Experts propose three phases for post-pandemic economic development

Experts shared opinions and proposed measures to promote quality and sustainable socio-economic development amidst and after the COVID-19 pandemic at a consultation chaired by National Assembly Vuong Dinh Hue on September 27.

Experts propose three phases for post-pandemic economic development hinh anh 1

At the consultation (Photo: VNA)

Experts shared opinions and proposed measures to promote quality and sustainable socio-economic development amidst and after the COVID-19 pandemic at a consultation chaired by National Assembly Vuong Dinh Hue on September 27.

According to Dr Tran Thi Hong Minh, Director of the Central Institute for Economic Management (CIEM), international organizations have made optimistic, though cautious, assessments on global economic recovery momentum in 2021.

However, research and policy discussions shared the view that the world economic growth recovery is still under the influence of three main risk groups, including complicated developments of the COVID-19 pandemic, geopolitical competition, and inflation and debt risks, she went on.

Experts propose three phases for post-pandemic economic development hinh anh 2

Hanoi speeds up COVID-19 vaccination programme for people (Photo: VNA)


Vietnam's economic prospects may be influenced by a number of factors, including the ability to control the COVID-19 pandemic, the disbursement of public investment, and the ability to ensure production recovery, implement an extensive programme on economic recovery and development and take advantage of the global economy recovery, Minh said.

The institute proposed three phases in the economic recovery programme, with the first one (to last until the first quarter of 2022) to prioritise pandemic prevention and control in combination with macro-economic policies to help businesses survive the difficult situation. The second phase will last through 2023, during which macroeconomic policies should be relaxed to stimulate demand for the economy and create momentum for businesses. In the third phase in the years after 2023, macroeconomic policies will be normalized, the macroeconomic foundation strengthened and more intensive economic institutional reform promoted.

The institute stressed the need to apply flexibly macroeconomic policies in line with scenarios to cope with adverse developments of the world and regional economy, promote export persification, encourage new economic models in the domestic market, and speed up the implementation of support packages for people and businesses.

Minh suggested the National Assembly pay special attention to law-making work in order to reduce overlap, thus strengthening the legal framework for production and business activities.

Experts propose three phases for post-pandemic economic development hinh anh 3

The institute proposes three phases in the economic recovery programme (Photo: VNA)


A representative from the World Bank proposed four lessons to accelerate the recovery process in Vietnam and help the country enter the new normal situation.

The WB underlined the importance of vaccination against COVID-19 along with testing in controlling the pandemic and minimizing economic losses, adding that it is necessary to find a suitable balance between fiscal policy and monetary policy, and increase social assistance to prevent financial distress among vulnerable groups and inequality from widening.

Vietnam needs to strengthen its resilience through a strong and flexible social assistance system, it said, recommending allocating more capital social assistance programme./.

Source: VNA
en.vietnamplus.vn

Related News

Promoting sustainable growth with a creative economy

Promoting sustainable growth with a creative economy

VCN - Although the creative economy is a fairly new concept, in reality in Vietnam, each year the export of creative goods is helping Vietnam earn billions of dollars.
The "ambitions" and proposals of state-owned enterprises

The "ambitions" and proposals of state-owned enterprises

VCN - Despite the difficulties, 2024 also opens up many opportunities, and state-owned enterprises (SOEs) have proposed many plans to develop businesses, motivating them to make significant contributions to economic development.
Vietnam has the potential to achieve economic growth goals in 2024

Vietnam has the potential to achieve economic growth goals in 2024

VCN - According to Prof. Dr. Hoang Van Cuong, National Assembly Deputy, Vice Rector of the National Economics University, and Member of the Budget and Finance Committee of the National Assembly, in the difficult global context, along with the existing internal strengths and the ability to harness external resources, Vietnam has opportunities to achieve the economic growth goals set for 2024.
Connecting supply and demand creates momentum for economic development

Connecting supply and demand creates momentum for economic development

VCN - In the context of difficult world and domestic economies and reduced purchasing power; in order to consume goods, businesses need to promote connection between supply and demand to meet customer needs. This activity not only helps optimize resources, encourage innovation and product development, but also creates opportunities for cooperation and healthy competition.

Latest News

Firm policy framework crucial for creative economy: Experts

Firm policy framework crucial for creative economy: Experts

A firm policy framework is crucial to nurture the creative economy, one with “unlimited” development potential, according to Dr. Tran Thi Hong Minh, Director of the Central Institute for Economic Management (CIEM).
Vietnam’s anti-corruption efforts help boost economic growth: Canadian experts

Vietnam’s anti-corruption efforts help boost economic growth: Canadian experts

Vietnam’s anti-corruption efforts have helped spur its economic growth, Director of the Canada-Vietnam Trade Council Julie Nguyen and Professor of Business at Centennial College in Toronto Luis Silva shared the view.
Accelerated green economy transition efforts needed for 2024 GDP target

Accelerated green economy transition efforts needed for 2024 GDP target

Vietnam’s 2024 economic growth target of 6.5% is challenging, with weak consumption demand and exchange rate risks, so signals a pressing need for hastening energy transition towards a green economy, a conference to launch the Vietnam Annual Economic Report 2024 heard.
Foreign media spotlights Russian President Putin’s Vietnam visit

Foreign media spotlights Russian President Putin’s Vietnam visit

Russian President Vladimir Putin’s freshly-concluded state visit to Vietnam has grabbed the headlines of many foreign media outlets, including those in Russia.

