Vietnam Report releases white book on local economy in 2023

According to Vietnam Report General Director Vu Dang Vinh, last year, despite impacts from the world economic crisis and domestic difficulties, Vietnam has still been a bright spot with GDP growth of 5.05% and the recovery of many areas such as export and industrial production.

In its recent report on Vietnam’s top 500 biggest businesses in Vietnam, Vietnam Report underlined that growth was recorded in revenue of all three major areas of industry-construction, service and agro-forestry-fisheries in 2023.

The report also showed a year-on-year rise of 0.2% and 4.1% in the average return on assets (ROA) and return on equity (ROE), respectively. On the contrary, a downturn of 0.4% was seen in the average return on sales (ROS).

Meanwhile, the production and business situation of a number of large enterprises in key economic sectors such as pharmacy, logistics, tourism, hotels - resorts, animal feed were also improved despite many difficulties.

Except for the logistics industry, which is heavily impacted by the global economic downturn, all the remaining sectors enjoyed growth.

Particularly, Vietnam just witnessed a year with boom in the domestic and international tourist market, and the growing demand for meat products, leading to a higher demand for animal feed.

The Vietnam Report held that if they overcome the current difficulties, businesses will reap great opportunities to become the main driving force for the economy, enhancing their position in the domestic and foreign supply chains.

Vinh underlined that flexible adaptation efforts in production and business activities as well as governance strategies of enterprises will be a premise for a more positive year in 2024 when the economic situation gradually improves.

He also underscored the need to build a strong trademark as a way for domestic firms to recover and thrive in the future.