Businesses recover strongly and develop sustainably in the future

The Vietnam Economic White Paper 2023 summarizes the achievements in 2023; makes some forecasts on Vietnam's economic prospects in 2024 and proposes business strategies.

Nam Phi là thị trường còn rất nhiều tiềm năng cho thủy, hải sản Việt Nam. (Ảnh: Nguyễn Thanh)

According to the Vietnam Economic White Book 2023, the agriculture, forestry and fishery sector still maintained significant improvement compared to the previous year. (Photo: Nguyen Thanh)

According to news from Vietnam Report Joint Stock Company, this unit has just published and announced the Vietnam Economic White Book 2023 with the theme "Resonating efforts, creating momentum for breakthroughs".

The report summarizes the achievements in 2023; at the same time, gives some forecasts on Vietnam's economic prospects in 2024.

The document also includes many suggestions on economic policies, lessons learned and business strategy proposals to help businesses form a framework to assess the resilience of important resources, thereby overcoming current difficulties and creating momentum for future breakthroughs.

Mr. Vu Dang Vinh, General Director of Vietnam Report, said that in the past year, despite the difficult context from the global and domestic economic situation that greatly impacted the operations of businesses, Vietnam was still a bright spot with many positive signals such as growth in the following quarter higher than the previous quarter, GDP for the whole year estimated to increase by 5.05% compared to 2022, many areas recovered such as export and industrial production.

Vietnam Report has also just conducted a report evaluating and ranking the Top 500 largest enterprises in Vietnam (VNR500), thereby recording that the total revenue of all three sectors: industry-construction, services and agriculture -forestry-fishery in 2023 all increased compared to 2022; in which, the industry-construction sector is one of the driving forces of economic development.

Agriculture, forestry and fishery activities maintained significant improvement compared to last year.

In terms of the criteria for evaluating the business performance of all enterprises in this year's ranking, the average return on assets (ROA) and return on equity (ROE) increased by 0.2% and 4.1%, respectively, compared to last year.

In contrast, the average return on sales (ROS) recorded a 0.4% decrease overall.

The production and business situation of a number of large enterprises in key economic sectors such as pharmaceuticals, logistics, tourism , hotels and resorts, animal feed, etc. has also improved despite many difficulties.

Except for the logistics industry which is heavily impacted by the global economic downturn, the remaining sectors have recorded growth as pharmaceutical companies are increasingly interested in improving research, production, and applying new technology to better meet the health care needs of society.

Vietnam has also witnessed a year of "explosion" in the domestic and international tourist market, and the increasing demand for animal-based food products such as meat, milk and eggs has driven the demand for quality animal feed.

Overall, if they can overcome current difficulties, businesses will seize great opportunities to become the main driving force for the economy, enhancing their position in domestic and foreign supply chains.

Vietnam's efforts on the path to recovery are becoming increasingly evident; in which, flexible adaptation efforts in production and business activities and management strategies of enterprises are the premise for a more optimistic 2024 when the economic situation gradually improves.

In particular, Mr. Vinh emphasized that building a strong brand will continue to play an important role, helping businesses recover strongly and develop sustainably in the future.

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