Workers at the Garment 10 JSC. Experts believe that the world and domestic economic situation in 2024 will continue to have difficulties and challenges. (Photo kinhtedothi.vn) Hanoi (VNS/VNA) - Experts believed that the world anddomestic economic situation in 2024 will continue to have difficulties andchallenges. In that context, Vietnamese enterprises need to proactivelyimplement solutions to promote production and business.
Looking at the market outlook for 2024, experts have pointed outtwo issues. First, some export industries have good signals becausethey have exhausted foreign inventories, but some other industries arestill facing difficulties due to consumers tightening their spending. Second,some foreign importers have moved to other markets that are better than Vietnam.
Regarding this issue, Deputy Director of the Agency of ForeignTrade under the Ministry of Industry and Trade Tran Thanh Hairecommended that local businesses carefully consider and adjust their businessstrategies by returning to the domestic market and wait for a big boost inpurchasing power so domestic manufacturers can boost production.
Regarding exports, currently 70% of businesses have changed theirstrategies and have had many orders. For example, the fruit and vegetableindustry has set an export record because it changed strategies.
In 2024, Vietnam has many sources of plastic raw materials due tomany FDI (foreign direct investment) enterprises invested in this field.Therefore, Vietnamese businesses can take advantage of this source of rawmaterials to reinvest in production instead of importing raw materials.
In addition, there are still some industries that are laggingbehind, such as seafood and electronics, which still depend on FDI.
Director of the Centre for WTO and Integration (VCCI) Nguyen ThiThu Trang suggested that Vietnamese associations and enterprises should focuson engagement programmes to orient businesses towards sustainable development,and development associated with the requirements, procedures and regulations ofdeveloped countries such as CO2 emissions, renewable energy, and products thatuse high technology and use less labour.
In particular, it is necessary to invest in smart factories andimprove domestic products' quality to be on par with exports. At the same time,there needs to be communication about trade promotion programmes forbusinesses covering all provinces and cities nationwide. In addition, the Stateneeds to support and advise on financial policies so that local businesses canquickly grasp, implement properly and prepare both economic and humanresources, according to Trang.
“Regarding the outlook for 2024, I predict that the domestic macroeconomy will maintain stable growth, inflation will be controlled, andpromoting public investment will be the premise for the stable development ofindustries. In particular, in 2024, the Government will still focus onprioritising development in three main areas, including production, exports anddomestic consumer services. In particular, agriculture is still used assupport to promote sustainable processing,” said economic expert NguyenTri Hieu.
Maintaining a stable growth rate in the current context isconsidered a positive result, helping local enterprises hope for strongbusiness prosperity in 2024.
At this time, most businesses have been making efforts to prepareproduction and sales plans for Tet (Lunar New Year) goods. Even though thegeneral situation is difficult and consumer spending is still weak, businesseshave predicted the situation, proactively coordinated raw material sourcesand produced to ensure enough goods for people during the upcoming Tet period.
Chairwoman of the Ho Chi Minh City Food Association Ly Kim Chisaid: “Vietnam currently has signed cooperation agreements with many regionsthrough free trade agreements (FTAs). Enterprises in the food industry aregradually taking advantage and promoting export turnover to increasinglyprosperous markets.”
This shows that new-generation FTAs have been opening up a largemarket for Vietnamese businesses. Not only that, these agreements havecontributed to helping Vietnamese businesses make major changes in quality,because these are markets with very high and strict quality requirements,according to Chi.
“Vietnam's key products are facing competition from countries likeIndia and Thailand right at home. This requires businesses to innovate, changetechnology, digitally transform, trace product origins, improve labourproductivity, increase product value and maintain the domestic market as wellas adapt to requirements from export markets," stressed Chi.
Based on the prospect of a world economic recovery and forecastsof Vietnam's economic situation, the Vietnam Textile and Apparel Association(VITAS) has set a target of textile export turnover in 2024 reaching 44 billionUSD, an increase of 9.2% compared to 2023. Currently, many businesses haveenough orders for the first quarter of 2024 and the situation will likelyimprove in the second quarter of 2024 when the US Federal Reserve cuts interestrates to support businesses to recover.
Vice President of the Vietnam Textile and Apparel Association(VITAS) Tran Nhu Tung said: “In 2024, to achieve the set goal, VITAS suggestedthe State soon deploy a package of 120 trillion VND with preferentialinterest rates for construction of social housing and worker housing aswell as continue to support businesses with funding to train and improvevocational skills for workers, especially for difficult-to-train professionssuch as textile engineers, dyeing and design engineers, and technologicalinnovation, green and digital transformation skills.”/.
