According to Sputnik newspaper, Dr. Le Dang Doanh, former director of the Central Institute for Economic Management, pointed to the reasons that helped Vietnam achieve the strongest growth in Southeast Asia in 2022 and 2023, as forecasted by the Development Bank. Asia (ADB).
Will Vietnam's economy grow fastest in Southeast Asia? (Source: Natural Resources and Environment Newspaper)
The world economy is currently volatile and growth is very low. The International Monetary Fund (IMF) has revised its forecast for world economic growth five times and has revised it down each time.
Currently, Vietnam is trying to achieve the GDP growth target of 6.5-7% per year, while the World Bank (WB) forecasts it can reach 7.5%.
According to Dr. Le Dang Doanh, changes in the world and domestic situation will have a great impact on businesses. Such changes require businesses to develop products and technologies, connect along the value chain and perform digital transformation, and connect with domestic and foreign customers; at the same time, it is necessary to improve the publicity and transparency in the production and business processes; improve dynamism, connect internationally and domestically, abandon the traditional and experiential way of doing business, ready to accept the new.
Before the fluctuations of the world market and the industrial revolution 4.0, businesses have to restructure production, adjust strategies, be more flexible and dynamic.
Dr. Le Dang Doanh said that in 2022, businesses also face new risks and challenges. Therefore, it is necessary to prepare the mind to be ready to overcome difficulties to be able to stand firm and to plan production and business development strategies.
Recently, the Government has issued many support packages for businesses and employees. However, after two years of the epidemic, many businesses are still thirsty for capital, facing financial difficulties, while lending interest rates are high (15%-16%/year).
In addition, the disbursement of the relief package was slow to workers in many provinces, and administrative procedures were overlapping and complicated. The cost of time and money also makes businesses less competitive.
The real estate industry currently contributes about 10% of GDP directly and about 20% of GDP indirectly through other economic sectors. However, legal issues on real estate have not been synchronized and are showing many inadequacies that have not been amended.
In addition, banks tightened credit leading to new supply and reduced real estate transactions.
The current household economy in Vietnam accounts for 32%, which is a high proportion. Therefore, agencies and associations must support the linking of household economies into businesses.
If supported by science and technology, complying with regulations on accounting, receipts and vouchers, and not having to pay flat tax as currently, these businesses will be able to develop very strongly.
Dr. Le Dang Doanh emphasized: "In the future, it is necessary to reform procedures, encourage business households to be upgraded to registered enterprises, operating under the enterprise law.
This will help mobilize resources among the people; At the same time, it is necessary to encourage private economic groups to invest in science and technology such as applying digital economy in agriculture, agro-forestry-fishery processing industry, etc.
In order for agriculture to develop, it is necessary to amend the Land Law, create conditions to switch to large-scale agriculture, produce on large sample fields, implement mechanization and use modern irrigation technologies.
The fact that the US imposes high tariffs on goods from China may be an opportunity for Vietnam to export to this market. Businesses need to coordinate with authorities, clearly identify market trends, and seek out new opportunities to develop their businesses.
If we see an opportunity, we must take advantage of it, because other countries are also competing with Vietnamese products."
According to Baomoi.com