Despite a challenging year, Viet Nam can be proud of its achievements in 2023 thanks to its own efforts and active support of international partners and friends.

Vietnam - a bright spot in gloomy picture of global economy

Viet Nam has managed to record many positive results and is considered a bright spot in the “gloomy picture” of the wider global economy.

Viet Nam’s GDP growth is estimated at over 5 per cent in 2023, which is quite high compared to many countries in the region and the world.

 Fitch Ratings upgraded Viet Nam's Long-Term Foreign-Currency Issuer Default Rating (IDR) to 'BB+', from 'BB'. The Outlook is Stable. The upgrade reflects Viet Nam's favourable medium-term growth outlook, underpinned by robust foreign direct investment (FDI) inflows, which the agency expects will continue to drive sustained improvements in its structural credit metrics.

The country’s national brand value stood at US$431 billion, moving up one place to 32nd out of 100 strong national brands in the world.

Historical achievements in diplomacy and integration

 In 2023, Viet Nam’s external relations and diplomatic activities reflected the country’s “bamboo diplomacy” and was a highlight of the nation’s overall achievements.

The year witnessed a vibrant range of diplomatic activities, including phone calls and visits exchanged between Vietnamese and foreign Party and State leaders, and visits to Viet Nam by Chinese Party General Secretary and President Xi Jinping, U.S. President Joe Biden, and 50 other world leaders.

Through bilateral and multilateral diplomatic activities, Viet Nam has mobilized external resources for socio-economic development. It has taken advantage of free trade agreements and new development trends to promote trade, attract investment, and boost science and technology in order to maintain macroeconomic stability and promote economic growth.

Viet Nam's international reputation has grown remarkably. The country was elected a non-permanent member of the UN Security Council, Vice Chairman of the 77th session of the United Nations General Assembly, and a member of the World Heritage Committee, the International Law Committee, and the UN Human Rights Council for the 2023-2025 term.

Viet Nam has contributed to emissions reduction and fighting climate change, sent officers and soldiers to UN peacekeeping missions, and provided humanitarian aid to countries hit by natural disasters and conflicts.

Dramatic changes in highway development

In 2023, the transport sector achieved breakthroughs in the development of transportation infrastructure with 26 projects initiated and 20 projects completed.

Among them, nine components of the highway projects were put into operation, covering a total length of 475 kilometers. This increased the overall length of operational highways across the country to 1,892 kilometers.

Construction began on the Long Thanh airport terminal and runway. About 700 km of roads were built, increasing the total length of operating expressways to 1,852 km. Other transportation projects with a total public investment of nearly 3.9 billion USD were completed, eliminating traffic bottlenecks, boosting regional connectivity, and accelerating socio-economic development.

Following the dynamic direction of the Government, ministries, sectors, and localities made major mindset changes, demonstrated creativity, streamlined administrative procedures, showed greater responsibility, and ensured work progress.

Perfecting legal system

 In 2023, the National Assembly passed 16 laws, 29 resolutions, gave comments on 18 bills.

The Government held ten legal building sessions to collect feedbacks on 47 draft laws. The Government issued 86 decrees. The Prime Minister released 29 decisions. Planning work was accelerated, with 108 out of the 111 planning schemes at different levels -- national, sectoral, and local -- were approved.

New records made by agricultural export

Total import-export turnover in 2023 is estimated to reach a new record of US$683 billion, which is three times higher than the amount obtained in 2022.

Overseas shipment of agricultural products, especially fruits, vegetables and rice, set a new record high, surpassing US$24.3 billion, representing a year-on-year increase of 17 percent. Six items pocketed over US$3 billion each including coffee, rice, vegetables, cashew, aquatic products as well as furniture.

Especially, Viet Nam shipped 7.9 million tons of rice by December 15, worth US$4.54 billion. This is a new record.

Foreign investment disbursement and newly-established enterprises post new records

As of December 20, 2023, Viet Nam absorbed nearly US$36.61 billion of FDI, representing a year-on-year increase of 32.1 percent. The amount of disbursed FDI was estimated at around US$23.18 billion, up 3.5 percent against 2022.

Viet Nam climbed 12 places on the Economist Intelligence Unit's latest business environment rankings, which measure the attractiveness of doing business in 82 countries based on 91 crucial indicators.

Meanwhile, nearly 160,000 enterprises were established in 2023, a year-on-year rise of 7.2 percent and a record high figure.

Total registered capital was estimated at over VND1.5 quadrillion (US$62.5 billion).

Drastic steps to promote new sectors

In 2023, the economy has been restructured, focusing on newly emerging areas, including science, technology, innovation, digital transformation, green growth, digital economy, circular economy, knowledge economy, and sharing economy.

Especially, the digital economy played an important role in the country’s socio-economic development and accounted for nearly 15% of GDP in the first half of this year.

Viet Nam jumped two places to 46th place on the World Intellectual Property Organization (WIPO)’s Global Innovation Index (GII) 2023, according to the WIPO report.

The country has a rapidly developing semiconductor ecosystem and a window to elevate its standing in the global supply chain. Viet Nam’s semiconductor market is expected to grow by around 6.7 percent during 2023-2028, reaching US$1.94 billion.

Viet Nam officially announced the Resource Mobilization Plan to implement the Political Declaration on establishing the Just Energy Transition Partnership (JETP).

Extricating business bottlenecks and revitalizing resources

The Government directed ministries, sectors, and localities to timely resolve obstacles in terms of regulations, mechanisms, policies to support business and people.

Public investment disbursement rate was estimated at around VND667.882 trillion, or 94.3 percent of the initial plan, 2.88 percent higher than last year.

The Government also took drastic steps to stabilize the corporate bond market and real estate market.

Major social development norms are achieved

 The Government implemented numerous solutions for tax exemptions, reductions, and deferrals, as well as the postponement of fees, charges, and other state budget revenues.

These measures, estimated at a cost of VND200 trillion, aim to mitigate economic challenges, enhance cash flows for businesses, support socio-economic recovery and development, and contribute to nurturing revenue sources for the state budget.

Viet Nam ranks 65th out of 137 countries and territories in the 2020-2022 period as per the World Happiness Report 2023, up 12 places from the 2022 Report.

Anti-corruption fight is accelerated

Thanks to strong political determination demonstrated by the Communist Party of Viet Nam and its General Secretary Nguyen Phu Trong, Viet Nam has recorded significant results in fighting corruption.

Viet Nam is one of the 25 countries that saw an improvement in its ranking, gaining 3 points and moving up 10 places compared to the previous ranking./.VGP