Economy on the rise, trade bustling at the end of 2023

Bright spots in Vietnam's economy at the end of 2023

Although the global economy is facing many difficulties, in Vietnam, the economy from the second half of 2023 has had expected improvements.

Despite the economic downturn, the domestic tourism and travel industry has made many strong breakthroughs thanks to the rapidly increasing number of tourists.

According to the General Statistics Office, the number of international visitors to Vietnam as of July 2023 reached more than 1 million, an increase of 6.5% compared to the previous month. This proves that domestic tourism and travel services are on the path of strong recovery, an industry that contributes greatly to Vietnam's economic growth.

Domestic transport grows thanks to the development of domestic tourism. (Illustration photo: Vietship)

Tourism development stimulates the growth of domestic transportation and trade. Accordingly, domestic consumption also shows signs of growth, contributing to domestic economic growth.

According to statistics from the Ministry of Planning and Investment, as of July 20, the total newly registered, adjusted and contributed capital to buy shares by foreign investors reached nearly 16.24 billion USD, up 4.5% over the same period last year. Statistics show that capital from foreign investors in Vietnam shows signs of increasing, and it is expected that in the second half of 2023, foreign investment capital in Vietnam will increase sharply.

According to Mr. Do Nhat Hoang - Director of the Foreign Investment Department of the Ministry of Planning and Investment, new foreign investment capital and new projects both increased sharply in the first 6 months of 2023. The total number of new projects increased by 2 times compared to the new investment capital, this is a sign that small and medium-sized investors have confidence and strong interest in the investment market in Vietnam.

A series of exciting international trade fairs and exhibitions at the end of 2023

At the end of 2023, there will be a series of trade exhibitions in many industries taking place in Vietnam such as: NEPCON - E-commerce Exhibition; VietStock - International Exhibition of Livestock, Animal Feed and Meat Processing; VietnamPlas - Exhibition of Plastics and Rubber Industry; VTG - Vietnam International Textile and Garment Industry Exhibition.

Vietfood & Beverage and Propack - Exhibition of food, beverage, processing industry; Vietbuild - Vietbuild International Exhibition; Vinamac Expo - International exhibition of machinery, equipment, technology and industrial products in Ho Chi Minh City; Vietnam Expo - Vietnam Trade Fair; Vietnam Foodtech - Vietnam International Food Industry Exhibition.

The 2023 year-end trade fair took place in a bustling atmosphere.

Trade fairs and exhibitions in Vietnam are gateways for domestic and foreign businesses to directly communicate and exchange, increasing cooperation opportunities between businesses and organizations.

The recent Vifa Expo 2023 specialized exhibition on wood export had the participation of 612 domestic and foreign companies. Statistics after the exhibition showed that the number of visitors was 18,180, including 5,729 international visitors from 117 countries and territories, 1.63% higher than in 2022. The total value of contracts signed at the exhibition reached 10 million USD, a breakthrough opportunity for businesses looking to expand their markets (According to Vifa Expo).

Therefore, participating in trade fairs and exhibitions helps domestic businesses expand their markets internationally, and foreign businesses can find reputable units to invest and cooperate in developing in the Vietnamese market right within the framework of the event.

Business representatives visit Minh Hung Plastic exhibition booth.

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Bao Anh

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