[NEWS] – The “pillars” of growth in 2023

Export, processing industry, manufacturing, public investment, labor productivity, and digital transformation ... are the "pillars" of promoting Vietnam’s economic growth in 2023.

Firstly, the basic pillar for the development and growth of Vietnam’s economy in 2023 is export. Because Vietnam has an open economy of more than 200% of the GDP, in 2022, the total import-export value will reach over 700 billion USD, which shows that the growth and development ability of the economy will depend greatly on imports and export in the coming time.

As a result, the demand for imported raw materials, fuels, and accessories for production and business of major economies in the world that Vietnam exports to may be reduced. Thus, our import and export activities will face great challenges due to slowing growth and high inflation.

Unemployment in the world increased, and consumption and imports also decreased. Vietnam’s imports and export in 2023 are forecasted to face many difficulties, although this is the central pillar.

To solve this problem, we must master the traditional market, from which to consider the increase and decrease in product design requirements to increase the attraction of export goods in conventional markets system.

Enterprises must coordinate with Vietnamese ministries, branches, associations, and trade deals abroad to find ways to expand and diversify markets, not depending on one need to reduce production and business costs and increase business growth. competition.

Expanding and diversifying export markets is one of the ways to boost exports. Thereby increasing the competitiveness as well as the development capacity of the economy in 2023.

Second, the processing industry, manufacturing, and industries. Which, the electronics industry and electronic components are Vietnam’s export strengths. Developing Vietnam’s sector in 2022 is the driving force behind economic growth, and also contributes greatly to the country’s GDP growth.

However, Vietnam’s ability to converge and grow in 2022 with the time before Covid-19 is not high. As such, we have the potential to grow and develop the industrial sector. Since then, it will act as a "momentum" for industrialization and modernization as well as the growth and development of the country’s economy.

Third, public investment. In 2023 there will be an investment higher than in 2022 by about 7%-8%. But like 2022, 2023 also has a huge public investment "package" from the program of economic recovery, growth, and development in the two years 2022-2023.

Therefore, if the public investment is not promoted from the first months and first quarter of 2023, it will be like previous years, not disbursing 100% of capital. At that time, there was a situation of waste and inefficient use of investment capital because of the mindset of "first year is full, and the end is in a hurry".

Thus, the consideration of increasing the disbursement of public investment capital is also one of the important factors contributing to creating jobs, promoting growth in many areas of the national economy, and solving infrastructure problems as well as bottlenecks in the economy in the coming time.

Fourth, labor productivity and digital transformation. Implement inter-digitization between sectors in the economy. Digital transformation activities have developed and created efficiency in production and business activities, mobilizing capital, and saving time for society.

However, the growth and development of digital transformation have not been commensurate with the potential and expectations of the regulatory agencies as well as the economy. Therefore, promoting digital transformation will contribute to improving labor productivity, and production efficiency and applying new science and technology to production and business.

In fact, over the years our labor productivity has grown slowly. While this is the deciding factor if we want to get out of the middle-income trap. Therefore, digital transformation and digital technology applications need to be promoted faster, and at the same time associated with high technology applications and improving labor productivity in the national economy.

Source: Collector