Vietnam Report releases white book on Vietnamese economy in 2023

The Vietnam Report JSC has released a white book on the Vietnamese economy in 2023, highlighting the country’s economic achievements last year and giving forecast for 2024 as well as a number of policy recommendations.

According to Vietnam Report General Director Vu Dang Vinh, last year, despite impacts from the world economic crisis and domestic difficulties, Vietnam has still been a bright spot with GDP growth of 5.05% and the recovery of many areas such as export and industrial production.

In its recent report on Vietnam’s top 500 biggest businesses in Vietnam, Vietnam Report underlined that growth was recorded in revenue of all three major areas of industry-construction, service and agro-forestry-fisheries in 2023.

The report also showed a year-on-year rise of 0.2% and 4.1% in the average return on assets (ROA) and return on equity (ROE), respectively. On the contrary, a downturn of 0.4% was seen in the average return on sales (ROS).

Meanwhile, the production and business situation of a number of large enterprises in key economic sectors such as pharmacy, logistics, tourism, hotels - resorts, animal feed were also improved despite many difficulties.

Vietnam Report releases white book on Vietnamese economy in 2023 -0
Illustrative image (Source: VNA)

Except for the logistics industry, which is heavily impacted by the global economic downturn, all the remaining sectors enjoyed growth.

Particularly, Vietnam just witnessed a year with boom in the domestic and international tourist market, and the growing demand for meat products, leading to a higher demand for animal feed.

The Vietnam Report held that if they overcome the current difficulties, businesses will reap great opportunities to become the main driving force for the economy, enhancing their position in the domestic and foreign supply chains.

Vinh underlined that flexible adaptation efforts in production and business activities as well as governance strategies of enterprises will be a premise for a more positive year in 2024 when the economic situation gradually improves.

He also underscored the need to build a strong trademark as a way for domestic firms to recover and thrive in the future.

Economy

2025 - Year of acceleration, breakthroughs
Economy

2025 - Year of acceleration, breakthroughs

Prime Minister Pham Minh Chinh has instructed ministries, agencies, and local authorities to drastically and effectively implement three strategic breakthroughs, six key tasks, and 12 primary solutions, striving for double-digit growth in 2025, set to be the year of acceleration and breakthroughs, and laying the foundation for the 2026-2030 socio-economic development plan.

PVcomBank: Delivering outstanding customer experiences
Economy

PVcomBank: Delivering outstanding customer experiences

Founded in 2013, Vietnam Public Commercial Joint Stock Bank (PVcomBank) is the result of a merger between Petro Vietnam Finance Joint Stock Corporation (PVFC) and Western Commercial Joint Stock Bank (WesternBank). Over the years, PVcomBank has expanded to become the fifth-largest digital bank in Vietnam. Thanks to its commitment to deliver ‘Banking for Everyone’, it now serves over three million customers across various segments in Retail, SME, commercial and corporate.

Vietnamese Business Association in UK sets 2025 agenda
Economy

Vietnamese Business Association in UK sets 2025 agenda

The Vietnamese Business Association in the UK (VBUK) has announced plans to reshape the landscape of Vietnam-UK trade relations, focusing on driving business community forward, fostering its unity and strengthening connections with their Vietnamese partners both at home and abroad.

Bright prospects of Vietnam’s asset management industry
Economy

Bright prospects of Vietnam’s asset management industry

In the dynamic global economic landscape, the asset management sector is emerging as a standout field, with rapid growth fuelled by wealthy, middle-class and high-net-worth investors, transitioning towards professional asset management models and high-tech applications.

Vietnam PMI stands at 49.8 in December
Economy

Vietnam PMI stands at 49.8 in December

The S&P Global Vietnam Manufacturing Purchasing Managers' Index (PMI) dipped below the 50.0 no-change mark for the first time in three months during December 2024, to be at 49.8 from 50.8 in November.