Economy

About 90% of Vietnam's agro exports are low-value-added commodities.

The export turnover is forecast to reach a record high of US$6.5 billion this year.

The move is a concrete manifestation of the robust cooperation between the two nations.

This is expected to be a year of significant volatility, with a strong recovery possibly following deep correction.

The average floor area per person across the city will reach 28.8 square meters by 2024.

It is estimated that one-fifth of all expatriate Vietnamese want to buy homes in the country.

In 2024, Hanoi will continue to support One Product One Commune (OCOP) entities to standardize production processes for export.

The Hanoi People's Committee has approved a project focusing on the development of export and import markets for sustainable growth.

Priority should be given to efficient land clearance while strictly following legal regulations on compensation, support, resettlement, and safeguarding people's rights and interests.

The use of forest land for the transmission line remains the biggest obstacle that various ministries and agencies need to resolve, given the short time available for site clearance.

The development of high technologies is one of Hanoi’s priorities in 2024.

Several forecasts suggested that global air traffic will gradually recover, and the business activities of Vietnam Airlines are expected to yield more positive results in 2024-2025.

Transport infrastructure projects remain a priority with an estimated fund of VND422 trillion (US$17.2 billion).

The Ministry of Finance is expected to establish a separate bond market, strengthen inspection and auditing, and create conditions for businesses to raise capital.

The fact that the Vietnamese dong depreciated by a modest 2.9% year on year in 2023 indicated high stability and improved foreign exchange reserves compared to the end of the previous year.

E-commerce has gradually changed the shopping habits of Vietnamese people to keep up with the modern consumer trends worldwide.

Read the Hanoi Times for more updates about Vietnam.

Immediate efforts are required from the outset of the year to ensure that 2024 will be a year of accelerated and robust economic development.