Vietnam should extend economic support programme to 2024: WB
Vietnam could consider extending the implementation of the economic support programme (2022-2023) into next year to allow its planned investments to be fully implemented, supporting aggregate demand, as the economy still faces headwinds, according to World Bank experts.
Cumulative FDI commitment for 11 months of 2023 continued to increase (Photo: VNA)
Hanoi (VNA) – Vietnam could consider extending the implementationof the economic support programme (2022-2023) into next year to allow itsplanned investments to be fully implemented, supporting aggregate demand, asthe economy still faces headwinds, according to World Bank experts.
In its Vietnam Macro Monitoring report announcedon December 18, the bank stressed that efforts to restore confidence andpromote a healthy development of the real estate markets will be key tosupporting economic stability in the short term and economic growth in the longterm.
The report showed that cumulative FDI commitmentfor 11 months of 2023 continued to increase, reaching 28.8 billion USD, 14.8% higherthan the same period in 2022, despite global uncertainties, reflectinginvestors’ confidence in Vietnam’s economic prospects. However, this is stillabout 10% lower than the pre-COVID-19 level in 2019. As of the end of November,FDI disbursement was 20.3 billion USD, 2.9% higher than a year ago, the reportsaid.
The export and import of goods continued toimprove in response to recovering external demand, increasing by 6.7% and 5.1% year-on-year, respectively.
The government budget revenue collection during the first 11 months of 2023 fell by 6.2% compared with same period of 2022, due to the slowdown in economic activities (Photo: VNA)
The industrial production index grew by 2.7%month-on-month (m/m) in November, due to the increased production of key exportproducts such as textile (4.4%, m/m) and electric equipment (7.9%, m/m).However, prospects remain subdued as Vietnam’s Purchasing Managers' Index (PMI)remained in the contractionary territory in November (47.3 – the lowest levelsince May 2023).
Consumer Price Index (CPI) inflation remain stable at 3.5% (y/y) in November,compared with 3.6% (y/y) in October, well below the target inflation of 4.5%.
The government budget revenue collectionduring the first 11 months of 2023 fell by 6.2% compared with same period of2022, due to the slowdown in economic activities. Eleven-month cumulative publicexpenditure, on the other hand, accelerated by 10.6% (y/y), reflecting thegovernment’s effort to support the slowing economy. Public investment disbursementduring the first 11 months grew by 36.3% (y/y), but still only constituted 63.4%of the annual capital budget allocation approved by the National Assembly for2023./.
Prime Minister Pham Minh Chinh has demanded priority be given to promoting economic growth and securing the best possible results for the aspects failing to meet targets this year.
All the three economic growth drivers of investment, export, and consumption have good opportunities in 2024, Deputy Minister of Planning and Investment Tran Quoc Phuong told the Government’s regular press conference on December 6.
All stakeholders from the Government, ministries, sectors, to banks, people and businesses must join hands together with highest responsibility in promoting national economic growth, ordered Prime Minister Pham Minh Chinh at a conference in Hanoi on December 7 to discuss way to tackle difficulties in credit growth for production and business, and promote economic growth and macro-economic stability.
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The OECD Economic Surveys: Vietnam 2025 report focuses on analysing the country’s macroeconomic fundamentals, the impact of international integration on attracting foreign investment and trade, and the country’s prospects for developing a low-carbon economy.
Antoine Colin, Senior Vice President for Global Supply Chain Digital Transformation & Resilience at HP Inc., affirmed HP’s strategic commitment to building a supply chain and ecosystem in Vietnam and the region.
Deputy Director General of the Ministry of Industry and Trade (MoIT)’s Trade Promotion Agency Bui Quang Hung emphasised that logistics has evolved from a technical function into a core capability for Vietnamese exporters to maintain their competitive advantage in the US market.
A trade official has suggested companies work closely with shipping lines, airlines, and freight forwarders to monitor routes, transit times, and potential surcharges while exploring broader cargo insurance to cover risks like war and terrorism.
In addition to institutional reform, the agency is also rolling out key solution groups to combat counterfeit goods, imitations, and intellectual property infringements in the digital environment.
The event, co-organised by the Vietnam Trade Office in the UK and TT Meridian, a local importer of Vietnamese fresh produce, aims to build a national lychee brand and encourage broader recognition of Vietnamese fruits in a competitive, high-end market.
The industry's performance has been powered by bold investments in modern production lines, enabling Vietnamese firms to produce complicated products which were exclusive to advanced economies.
Outcomes of ABAC III will shape ABAC’s final policy recommendations to be submitted to the ABAC-APEC leaders’ dialogue, scheduled to take place in the Republic of Korea this November.
This is the second year the magazine has released the ranking, which is based on total revenue and key financial indicators of enterprises from seven countries in the region: Vietnam, Indonesia, Thailand, Malaysia, Singapore, the Philippines, and Cambodia.
At the summit, publishing, tech, and media sectors will discuss emerging trends, business models, and sustainable solutions for digital publishing development in Vietnam.
Cumulative FDI commitment for 11 months of 2023 continued to increase (Photo: VNA) 
The government budget revenue collection during the first 11 months of 2023 fell by 6.2% compared with same period of 2022, due to the slowdown in economic activities (Photo: VNA) 
