Meanwhile, despite efforts and continuous measures to accelerate public investment disbursement, it is recorded that by the end of November 2023, the country has only achieved about 65.1 percent of the plan assigned by the Prime Minister. Without fundamental changes, overlapping laws and regulations in the field of public investment disbursement will continue to be a hindrance in 2024.
Despite the government, agencies and businesses’ efforts to accelerate in the year-end months, the import-export revenue did not help reach the finish line when it only reached US$683 billion in 2023, down 6.6 percent compared to the previous year. 2023's trade balance of goods reached a surplus of $28 billion far exceeding 2022 with $11.2 billion.
While the world continues experiencing many risks and aggregate demand is unlikely to recover as before the Covid-19 pandemic, the country should take advantage of domestic consumption stimulation needs in the context of extensive cooperation, especially the global Strategic Partnership Agreement that Vietnam signed at the end of 2023 as a lever to create momentum for 2024.
Based on that, in addition to continued efforts to find ways to recover by disbursing public investment and making good use of the position and opportunity in 2024 to help boost exports, domestic consumption should be identified as the driving force for the city's economic development. Simultaneously, a system of policies, mechanisms and projects should be built to promote domestic consumption as an important motivational solution in the process of recovery and acceleration of the southern largest city’s socio-economic development in 2024-2025.
This year, promotion programs to stimulate people's consumption should be carefully evaluated and researched to effectively connect goods and services to people's needs as well as encourage businesses in Ho Chi Minh City to find partners and expand markets for goods, services, and tourism through linking the Southeast and Mekong Delta regions as well as other regions. The National Assembly-approved Resolution 98 should be applied to identify the leading role of Ho Chi Minh City and shape the integrated development region of Ho Chi Minh City - Binh Duong - Dong Nai - Tay Ninh.
In particular, the form of livestream sales and shopping is projected to continue to explode in 2024. This is an inevitable trend, both a market demand and an inherent requirement in the digital economic environment that has developed during and after the Covid-19 pandemic. After the OCOP Can Gio market, Ben Thanh market, the social commerce trend or commerce on social networking platforms is spreading throughout many traditional markets such as An Dong, Tan Binh, and Hanh Thong Tay.
It is hoped that authorities will be the supporter in technical training and work with network operators to provide technology assistance for small businesses who want to make changes for survival during the economic crisis. To take advantage of livestreaming sales, there should be online markets at special times, especially the upcoming Tet markets, or upgraded to fairs focusing on Tet goods.
Typically, Saigon Co.op plans to organize eight livestream sales sessions on the website and application according to eight separate topics to introduce typical products and services of the Co.opmart system this Tet holiday (the Lunar New Year). Functions for traditional commercial areas combining offline with online should be converted to sell the Tet decoration items.
Noticeably, while sales in traditional stores are sluggish with few orders, revenue increased by 56 percent on online platforms. Specifically, just in one month, more than 427,000 Tet decoration products were sold. It is estimated that around 2.7 million products were sold during the upcoming festive season.