Looking at the market outlook for 2024, experts have pointed outtwo issues. First, some export industries have good signals becausethey have exhausted foreign inventories, but some other industries arestill facing difficulties due to consumers tightening their spending. Second,some foreign importers have moved to other markets that are better than Vietnam.
Regarding this issue, Deputy Director of the Agency of ForeignTrade under the Ministry of Industry and Trade Tran Thanh Hairecommended that local businesses carefully consider and adjust their businessstrategies by returning to the domestic market and wait for a big boost inpurchasing power so domestic manufacturers can boost production.
Regarding exports, currently 70% of businesses have changed theirstrategies and have had many orders. For example, the fruit and vegetableindustry has set an export record because it changed strategies.
In 2024, Vietnam has many sources of plastic raw materials due tomany FDI (foreign direct investment) enterprises invested in this field.Therefore, Vietnamese businesses can take advantage of this source of rawmaterials to reinvest in production instead of importing raw materials.
In addition, there are still some industries that are laggingbehind, such as seafood and electronics, which still depend on FDI.
Director of the Centre for WTO and Integration (VCCI) Nguyen ThiThu Trang suggested that Vietnamese associations and enterprises should focuson engagement programmes to orient businesses towards sustainable development,and development associated with the requirements, procedures and regulations ofdeveloped countries such as CO2 emissions, renewable energy, and products thatuse high technology and use less labour.
In particular, it is necessary to invest in smart factories andimprove domestic products' quality to be on par with exports. At the same time,there needs to be communication about trade promotion programmes forbusinesses covering all provinces and cities nationwide. In addition, the Stateneeds to support and advise on financial policies so that local businesses canquickly grasp, implement properly and prepare both economic and humanresources, according to Trang.
“Regarding the outlook for 2024, I predict that the domestic macroeconomy will maintain stable growth, inflation will be controlled, andpromoting public investment will be the premise for the stable development ofindustries. In particular, in 2024, the Government will still focus onprioritising development in three main areas, including production, exports anddomestic consumer services. In particular, agriculture is still used assupport to promote sustainable processing,” said economic expert NguyenTri Hieu.
Maintaining a stable growth rate in the current context isconsidered a positive result, helping local enterprises hope for strongbusiness prosperity in 2024.
At this time, most businesses have been making efforts to prepareproduction and sales plans for Tet (Lunar New Year) goods. Even though thegeneral situation is difficult and consumer spending is still weak, businesseshave predicted the situation, proactively coordinated raw material sourcesand produced to ensure enough goods for people during the upcoming Tet period.
Chairwoman of the Ho Chi Minh City Food Association Ly Kim Chisaid: “Vietnam currently has signed cooperation agreements with many regionsthrough free trade agreements (FTAs). Enterprises in the food industry aregradually taking advantage and promoting export turnover to increasinglyprosperous markets.”
This shows that new-generation FTAs have been opening up a largemarket for Vietnamese businesses. Not only that, these agreements havecontributed to helping Vietnamese businesses make major changes in quality,because these are markets with very high and strict quality requirements,according to Chi.
“Vietnam's key products are facing competition from countries likeIndia and Thailand right at home. This requires businesses to innovate, changetechnology, digitally transform, trace product origins, improve labourproductivity, increase product value and maintain the domestic market as wellas adapt to requirements from export markets," stressed Chi.
Based on the prospect of a world economic recovery and forecastsof Vietnam's economic situation, the Vietnam Textile and Apparel Association(VITAS) has set a target of textile export turnover in 2024 reaching 44 billionUSD, an increase of 9.2% compared to 2023. Currently, many businesses haveenough orders for the first quarter of 2024 and the situation will likelyimprove in the second quarter of 2024 when the US Federal Reserve cuts interestrates to support businesses to recover.
Vice President of the Vietnam Textile and Apparel Association(VITAS) Tran Nhu Tung said: “In 2024, to achieve the set goal, VITAS suggestedthe State soon deploy a package of 120 trillion VND with preferentialinterest rates for construction of social housing and worker housing aswell as continue to support businesses with funding to train and improvevocational skills for workers, especially for difficult-to-train professionssuch as textile engineers, dyeing and design engineers, and technologicalinnovation, green and digital transformation skills.”/.
VNA
