Reform should be maintained in post-COVID-19 economic recovery: workshop

Illustrative image (Photo: VNA)

Reform should be the top priority for Vietnam in the 2021-2025 period, heard a workshop held by the Central Institute for Economic Management (CIEM) in Hanoi on October 29.

Participants at the high-level consultative workshop on “Reform towards sustainable development and international economic integration: focus and roadmap to 2025”, emphasised the need to maintain reform during the recovery process and the requirement to reform in parallel with economic recovery.

They highlighted the importance of mobising resources for new economic activities in a sustainable way.

It is necessary to implement effective international economic integration, create impetus for institutional reform, take advantage of incentives from new-generation free trade agreements and improve the internal strength of the economy, they said, adding that attention should be paid to the private sector and the autonomy of the economy.

Tran Thi Hong Minh, director of CIEM, said economic difficulties have once again tested the will and determination of Vietnam.

“We still see bright spots in economic institutional reform thinking by the adoption of many solutions to create motivation for economic recovery and development, effectively carry out international economic integration, promote green growth and sustainable development”, Minh said.

According to Can Van Luc, chief economist of the Bank for Investment and Development of Vietnam, the COVID-19 pandemic has left a negative impact on the economy in recent times and may last for the next few years.

Currently, Vietnam has to ensure three goals, namely pandemic prevention, economic recovery and social welfare.

Luc said that it is necessary to quickly overcome the consequences of COVID-19. Accordingly, digital transformation and digital skills should be carried out. A better social safety net system should be created together with the resilience of the financial system.

Countries that can adjust their model appropriately and have the ability to coordinate between health and the economic policies as well as promulgate a quick and consistent policy mechanism will overcome the pandemic more effectively, he said.

According to Luc the quality of legal documents and slow implementation of policies are the bottleneck that should be dealt with./.