Entering 2024, several notable trends continue to emerge in the global economy. The global economy remains in a transition period. Uncertainty, unrest, and insecurity will continue to increase with more elections taking place in many countries, expected to lead to notable economic policy adjustments.

Given the situation, Phan Duc Hieu, Standing Member of the National Assembly's Economic Committee, affirmed that regarding the direction of socio-economic development in 2024, the National Assembly and the Government have determined to restore the economy through prioritizing growth promotion and macroeconomic stability.

"The Government has proposed many solutions to achieve the goal of economic growth in 2024, which emphasizes four major groups of solutions, including innovation, green growth, sustainable development; perfecting institutions, especially on green energy development including energy security and energy conversion; promoting the development of the manufacturing and processing industry; focus on human resource training; attract investment, especially FDI investment."

Photo: VOV

Facing common global challenges, Vietnam has recorded highlights since the first month of this year, including industrial production, in which the processing and manufacturing industry increased by 19.3%. % year on year. The industrial production index in January 2024 compared to the same period last year increased in 60 localities and decreased in 3 localities across the country. The whole country had 13.5 thousand newly established businesses, up 2.2% over the previous month and up 24.8% over the same period last year.

According to the General Statistics Office of Vietnam, total retail sales of goods and consumer service revenue in January 2024 is estimated to reach VND 524.1 trillion, up 1.6% over the previous month and up 8.1% year on year. A notable point is that the investment capital realized from the state budget in the first month of this year is estimated at VND 31.1 trillion, an increase of 12.5% year on year.

Doctor, economic expert Le Duy Binh commented: "There has been a very significant improvement in private investment, which is a very important demand part of the economy. Increased disbursement of public investment capital is also a bright spot, helping to increase investment demand and increase Government demand. This is a bright spot that needs attention to realize that there are factors for us to expect a better year 2024."

In 2023, one of the difficulties businesses often mention is the problem of accessing capital and financial resources. By 2024, many experts believe that the pressure on monetary policy will decrease, making it easier for the banking industry.

Photo: VOV

To help the economy recover and grow, Bui Thuy Hang, Deputy Director of the Monetary Policy Department, State Bank of Vietnam, said that the monetary policy orientation in 2024 is to focus on expanding credit support for businesses to recover and take advantage of new development opportunities this year.

"The State Bank also sets a growth target of 15% in 2024 - This target has flexible adjustments to suit market developments. The State Bank continues to implement solutions on credit management, direct credit institutions to direct capital flows to the manufacturing industry, and areas that create momentum for the economy. Along with that, simplify loan procedures, increase access to capital for people and businesses" - Hang added.

Dau Anh Tuan, Deputy General Secretary of the Vietnam Chamber of Commerce and Industry, a representative agency of the business community, acknowledged: "Businesses highly appreciate tax and fee reduction policies. Because this group of policies goes quickly into practice, often without having to go through the stages of implementation - which takes a lot of time and may not even be possible. The second, this policy is to bring direct benefits, in the popular language "fresh money, real rice", so businesses can access it very easily, fairly, and transparently."

Recently, several international organizations have made many optimistic forecasts about Vietnam's economy in 2024. Most forecasts demonstrated that Vietnam's growth will reach over 6%. The good start with positive signals in the first days and months of the year has reinforced the confidence of international organizations in the prosperity of Vietnam's economy in the coming time.

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