The Vietnamese government is implementing new strategies outlined in its annual resolution to sustain economic growth and achieve a targeted export revenue of $376 billion in 2024, reflecting a 6% YoY increase.
Despite a GDP of $430 billion in the previous year, the export-import turnover reached $681 billion, experiencing a 6.9% decrease of $50.25 billion YoY.
Recent data from the General Department of Vietnam Customs reveals that in 2023, exports and imports were $354.67 billion and $326.37 billion, respectively, resulting in a trade surplus of $28.3 billion.
To meet the outlined goals, the government is emphasizing trade promotion, diversification of markets, products, and supply chains, and the exploration of new export markets. It plans to accelerate negotiations and signing of new free trade agreements, implement trade links, and activate a trade deal with Israel in 2024.
The State Bank of Vietnam has been instructed to swiftly reduce interest rates, facilitating easier access to loans for enterprises and individuals. The Ministry of Finance is tasked with proposing policies for tax and fee exemptions, reductions, and deferments to support struggling entities.
In 2023, Vietnam witnessed export decreases in key markets, including the US, South Korea, ASEAN, the EU, and Japan, posing challenges to the economy.
Despite a 5.05% growth in 2023, the government aims for a GDP growth of 6-6.5% in the current year, acknowledging the need to address business challenges and generate employment opportunities.
