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“This rate decreased by 3.3 percentage points compared to the 2022 survey. Although expansion ambitions remain high, Vietnam is the only country among the six key Southeast Asian countries with a reduced expected expansion rate,” said Matsumoto.

Though Việt Nam was the fourth largest cashew producer in the world, the country's cashew output only met about 12 per cent of the needs of processing enterprises, the association said, adding that the sector imported a record quantity of 2.9 million tonnes of raw cashew in 2023.

The government’s key annual resolution on tasks to implement the country’s socioeconomic development plan and state budget estimates for the year has underlined the need for authorised agencies to closely follow the world’s economic situation in order to take proper action domestically to rein in inflation at 4-4.5 per cent, as set by the National Assembly (NA).

Consumer activities and shopping are back in full swing, as indicated by the latest data from the Ministry of Industry and Trade. December 2023 witnessed vibrant service trade activities, driven by preparations for major year-end holidays and the arrival of the new year in 2024.

Vietnam’s average consumer price index (CPI) rose 3.25% year-on-year in 2023 - within the target set by the National Assembly.

Vietnam’s economy tended towards recovery in 2023, with macroeconomic stability maintained, inflation controlled, major balances ensured, and significant achievements made across various sectors, with set targets met. The country continues to be a bright spot in the regional and global economies.

The added value of industrial production in Vietnam rose 3.02% during 2023, with the manufacturing and processing sector enjoying an increase of 3.62%.

The city’s FDI thus accounted for nearly 16% of the country’s FDI attraction of US$36.6 billion last year. Other localities that followed HCMC in FDI attraction included Haiphong, Quang Ninh, Bac Giang, Thai Binh, Hanoi, Binh Duong and Dong Nai.