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Sunday, June 16, 2024

Dual concerns over declining demand

By Khanh Nguyen

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The significant decline in aggregate demand in Vietnam’s economy since 2023, attributed to weakened investment, consumption, and exports, requires urgent remedial measures. This is an assessment by the National Economics University research group in the recently published 2023 Annual Economic Evaluation Book for Vietnam. In this context, numbers speak volumes. According to the research group, despite the increase in overall investment in the economy last year, the investment growth rate was just half of that in 2022, at 6.2% versus 11.2%. Specifically, non-public investment rose by a mere 2.7%, far below 8.9% recorded in 2022. Foreign direct investment (FDI) disbursements expanded by 5.4%, below 13.9% in 2022. Consumer spending spiraled down as well. In all of 2023, total retail sales revenues from goods and services picked up by only 9.6% compared to the previous year, below 20% recorded in 2022, but in inflation-adjusted terms, the retail sales growth rate was just 7.1%, below 15.8% in 2022. Final consumption spending last year edged up by only 3.52% year-on-year, below the 7.09% rise in 2022. As for tourism, international visitor arrivals were put at 12.6 million last year, triple the previous year but equaling only 70% of the figure in the pre-pandemic […]
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