strongly develop processing factories and its products
must meet international standards. Export turnover for
agriculture, forestry and fishery products to China is
forecast to increase sharply in the near future if changes
are forthcoming.

www.vneconomy.vn Số 5 | Ngày 29/1/2024 | KINH TẾ VIỆT NAM 5