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Summary

14 OP EDS

Support for
businesses to firmly

12 ECONOMY - POLICY overcome challenges

EXPORTS UP IMPRESSIVELY here are currently nearly 920,000 businesses
AS 2024 GETS UNDERWAY T in operation around Vietnam but they are
primarily of small-scale, with nearly 98 per
cent being micro, small, or medium-sized enterprises
C ontrary to the “dismal” results seen in 2023, exports in January (MSMEs). Businesses are still to fully recover from
Covid-19 and continue to face issues from the impact
rose spectacularly, by 46 per cent against January last year. As
export value increased more than import value, Vietnam’s trade of global economic, geopolitical, and political
surplus for the opening month of the year came in at $3.63 billion. headwinds. Therefore, it remains problematic for
With such impressive results, the country’s export growth target of 6 businesses to absorb capital. Minister of Planning
per cent for 2024 as a whole appears to be perfectly feasible. and Investment Nguyen Chi Dung said that
According to many trade experts, the space for export growth remains supporting policies for businesses need to continue
significant, because Vietnam has only taken advantage of about 30 to be effectively implemented so that businesses can
per cent of the opportunities available from the FTAs it has signed. firmly overcome the difficulties and challenges. The
Therefore, businesses need to quickly grasp the opportunities and take Ministry of Planning and Investment (MPI)
advantage of incentives in the country’s FTAs to enjoy a host of recommends a number of key tasks and solutions. It
benefits, from low tariffs and incentives from support mechanisms has sent a proposal to the Prime Minister on
between signatories to the removal of non-tariff barriers. The Ministry studying the “Building mechanisms and policies to
of Industry and Trade will focus on effectively exploiting FTAs and form and develop ethnic enterprises to promote their
signing and implementing new agreements to expand and diversify pioneering role in a number of emerging industries
Vietnam’s markets, import and export items, and supply chains. and fields with competitive advantage to build an
independent and self-reliant economy” project.

30 PROPERTY 48 TRADE - MARKET
WOOD INDUSTRY ‘CONFIDENT’

IN TARGETED $16 BILLION IN
Difficulties face EXPORT TURNOVER

social housing

development

T he results of social housing development in some key localities T he export of wood and wooden products
posted strong breakthroughs in the opening
month of 2024, reaching $1.49 billion, up
have been very limited to date compared to the targets set to
2025. A range of difficulties and challenges as well as proposed 72.5 per cent against January 2023. Notably, in the
solutions to boost the development of social housing were highlighted EU in January, one “bright spot” emerged.
by many ministries, branches, localities, and businesses at a national Vietnam’s export of wood and wooden products to
conference on implementing the “Investment and construction of at the Netherlands nearly doubled over the same
least 1 million social housing apartments for low-income people and period of 2023. Experts said that a lack of imported
industrial park workers in the 2021-2030 period” project, organized fuel from Russia meant the Netherlands needed to
by the Ministry of Construction on February 22. The greatest barrier increase the importation of wood pellets from many
discouraging businesses from participating in social housing is the countries, including Vietnam. The Netherlands is
complex and lengthy process in fulfilling procedures. The Ministry of currently one of Vietnam’s major wood import
Natural Resources and Environment recommends that localities markets in the EU. With these results, along with
develop and complete appropriate land use criteria in urban bright prospects in the US and elsewhere in
planning, rural residential area planning, regulations, and design Europe, Vietnam’s wood industry is confidently
standards for social housing and low-income housing. aiming for $16 billion in export turnover this year.

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