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AT A GLANCE Congratulations on Cameroon National Day

ECONOMIC PERFORMANCE WB: RECOVERY PROCEEDING

According to the latest World Bank Taking Stock economic update, estate sector is anticipated later this year
released on April 23, Vietnam’s economy showed mixed signs of and next year, bolstering domestic demand
recovery in early 2024, with growth forecast to reach 5.5 per cent as investors and consumers regain confi-
this year and then 6.0 per cent in 2025. Addressing a press dence, he said. WB Senior Economist in
conference held by the World Bank (WB) on the same day, WB Vietnam, Ms. Dorsati Madani, said the forecast is based on the
Lead Economist for Vietnam, Mr. Andrea Coppola, said the assumption that exports of manufactured industrial goods will
country’s exports are recovering and consumption and private recover significantly in 2024 thanks to a rebound in growth of 8.5
domestic investment are growing more gradually. Real exports are per cent year-on-year in the fourth quarter of 2023 and a 17.2 per
expected to grow 3.5 per cent in 2024, reflecting a gradual improve- cent increase year-on-year in the first quarter of 2024, together
ment in global demand. In addition, a turnaround in the real with improving global demand.

IMF: VIETNAM HOLDS APPEAL FOREIGN INVESTMENT

The Vietnam News Agency on April 23 growth to the end of this year. He forecast that Vietnam’s economic
quoted Mr. Paulo Medas, Head of the growth will expand nearly 6 per cent this year thanks to a recovery
International Monetary Fund (IMF) in in domestic demand and the government’s supportive fiscal
Vietnam, as telling the annual meetings policies. However, the country also needs a flexible fiscal policy
of the IMF and the World Bank Group (WB), held recently in the to cope with risks and ensure substantial growth, he noted,
US, that Vietnam is an attractive destination for foreign investors adding that it continues to receive a large volume of FDI amid
thanks to its high, stable growth, large domestic market, and the shifting of supply chains to Asia. He recommended that to
young, well-educated human resources. Despite rising geopolitical retain its attractiveness, Vietnam should continue to improve its
instability around the globe, he continued, Vietnam’s economy business environment, streamline administrative procedures,
posted growth of 5.66 per cent in the first quarter of this year. develop infrastructure, especially for green energy development,
Exports continue to see an upwards trend, facilitating overall and promote innovation.

REGIONAL PARTNERSHIP ASEAN FUTURE FORUM HELD
In his opening remarks at the ASEAN Future Forum 2024, which developing a dynamic, connected, and
opened in Hanoi on April 23, Prime Minister Pham Minh Chinh resilient community by 2045. Initiated by
said that ASEAN should adopt a strategic and comprehensive Prime Minister Pham Minh Chinh, the
vision and improve its resilience to seize opportunities and cope Forum had the theme “Toward Fast and
with global headwinds for stable and sustainable development. He Sustainable Growth of a People-Centered ASEAN Community”,
recommended that the bloc enhance harmonized, sustainable, and and drew the participation of nearly 500 delegates, including
inclusive development, and not sacrifice social progress and justice ASEAN Secretary General Kao Kim Hourn, government officials,
and the environment in pursuit of economic growth. He called on business leaders, scholars, and partner nations. Measures to ensure
the bloc to be consistent with its global, all-people, comprehensive harmony between economic development and the environment
approach to stay strong in any circumstances, and realize its goal of and to improve climate change response were also on the agenda.

APPLE CEO PAYS VISIT VIETNAM - US TIES

Prime Minister Pham Minh Chinh received creates the most favorable conditions possible and accompanies
the visiting CEO of Apple, Mr. Tim Cook, and supports enterprises, including foreign-invested enterprises
in Hanoi on April 16. He said the growing (FIEs), to operate effectively and sustainably in the country. Mr.
Vietnam-US relations, which have been Cook, for his part, told his host that there remains significant
upgraded to a Comprehensive Strategic Partnership, lay the foun- space for further cooperation and better results can be achieved
dation for bilateral cooperation across all fields, particularly in the future. With two legal entities in Vietnam, over 70 manu-
science and technology, innovation, high-quality human resources facturing partners producing original equipment, 40 distribution
training, semiconductors, and digital transformation. He suggested partners, and over 5,000 authorized stores, Apple has provided
that the US giant voice its support for the US recognizing Vietnam jobs for about 200,000 people in Vietnam. It hopes to further
as a market economy and removing it from the high-tech export strengthen its investment in the country, particularly in developing
restriction list. The Prime Minister also affirmed that Vietnam high-tech products and applications, Mr. Cook said.

FIGHTING IUU FISHING NEW MEASURES IDENTIFIED

At a meeting held on April 22 to discuss the Secretariat’s Directive conference. Ms. Mai said that since the EC
No. 32-CT/TW on enhancing the Party’s leadership in fighting imposed its “yellow card” warning in 2017,
illegal, unreported, and unregulated (IUU) fishing and sustainable Vietnam has become further aware of the
development in the fisheries sector, Ms. Truong Thi Mai, Politburo practice’s negative impact on the long-term
Member, Permanent Member of the Party Central Committee’s development of the fisheries sector. Greater awareness can be seen
Secretariat, and Chairwoman of the Party Central Committee’s among all-level Party committees, the political system, localities,
Organization Commission, demanded full awareness, full action, fishermen, and relevant workers, who have also taken stronger
and full determination to have the European Commission (EC)’s action, she added. Deputy Prime Minister Tran Luu Quang presented
“yellow card” warning to Vietnam over IUU fishing lifted this year. the government’s action plan for implementing Directive No. 32 to
The meeting was linked to 28 coastal cities and provinces via video- the meeting.

6 Vietnam Economic Times May 1, 2024 en.vneconomy.vn