Many signals predicting a prosperous new year for the economy

Many positive signs right on the first day and first month of 2024 signal a prosperous new year for the Vietnamese economy!

With many positive signs, Vietnam's economy in 2024 is forecast to prosper (illustration)

Vietnamese people often have the saying "the beginning goes well, the end goes well" to talk about the fact that if you start smoothly, the results will be better. Understanding from a logical perspective, this sentence means that when you start smoothly and successfully, the following steps will be easier and more convenient. Therefore, based on good signs in the first month of 2024, we can fully hope for a prosperous and successful new year.

The first good sign to mention is the success of Prime Minister Pham Minh Chinh's business trip to attend the WEF Davos 2024 Conference and official visits to Hungary and Romania, which were very successful. This is also the first foreign business trip in the new year 2024 of our country's key leaders, which has important significance. The business trip takes place when Vietnam is becoming a focus of global attention, especially after historic foreign policy achievements in 2023 under the wise leadership of the Party Central Committee, directly and often. Usually the Politburo and the Secretariat, headed by General Secretary Nguyen Phu Trong.

Prime Minister Pham Minh Chinh successfully took full advantage of important opportunities from the business trip to inform about Vietnam's achievements and orientation, affirming and helping to spread information strongly and widely. message, image, position of a Vietnam with new fortune, potential, stature and prestige. At the same time, through the business trip, the Vietnamese delegation also grasped and took advantage of new opportunities and trends, attracting maximum resources to serve the country's development; promote cooperation in areas of practical interest with WEF, Switzerland, Hungary, Romania and partners; sharing views and visions on global issues, affirming Vietnam's proactive, positive participation and responsible contributions.

With those successes, the business trip to WEF has created a new breeze for high-quality foreign investment cooperation, contributing to renewing traditional growth drivers and promoting growth drivers. new.

Economically, the first days of the new year also recorded many positive figures with growth reaching more than 50% over the same period, even the highest in January in recent years. For example, as of January 20, 2024, the total foreign investment capital newly registered, adjusted, capital contributed and shares purchased (GVMVP), purchased capital contributions of foreign investors (foreign investors) reached more than 2.36 billion USD, an increase of 40.2% over the same period in 2023. This result is considered very positive, because in January last year, total registered investment capital decreased by 19.8% over the same period 2022.

Of this number, the total newly registered capital reached more than 2 billion USD, an increase of 66.9% over the same period last year. Explaining this sharp increase, the Foreign Investment Agency said that it is due to the rapid increase in the number of new projects (190 projects, an increase of 24.2%), and there are also large-scale investment projects. That is an investment project in a large urban area in Hanoi, with a total registered capital of more than 662 million USD.

Along with that, according to records from the Department of Business Registration Management (Ministry of Planning and Investment), newly established businesses in January 2024 increased sharply in both the number of businesses and the amount of registered capital. Newly established in January 2024 are 13,536 enterprises (up 24.8% over the same period in 2023) with registered capital reaching 151,451 billion VND (up 52.8% over the same period in 2023).

Of these, 13/17 industries have an increase in the number of newly established enterprises compared to the same period in 2023. Industries with strong increases include: Other service activities (up 64.4%); Arts, entertainment and recreation (up 48.7%); Transportation and storage (up 44.3%); Wholesale; retail; car and motorbike repair (up 34.6%); Processing and manufacturing industry (up 31.9%); Education and training (up 27.0%); Mining (up 25.5%); Construction (up 23.2%)…

Another positive signal that cannot be ignored is the export of Vietnamese goods in the first half of January. In the first period of January 2024 (from January 1 to the end of January 15, 2024), the total export turnover , preliminary goods imports reached 29.78 billion USD, up 5.4% over the same period last year; Of which, exports increased by 4.1%; Imports increased by 6.8%. Trade balance of goods for the first period of January 2024, preliminary trade surplus is 0.38 billion USD (same period last year, trade surplus was 0.73 billion USD); Of which, the domestic economic sector's trade deficit was 1.19 billion USD; The foreign invested sector (including crude oil) had a trade surplus of 1.57 billion USD.

In addition, the industrial production index (IIP) in January 2024 is estimated to increase by 18.3% over the same period last year. Of which, the processing and manufacturing industry increased by 19.3% over the same period last year, contributing 15.1 percentage points to the overall increase; Electricity production and distribution increased by 21.6%, contributing 1.9 percentage points; Water supply, waste and wastewater management and treatment activities increased by 5.7%, contributing 0.1 percentage points; The mining industry increased by 7.3%, contributing 1.2 percentage points.

From another perspective, international visitors to our country in January 2024 reached more than 1.5 million people, up 10.3% over the previous month and up 73.6% over the same period last year. In particular, the number of visitors still mainly comes from Asia with more than 1.1 million visitors, visitors from Europe reached more than 216 thousand visitors, visitors from America reached more than 97 thousand visitors...

Recently, international organizations have also made many optimistic forecasts about Vietnam's economy in 2024. Specifically, saying that Vietnam's economy in the medium term is still promising, Standard Chartered Bank forecasts Vietnam's GDP growth reaches 6.7% in 2024 (forecast to reach 6.2% in the first half of the year and 6.9% in the second half of the year). This is a higher growth rate than the target assigned by the Vietnamese National Assembly (6-6.5%). Some other organizations such as the Asian Development Bank (ADB) and UOB Bank also forecast Vietnam's economic growth in 2024 at 6%.

From the positive signals in the first days and months of the year and international confidence, with a good start, we can completely believe in a breakthrough year for the Vietnamese economy.