Vietnam State Bank (SBV) – HCMC Branch yesterday sent a dispatch to credit organizations and branches of foreign banks in the city as to extending debt payment deadline and maintaining debt groups in compliance with its Circular No.02/2023.
HCMC needs to overcome two immediate problems: institutional bottlenecks must be removed to absorb investment capital from all economic sectors, and the government must actually accompany businesses to strengthen the market's confidence.
The quick recovery of Ho Chi Minh City in 2022 after the 4th Covid-19 pandemic outbreak has formed a strong foundation to complete its 5-year plan from 2020 and to maintain its leading position in the national socio-economic development.
To support enterprises to overcome difficulties as well as accelerate development, there should be synchronous support of many policies, said Chairman of the Ho Chi Minh City Union of Business Association, Nguyen Ngoc Hoa.
In 2023, Vietnam and Australia will celebrate 50 years of diplomatic relations and work towards the goal set by the two countries’ leaders to elevate the relationship to a Comprehensive Strategic Partnership.
The efforts of Vietnam to improve the business – investment environment lately have attracted more remittances into manufacturing and trading activities, greatly contributing to the national economic growth.
Chairman of Ho Chi Minh City People’s Committee Phan Van Mai stressed in the meeting about the city’s socio-economic status in the last 2 months of 2022 that completing the budget revenue target for 2023 is a challenging mission for HCMC now that the economic health of this quarter is on the wane. This has asked for more precise evaluation of the current status to devise suitable measures to fulfill that mission.
In the first 9 months of 2022, the State applied various policies to extend tax payment time for businesses in hope of quicker economic recovery speed. This financial aid is worth tens of thousands of VND.
Now that the domestic market is strongly recovering, shopping demands at the end of this year are expected to significantly rise. Therefore, since the beginning of this quarter, many food processing businesses have sought suitable input sources and increased their manufacturing activities in hope of offering more competitive retailed prices for their products.
Standard Chartered Bank has raised its Vietnam GDP growth forecast for 2022 to 7.5 percent from the previous 6.7 percent and for 2023 to 7.2 percent from 7.0 percent to reflect robust Q3 growth of 13.7 percent year-on-year. The last quarter 2022 growth is anticipated at 4.0 percent.
Nguyen Duc Lenh, Deputy Director of the State Bank of Vietnam - Ho Chi Minh City Branch, said that by the end of September 2022, credit growth in the city is estimated to increase by 12 percent compared to the end of 2021, a sharp increase of 4.97 percent (in 2021), 4.99 percent (in 2020), and 10.2 percent (in 2019), respectively, compared to the same period in the previous three years.