Vietnam's economic and manufacturing sectors continue to recover

DNHN - Domestic production and business activities have shown positive signs and brighter prospects for the national economy. With important factors and achievements, our country has achieved economic recovery.

According to the General Statistics Office, the industrial production index (IIP) in April is estimated to increase by 0.8% compared to March and 6.3% compared to the same period in 2023.

In the first four months of the year, the IIP increased by 6%, a significant improvement compared to the 2.5% decrease in the same period in 2023. Which, the processing and manufacturing industry increased by 6.3%, contributing 5.5 percentage points to the overall increase. The number of workers in the industry as of April 1 increased by 3.4% compared to the same period last year.

Thus, industrial production has generally maintained its recovery momentum over the past year, excluding the decline in February due to the Lunar New Year 2024 and the sharp increase in January due to the low base for comparison (January 2023 fell on the Lunar New Year 2023 and was also a period of slow production).

One of the important factors is technological innovation and digital transformation. The COVID-19 pandemic has accelerated the increased use of information and communication technology (ICT) in production and business activities. Vietnam has promoted the application of ICT in production management, advertising, marketing and product distribution. This not only helps to improve labour productivity but also increases flexibility and enhances the competitiveness of Vietnamese enterprises in the international market.

Another factor is the support and encouragement of the government. The Vietnamese government has implemented many support measures, such as economic stimulus packages and tax reductions, to promote production and business activities. As a result, businesses in Vietnam have been financially supported and have the conditions to maintain, develop and expand their production activities. This policy not only helps businesses overcome difficulties but also creates a favourable environment to attract foreign investment and promote sustainable economic development in the future.

In addition, Vietnam has also achieved remarkable achievements in exporting goods. In recent times, Vietnam has become one of the largest exporters of goods in the Southeast Asian region. Industries such as textiles, electronics, automobiles, wood and agricultural products have recorded significant successes in expanding export markets and increasing international competitiveness. This not only brings in large revenues for Vietnam but also creates a diversification of revenue sources, minimises risks and enhances the comprehensive development of the economy.

In summary, Vietnam’s production and business activities are currently recovering strongly after the COVID-19 pandemic. Technological innovation, government support and achievements in exporting goods have played an important role in this process. However, it should be noted that there are still some challenges and difficulties facing Vietnam’s production and business activities, such as climate change, shortage of high-quality human resources and fierce competition in the international market. To continue to promote recovery and development, it is necessary to invest in enhancing competitiveness, developing human resources and promoting innovation in production and business.

With the determination and efforts of the government, businesses and the whole society, Vietnam’s production and business activities have the potential to continue to recover and develop in the future. Vietnam can take advantage of opportunities from free trade agreements and the rise of global supply chains to boost exports and attract investment. At the same time, it is necessary to promote research and development, train high-quality human resources and create a favourable business environment to attract investment capital.

Vietnam has proven its ability to adapt and overcome difficulties. With continued support and investment in production and business activities, Vietnam can continue to develop and contribute to the economic prosperity of the region and the world.

Thus, Vietnam’s production and business activities are recovering strongly after the impacts of the COVID-19 pandemic. Technological innovation, government support and achievements in exporting goods have created brighter prospects for the national economy. Although there are still challenges and difficulties, with determination and effort, Vietnam has the potential to continue to develop and contribute to global economic prosperity.

Nguyen An Phan