Economic forum discusses ways to fuel recovery, sustainable development

Participants in a plenary session of the Vietnam Economic Forum 2021 on December 5 (Photo: VNA)

The Vietnam Economic Forum 2021, themed “Recovery and Sustainable Development”, took place in Hanoi on December 5 under the chair of National Assembly (NA) Chairman Vuong Dinh Hue.

The event was also connected with localities nationwide and some places in the US, France, and Thailand via videoconference.

In his opening remarks, Chairman Hue emphasised that to cope with the COVID-19 pandemic and support socio-economic development over the last two years, Vietnam has applied fiscal and monetary policies and other macro-policies in a relatively uniform manner. The parliament has also issued resolutions, legal frameworks, socio-economic development plans, and those on financial - budgetary affairs, public debt, public investment, and economic restructuring for 2021 - 2025.

The forum was a chance for the NA and relevant agencies to listen to proposals from domestic and foreign experts, development partners, legislators, people, and businesses to help with socio-economic recovery and sustainable development, towards promoting innovation, green growth, and digital transformation.

At the event’s plenary session, participants gained an overview of the global economic situation amid the pandemic and put forth several policy recommendations for Vietnam to boost recovery and sustainable development.

Dr Can Van Luc, Chief Economist at the Joint Stock Commercial Bank for Investment and Development of Vietnam (BIDV) and member of the National Financial and Monetary Policy Advisory Council, pointed out that the pandemic has taken a heavy toll on the country’s economy and society, especially in 2021. Without special aid programmes and packages, Vietnam may miss opportunities and lag behind.

International experience showed that a country should strongly invest in healthcare infrastructure and expand the Government guarantee to corporate loans, particularly those of small- and medium-sized enterprises, he said, suggesting that an aid package be pided into the three phases of beginning, acceleration, and conclusion.

Nguyen Minh Cuong, Chief Economist at the Asian Development Bank (ADB) in Vietnam, said the country posted the fastest growth rate in Southeast Asia in 2020, but the fourth wave of COVID-19 outbreaks has severely affected its economic growth, and the economy is forecast to contract sharpy this year.

However, the medium- and long-term economic outlook remains positive, he noted.

Cuong held that support packages should prioritise short-term solutions assisting businesses and workers; classify and identify appropriate targets for short, medium, and long terms; and increase cooperation with international partners in health care and economic recovery./.