Vietnam economy stays on recovery track despite challenges

(ĐN)- Vietnam in general and Dong Nai in particular recorded encouraging economic recovery and growth. Despite ongoing headwinds, key sectors such as manufacturing and exports showed improvement while businesses injected fresh capital into the market supporting overall momentum.

Dong Nai GRDP grew over 7.7 percent year on year; surpassing the full-year target and outperforming the same period in 2023. The industrial and construction sector, especially manufacturing, remained the main growth driver; alongside progress in major projects like Long Thanh International Airport and Nhon Trach power plants.

Export activity saw a strong rebound; with major markets such as the US, Europe, and China increasing demand. In September alone, Dong Nai exported over 2.2 billion USD; pushing total exports for the nine months to nearly 17.9 billion USD, up more than 11 percent from the same period last year.

More than 3,000 new businesses were established in Dong Nai as of late September; contributing over 23,600 billion VND in capital. Nearly 900 firms also raised their registered capital; reflecting rising business confidence.

However, firms still face difficulties in market access and unstable order flows. Enterprises called for more trade promotion programs; including domestic consumption stimulus, supply-demand matching, and price stabilization.

Many businesses have secured large orders through the end of the year and into 2025; aided by recovering global trade and improving demand. The mechanical engineering firm Ishikawa noted that while production is stable, order volume remains below capacity; and called for better access to Vietnamese partners and support from local agencies.

Dong Nai Wood and Handicraft Association is working with Swiss SIPPO and ILO to develop a wood materials ecosystem and digital platform; to help members strengthen their market presence and technology adoption.

According to the provincial business association, deeper supply chain links are needed both vertically across sectors and horizontally within industries; to jointly produce complete products and services. Initial efforts are focusing on trade and service linkages as a foundation for future production and processing networks.

Reported by V.Gia