Opportunities opened up for businesses

The Vietnamese business community has just entered the year 2023 of tremendous emotions mixed with worries and expectations. The worrisome is that the unfulfilled recovery from the COVID-19 pandemic is now plunged into the spiral challenges due to the influence of the world economy. However, bright colors in the gloomy picture of the economy in 2022 are visible as the growth rate recovered in time to the same level of the last months of the year, bringing up expectations to the business community for a more favorable new year.

2023 is expected to be another year of hardship for the business community in such further reinforced perception that the National Assembly sets an economic growth target in 2023 with a modest rate of 6.5% - a decrease by nearly 1.5% compared to 2022. However, according to economic experts, identifying turbulance or advantages in an open economy like Vietnam must be placed in the context of the global economy.

Meanwhile, the world economy in 2022 still achieve a good growth rate objectively. Along with that, the COVID-19 epidemic in the world has been controlled and is at a stable stage. Even China, a country that is steadfast in its stance of "Zero Covid", is gradually opening up to move towards full opening to the outside world. These are signs of the recovery of the world economy; however, the ongoing conflict between Russia and Ukraine is of great concerns for the world economy so far. Once the war between these two countries has not come to an end, the world economy is still a mystery. However, based on the indicators that have been seen, the world economy in 2023 is not so gloomy as last year.

Subjectively, despite numerous problems in 2022, Vietnam's economy still achieved a record growth rate of 8.02%, exceeding the set target of 6-6.5%. Except for the textile, footwear, wood and electronic industries which faced difficulties due to the decrease in purchase orders, the remaining sectors kept on stable and good growth. In general, despite the unfavorable factors, Vietnam's economy in 2023 still has great prospects as exports of agricultural and aquatic products will certainly maintain their growth momentum when many barriers are removed thanks to FTAs. FDI projects, if well attracted in 2023, will have a positive impact on the economy. Similarly, the real estate market will warm up thanks to a number of important projects being implemented.

An outstanding advantage for the domestic business community is that there is still a potential domestic market with about 100 million people, in which, if advantage and exploit well taken, the salvation of businesses in the current harsh time is there to stay. Currently, the potential of the domestic market is different from before thanks to the growing business community in the country and the growing middle class, setting up the foundation for businesses to develop sustainably if they know how to adapt.

Challenges remain, but with the analyzed advantages, the expectation of the business community in 2023 is completely grounded as the driving force for businesses to continue making their efforts, contributing to the overall growth of the economy.

Reported by Le Quang – Translated by Vi Bao