Which industry group is driving growth

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Vietnam Post applies information technology in customer management, automatic goods delivery. Photo: ST
Vietnam Post applies information technology in customer management, automatic goods delivery. Photo: ST

According to a report by FiinGroup (a company providing financial data and business information), the industry groups that are assessed as “leading” for 2022 include groups stimulated by public investment, groups with large export proportions, industries stimulated by the recovery of domestic demand, e-commerce and logistics, and information technology.

According to economic expert, Assoc. Prof. Dr. Dinh Trong Thinh, the manufacturing industry still leads the growth. Similarly, key export groups will also continue to regain momentum and set a new record if the pandemic is controlled.

According to experts of the World Bank (WB), in 2022, Vietnam will still be an attractive destination for investors in the medium term. Internally, domestic consumption and public investment will still play an important role in recovering economic growth in 2022.

In fact, in the first half of the first quarter of 2022, there are a lot of positive signals supporting the above statements.

The Government issued Resolution 11/NQ-CP dated January 30, 2022 on the Socio-economic Recovery and Development Program and implemented Resolution No. 43/2022/QH15 of the National Assembly on fiscal policy and Currency Support Program. The business community assesses that such fiscal and monetary policies will be a driving force to quickly restore production and supply chains, labor force, promote growth drivers, maintain macroeconomic stability, and ensure major balances in the medium and long term.

Along with that, ministries and branches also quickly disbursed public investment capital to improve the business environment and support businesses to recover, as well as implement many Free Trade Agreements (FTAs) which are expected to help businesses expand export markets.

In addition, from the beginning of the year, Vietnam has achieved remarkable results in attracting and disbursing foreign investment capital (FDI). For example, not only Samsung, Nike or Intel, but recently, a series of production projects of large corporations such as Foxconn, Pegatron Lego appeared in Vietnam. Recently, Panasonic has moved its refrigerator and washing machine factory in Thailand to Vietnam. This shift benefits Vietnamese businesses in fields related to processing, manufacturing and the supporting industry.

According to data from the Business Registration Administration (Ministry of Planning and Investment), the number of newly-established enterprises in January 2022 was 13,004, up 28.9% over the same period last year.

The capital of newly registered enterprises in the month also reached VND192,365 billion, up 24%. With this result, January 2022 is also the first month of the year with the highest number of newly established businesses ever.

In January 2022, the whole country also recorded 5,556 operating enterprises registering to increase capital, an increase of 38.4% year on year. The additional registered capital of operating enterprises was VND343,776 billion, up 43.3% over the same period last year. The number of enterprises returning to operation in January 2022 was 19,121, an increase of 194% over the same period last year.

Referring to solutions to unlock the economic growth drivers in 2022, Mr. Vuong Trong Tuan, Deputy General Director of Hanoi Confectionery Joint Stock Company, said that the Government and National Assembly have just approved the Socio-economic recovery support package of nearly VND350,000 billion, which will be a premise to stimulate production activities again and develop the economy.

However, he hoped that the implementation would be more strong and closely directed by the management agency for each industry and locality to implement the support package in the most effective way.

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Sharing the same opinion, Mr. Nguyen Xuan Hoang, Chairman of the Board of Directors of IMC Company, said that, in any field, what businesses want the most is not necessarily financial leverage but the commitment of the management agency on substantive recovery of businesses related to effective disease control, so as not to affect the psychology and business situation of enterprises.It can be seen that both internal and external resources are supporting the growth of Vietnamese businesses to quickly access a successful year, despite difficulties and challenges. Moreover, there are many unexpected factors coming from the external context and all forecasts are only relative, so according to experts, businesses must set up a sustainable development strategy to lay the foundation for the future stage of development.

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