Solutions to 'nurture' innovative start-up businesses
A senior economic expert at the World Bank in Vietnam outlined a number of solutions to "nurture" Vietnam's innovative startups.
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Experts say that by the end of 2023 and early 2024, exports of manufactured and processed goods will gradually recover when external demand remains at a moderate level. The decline in import and export bottomed out in April 2023 and then gradually recovered. After experiencing a period of deceleration in 2023, the economy is showing some signs of recovery in early 2024. Exports are recovering, domestic consumption and private investment are also on the rise.
Exports at constant prices are expected to increase by 3.5% in 2024, reflecting gradually improving global demand. In addition, the real estate sector is also expected to recover stronger at the end of this year and next year, boosting domestic demand as investors and consumers gradually regain confidence. Total investment and private consumption at constant prices are expected to increase by 5.5 and 5% respectively in 2024.
Experts say that labor productivity in Vietnam has grown at a higher rate than many comparable countries since 2010, mainly thanks to improvements in the business environment, capital quality, human resources and Large FDI capital flows into the country.
The World Bank's survey of startups seeking venture capital shows that those businesses are mainly concentrated in the fields of information technology, communications and other service sectors. Most businesses participating in the survey are offering products and services that are new to the market or new to the world.