After a sluggish GDP performance in the first quarter this year, Vietnam is still not out of the woods yet. In particular, it has not seen the light at the end of the tunnel on the trade front, according to an HSBC report.

Developing 1.5 million businesses by 2025 is one of the key goals set by the government’s Resolution No 58 dated April 21 which addresses key policies and solutions to help businesses adapt to new circumstances and quickly recover by 2025.

Deputy Prime Minister Le Minh Khai has emphasised the need to clear all roadblocks and clarify the responsibilities of the persons concerned to accelerate public investment disbursement.

Retailers must adapt and change, especially in modern technology, to survive and grow as consumers have more modern tools to choose goods on online as apposed to just brick-to-mortar stores.

Vietnam’s GDP is projected to grow 5.8% this year, sharing the second position with Cambodia in the region, only after the Philippines, according to the International Monetary Fund (IMF).

Representatives of ministries and sectors highlighted measures to achieve the GDP growth target for 2023 at the Government’s regular press briefing on April 3.

Major targets for the first quarter of 2023 were basically reached, with political security, macro-economic stability and major economic balances maintained, inflation controlled, security-defence and social order ensured, and external relations and international integration strengthened, stated Prime Minister Pham Minh Chinh.

The private business sector has been an important driving force of the economy and is expected to raise GDP contribution to 55% by 2025, a top economist told the second Private Economic Forum 2023 in Hanoi on April 2.

The Government wants the private sector to be a main driver in the country’s development, with a target of establishing 1.5 million businesses by 2025.

VOV.VN - Vietnamese gross domestic product (GDP) grew by 3.32% in the first quarter of the year, the second lowest rate in the 2011 - 2023 period, according to the General Statistics Office (GSO).