2024: The Year of Economic Recovery

In 2023, our country achieved a GDP growth rate of 5.05%, which, although lower than the target, is relatively high within the region. Economic experts predict that 2024 will be a year of economic recovery and growth.

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Identified as the “acceleration” year to achieve the highest goals of the Socio-economic Development Plan for the period 2021-2025, aiming towards the development goals by 2030, economic experts believe that to create momentum for growth, we need to consolidate and renew existing growth drivers. At the same time, it is necessary to exploit and effectively utilize new growth drivers.

To propose a group of solutions to consolidate existing growth drivers, economic expert Can Van Luc believes that it is necessary to promote disbursement of public investment; stimulate private investment and domestic consumption; support businesses affected by declining exports and investment. Attention should be paid to promoting the recovery and growth of economic spearheads, especially Hanoi, Ho Chi Minh City, and Da Nang… To exploit new growth drivers, it is crucial to accelerate the process of perfecting the institutional framework for developing a digital economy, green economy, circular economy, innovation, and creativity… Along with that, it is necessary to regain the trust of the business community through significant improvements in the investment and business environment.

To create growth momentum in 2024, it is necessary to consolidate and renew existing growth drivers.

According to Can Van Luc: “With new growth drivers, there needs to be a legal framework for new economic models and businesses to develop faster. We want to develop science and technology, we want to try new things, we want to develop new business models, so it must have a trial mechanism for us to do that. Therefore, I hope that this year we will do this better. Secondly, we need to increase labor productivity and green growth – especially related to the story of Net zero, in terms of strategic orientation that is already good; but the specific project, program, and solution need to be further promoted in the coming time”.

Expressing optimism about the country’s social and economic development prospects this year, Minh Dang, Director of Research at Dragon Capital, believes that in 2024 Vietnam will receive more opportunities than challenges.

“For the manufacturing sector, 2023 was a very difficult year for Vietnam. However, this is a global issue that has gone through a cycle of inventory reduction. Currently, we are monitoring the inventory index of manufacturers in Europe, America, and the inventory index of retailers in various regions around the world, and this inventory level has stabilized. Therefore, it can be expected that the bottom of Vietnam’s manufacturing sector has also passed. And 2024 will be the year of economic recovery” – Minh Dang said.

SOURCEcafef
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