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Saturday, June 22, 2024

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Charting a way forward in 2024

A key takeaway at the Government’s monthly presser in November 2023 is that the National Assembly has delivered a message for 2024, which is to prioritize economic growth, at 6.0-6.5%. Deputy Minister of Planning and Investment Tran Quoc Phuong explained: “In previous years, we often prioritized macro-economic stability over other goals. In 2024, however, in the National Assembly’s resolution, economic growth prevails over macro-economic stability.” Playing down macro-economic stability? Vietnam’s GDP is expected to grow by 5.0-5.2% in 2023, and the goal for 2024 is 6.0-6.5%. Meanwhile, according to a highly-influential thinktank Conference Board, global economic growth in 2023 is estimated at some 3.1%, which might go down to 2.4% in 2024. In the domestic market, despite good readings of macro-economic indicators in 2023, major risks are still awash. Vietnam’s economic growth has slowed this year to below the target, which could be attributed to the falling global demand. The country’s external trade volume as of the end of November totaled over US$600 billion, falling 8.3% year-on-year. Slowing foreign trade has had negative impacts on employment and consumption, resulting in a stall in the economy’s demand. The economy’s waning demand is mirrored in the weaker capital absorption among businesses and […]
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