More News

Total credit demand expected to improve in the last months of the year

Total credit demand expected to improve in the last months of the year

VCN - According to evaluations, the overall domestic credit demand has not yet seen a strong recovery. Therefore, promoting credit growth must continue to be a priority through various solutions.
Vietnam Energy Outlook Report 2024 launched

Vietnam Energy Outlook Report 2024 launched

Vietnam's target of achieving the climate neutrality by 2050 is not only technically feasible but also the most cost-effective scenario, according to a report developed by Vietnam’s Electricity and Renewable Energy Authority, the Danish Energy Agency (DEA) and the Embassy of Denmark in Vietnam.
Russian President Vladimir Putin starts state visit to Vietnam

Russian President Vladimir Putin starts state visit to Vietnam

Russian President Vladimir Vladimirovich Putin and his entourage arrived in Hanoi on June 19 night, starting a state visit to Vietnam from June 19-20 at the invitation of General Secretary of the Central Committee of the Communist Party of Vietnam Nguyen Phu Trong.
President Putin’s state visit to strengthen Vietnam - Russia ties

President Putin’s state visit to strengthen Vietnam - Russia ties

During his 5th visit to Vietnam on June 19 and 20, President Vladimir Putin and a high-ranking delegation of Russia are scheduled to have talks and meetings with senior leaders of Vietnam and some other activities, thereby continuing to enhance and develop the two countries' relations.
Deputy PM orders strict punishment against fishing violations

Deputy PM orders strict punishment against fishing violations

Việt Nam has recorded significant achievements after seven years of efforts to have the illegal fishing label lifted, notably the completion of a legal framework, the good management of fishing vessels, sound traceability, and enhanced law enforcement efforts.
New decree to set stage for innovative start-up economy

New decree to set stage for innovative start-up economy

Vietnam is developing a decree to promote innovative start-ups, with the aspiration of building an innovation-driven economy in line with digital transformation and sustainable development.
"Three-legged tripod" for Vietnamese goods to take part in global through e-commerce

"Three-legged tripod" for Vietnamese goods to take part in global through e-commerce

VCN - Mr. Gijae Seong, Managing Director of Amazon Global Selling Vietnam shares about the changes in the cross-border e-commerce industry in Vietnam and efforts to promote the success of Vietnamese products and brands when participating in the global e-commerce supply chain.
Vietnam eyes lucrative Halal market with growing Muslim population

Vietnam eyes lucrative Halal market with growing Muslim population

Experts see a golden opportunity for Vietnam to tap into the booming Halal market, fueled by a surging global Muslim population.
Increasing consumer protection responsibility in the electronic environment

Increasing consumer protection responsibility in the electronic environment

VCN - Along with its robust growth, e-commerce has introduced numerous new issues and challenges for economic and social development, including the area of consumer rights protection
Read More

Your care

Latest Most read
Firm policy framework crucial for creative economy: Experts

Firm policy framework crucial for creative economy: Experts

A firm policy framework is crucial to nurture the creative economy, one with “unlimited” development potential, according to Dr. Tran Thi Hong Minh, Director of the Central Institute for Economic Management (CIEM).
Vietnam’s anti-corruption efforts help boost economic growth: Canadian experts

Vietnam’s anti-corruption efforts help boost economic growth: Canadian experts

Vietnam’s anti-corruption efforts have helped spur its economic growth, Director of the Canada-Vietnam Trade Council Julie Nguyen and Professor of Business at Centennial College in Toronto Luis Silva shared the view.
Accelerated green economy transition efforts needed for 2024 GDP target

Accelerated green economy transition efforts needed for 2024 GDP target

Vietnam’s 2024 economic growth target of 6.5% is challenging, with weak consumption demand and exchange rate risks, so signals a pressing need for hastening energy transition towards a green economy, a conference to launch the Vietnam Annual Economic Report 2024 heard.
Foreign media spotlights Russian President Putin’s Vietnam visit

Foreign media spotlights Russian President Putin’s Vietnam visit

Russian President Vladimir Putin’s freshly-concluded state visit to Vietnam has grabbed the headlines of many foreign media outlets, including those in Russia.
Total credit demand expected to improve in the last months of the year

Total credit demand expected to improve in the last months of the year

VCN - According to evaluations, the overall domestic credit demand has not yet seen a strong recovery. Therefore, promoting credit growth must continue to be a priority through various solutions.
Mobile Version