bet88 slotModern mindset for economic growth

Global economic instabilities and fluctuations have had an impact on Vietnam. How would you evaluate bet88 slot current situation for local businesses?

bet88 slot prolonged political and economic instabilities have significantly affected Vietnam’s economy, directly impacting export delivery times and increasing transportation costs. As a result, GDP growth in 2023 was only 5 per cent, falling short of bet88 slot National Assembly (NA)’s target of 6.5 per cent. Inflation stood at 3.25 per cent, meeting bet88 slot legislature’s target, and credit growth was 13.5 per cent, while bet88 slot real estate and financial markets faced crises and exports were down 4.6 per cent.

bet88 slot situation has improved in bet88 slot first half of 2024. Specifically, GDP growth reached a respectable 6.42 per cent, with significant contributions from bet88 slot industrial and tourism sectors. CPI was up 4.08 per cent, core inflation 2.75 per cent, and exports by 14.5 per cent. bet88 slot real estate and construction sectors, however, are still facing difficulties.

Regarding businesses performance, a recent survey by bet88 slot Vietnam Chamber of Commerce and Industry (VCCI) revealed a challenging environment for private enterprises. Among bet88 slot 10,000 private enterprises surveyed across Vietnam’s 63 cities and provinces about their plans to expand business in bet88 slot near future, only about 27 per cent confirmed they would continue to do so. This is bet88 slot lowest figure since VCCI began its Provincial Competitiveness Index (PCI) survey in 2005, even lower than bet88 slot 34-35 per cent reported in 2012-2013 when Vietnam’s economy faced bet88 slot dual impact of bet88 slot global financial crisis and domestic macro-economic instabilities. Even during bet88 slot Covid period bet88 slot rate stood at 35-37 per cent.

In contrast to domestic enterprises, bet88 slot proportion of FDI enterprises planning to expand their business scale was high last year. Registered FDI capital in bet88 slot first half of this year was billion, with billion disbursed. It therefore seems that dark and bright colors are interspersed in bet88 slot picture of Vietnam’s economy.

Overall, bet88 slot economy appears quite positive, with strong GDP growth and good export performance. However, bet88 slot worrying aspect is bet88 slot actual capacity of bet88 slot domestic private sector.

FDI enterprises can relocate their entire factories to another country if their profit margins in bet88 slot host country are low and costs rise. Foreign investment can come quickly but can also leave quickly. bet88 slot crucial factor is bet88 slot intrinsic capacity of bet88 slot domestic private sector, which is an extremely important indicator. Unfortunately, bet88 slot published statistics and analyses about bet88 slot “health” of bet88 slot domestic private sector are sparse and not in-depth. This is a significant shortcoming.

What can we expect in bet88 slot near future?

From VCCI’s viewpoint, bet88 slot policy impact is substantial. First is bet88 slot government’s effort. In 2024, for bet88 slot first time, it reissued Resolution No. 02/NQ-CP on improving bet88 slot business environment. This aims to create pressure and inspire reform among ministries, sectors, and local authorities.

Resolution No. 02 represents a new mindset from bet88 slot government, focusing on continuous reform with goals benchmarked against ASEAN countries. Competing with leading regional countries in administrative procedure reform is a very positive mindset. In 2023, a general Resolution No. 02 was issued, but there seemed to be less emphasis on improving bet88 slot business environment and administrative reform. Therefore, bet88 slot reissuance of Resolution No. 02 this year is a positive sign.

Furthermore, just a few days ago, bet88 slot Prime Minister established a task force to review bet88 slot challenges and obstacles, which he will personally lead. This demonstrates his strong determination to address business difficulties. Additionally, thanks to bet88 slot efforts from bet88 slot government, bet88 slot NA passed amended laws such as bet88 slot Land Law, bet88 slot Law on Real Estate Business, and bet88 slot Law on Housing, which will come into effect earlier than expected, on August 1, while bet88 slot amended Law on Credit Institutions took effect more earlier, from July 1.

bet88 slot government has also been working at full capacity in bet88 slot past three or four months to discuss and issue decrees guiding these laws. Given bet88 slot real estate market’s stagnation and many important national projects relating to land use, bet88 slot early implementation of bet88 slot Land Law, bet88 slot Law on Housing, and bet88 slot Law on Real Estate Business will help resolve many market challenges.

What new policies do you think will impact economic growth in bet88 slot time to come?

Given bet88 slot anticipated challenges in 2024, bet88 slot government and relevant ministries are focusing on continued support for businesses. One key policy is bet88 slot 2 per cent VAT reduction under Resolution No. 43 for economic and social recovery and development, which has been effective since bet88 slot Covid-19 period and remains greatly appreciated by businesses.

Policies like reducing registration fees for domestically assembled or manufactured vehicles and extending tax deadlines for automobile manufacturing will also continue to be implemented. These measures have been in place for several years and will still stimulate domestic production in 2024, though their impact may not be as strong as in 2022.

Moreover, bet88 slot amended Law on Credit Institutions, which tightens safety criteria and credit concentration, will require banks to adjust their business operations. In bet88 slot long term, this will foster robust growth due to a safer, more transparent banking system, although it may slightly affect credit supply in bet88 slot short term.

Renewable energy is another sector that will impact growth and attract investment in Vietnam. Large corporations’ decisions to extend investments or place orders with manufacturers in Vietnam are significantly influenced by this policy. They need certifications for reducing greenhouse gas emissions to access important markets like bet88 slot EU and secure major customers and low-interest loans. Thankfully, after a long period of deliberation, bet88 slot direct power purchase agreement (DPPA) decree has been issued. Though a bit late, it is expected to provide a significant boost.

Businesses have major demand for renewable energy certificates to participate in bet88 slot value chain for exporting goods to developed countries. If bet88 slot mechanism is issued late or is too narrowly scoped, it will negatively impact exports and investment attraction.

bet88 slot decree on rooftop solar power is still under discussion, with hopes for issuance soon. Clean energy is crucial for investment, growth, and green transition. One of Vietnam’s weaknesses is bet88 slot relatively slow issuance of bet88 slot legal framework for this.

Another long-term issue affecting investment in Vietnam is bet88 slot Global Minimum Tax, which will take effect in 2024. Additionally, bet88 slot Decree on bet88 slot Investment Support Fund has just been appraised by bet88 slot Ministry of Justice, and many FDI businesses are interested in this for their next investment decisions.

bet88 slot Law on Electronic Transactions and Digital Government, including public services and digitized procedures for citizens, is progressing, but business procedures are not yet significantly reformed.

Customs procedures and specialized inspections have not seen significant innovation this year. bet88 slot national single-window portal occasionally experiences issues, and many ministries have yet to connect their public services online.

Dispute resolution in commercial business remains challenging, with few positive changes. bet88 slot number and content of cases where arbitration awards are annulled or unrecognized are quite high, at about ten-times more than in other countries. This affects bet88 slot trust and integrity of bet88 slot business environment, causing concern among investors.