To improve demand for goods
During difficult economic times, Vietnam still witnessed a number of outstanding industries achieving strong growth
IMPROVED DEMAND FOR GOODS – OPPORTUNITIES FOR VIETNAMESE ENTERPRISES
Some positive signals are showing a recovery from buying demand. This is mainly shown in two aspects:
First, the confidence of US consumers - the largest consumer country in the world - is continuing to increase again (according to a report by the University of Michigan) and will increase even more when the US labor market begins to decline. September showed positive signs.
Besides, inventory levels in consuming countries are decreasing. Inventories of all three groups of sellers, manufacturers, wholesalers and retailers, tend to increase in 2023 compared to pre-COVID times. However, inventory levels from the beginning of 2023 have begun to decrease compared to the highest peak at the end of 2022. In particular, the US market is nearing the end of the discharge cycle at the end of 2023.
It is forecasted that the coming time will be the time when foreign buyers look for new suppliers. This is when Vietnamese businesses need to focus on seizing opportunities, redefining key markets and having strategic plans to not miss this opportunity.