The number of freshly established firms is projected to rise by 2 per cent year-on-year, reaching approximately 162,500. — Photo nguoiduatin.vn

The Vietnamese market is this year expected to welcome 230,500 more enterprises, both newly established and those resuming operations, according to the General Statistics Office (GSO).

The number of new firms is projected to rise by 2 per cent year-on-year, reaching approximately 162,500. Concurrently, around 68,000 others will be back in operation, marking a 16 per cent increase. The statistical agency’s forecast is based on the registrations of businesses in 2023 and the anticipated global and domestic economic outlook in the coming period.

According to the GSO, this year economic growth continues its positive recovery trend.

Supportive policies enacted in 2023 are expected to have a more profound impact, with the driving forces of investment, consumption, tourism, and exports envisioned to continue their upward trajectory.

However, challenges persist as major economies and Việt Nam’s trade partners and key investors are still experiencing slow and unsustainable recovery, coupled with weak consumer demand, increasing protectionism, and unfavourable global and regional developments.

These factors are likely to strongly influence the Southeast Asian economy’s business and industrial activities, export-import operations, and investment attraction.

As a result, the number of businesses exiting the market this year is forecast to be higher than last year, albeit at a significantly slower pace than during the COVID-19 period.

According to the Ministry of Planning and Investment’s Business Registration Management Agency, this figure might reach around 178,000, up 3.5 per cent annually.

To help businesses overcome challenges, GSO General Director Nguyễn Thị Hương suggested the Government continue to manage monetary and fiscal policies and other policies to ensure macro-economic stability, support economic growth, and stabilise monetary and foreign exchange markets, and the banking system.

Additionally, she urged the Government to vigorously promote growth drivers, improve institutional and legal frameworks, streamline administrative procedures, and facilitate robust digital transformation.

On the part of the State Bank of Việt Nam (SBV), it will implement appropriate credit solutions to meet the capital needs of the economy; control credit for potentially risky areas; encourage credit institutions to reduce costs, simplify lending procedures, and strive to reduce lending interest rates to support the economy.

The SBV will also continue to implement solutions to increase access to credit capital for businesses and people.

Regarding exports, the Ministry of Industry and Trade (MoIT) will accelerate negotiations and the signing of the Việt Nam - UAE Comprehensive Economic Partnership Agreement, FTAs with Brazil and the South Common Market (MERCOSUR); exploit the Halal market to expand new and potential export markets.

Regarding consumption, the MoIT will promote e-commerce and non-cash payments; effectively exploit the domestic market, stimulate consumption at the end of the year and Lunar New Year; promote the "Vietnamese people prioritise using Vietnamese goods" campaign, trade promotion programmes and activities, to connect domestic supply and demand.

In addition, ministries and branches need to focus on reviewing, reducing, and simplifying administrative procedures and business regulations. — VNS