The economy still maintains growth momentum
In his closing speech at the 2023 Socio-Economic Forum, National Assembly Chairman Vuong Dinh Hue stated that after a day of active, serious and responsible work, the Forum had completed all the contents of the proposed program, deeply attracting public opinion, people and the domestic and foreign business community, as well as central and local press agencies.
The National Assembly Chairman said that the Forum spent a lot of time focusing on topical, short-term socio-economic issues while approaching major, comprehensive issues, new trends shaping the world, new driving forces and directions for growth and sustainable development of Vietnam.
In the short, medium or long term, Vietnam needs to focus on maximizing its “internal strength”, in which it emphasizes and values endogenous capacity; taking advantage of and effectively exploiting “external strength”, creating new growth drivers, which is the “key” to adapting, coping and developing in the new context of many fluctuations and increasing risks.
“These are extremely important contents in the Resolution of the 13th National Congress of the Party and are also consistent messages closely linked to the theme of today's Forum,” the National Assembly Chairman emphasized.
National Assembly Chairman Vuong Dinh Hue delivered concluding remarks.
Summarizing some of the main contents discussed by the delegates, the National Assembly Chairman stated that after the Covid-19 pandemic, on the road to recovery, most of the world's economies are facing great challenges.
The promulgation and implementation of drastic, timely, practical policies and solutions by the National Assembly and the Government of Vietnam, including unprecedented ones, over the past 2.5 years since the 13th National Party Congress, have helped Vietnam stand firm and basically overcome all difficulties and challenges, achieving many important and quite comprehensive results, recognized internationally and domestically.
“The economy has maintained its growth momentum and remains a “bright spot” in the “gray picture” of the global economy,” said the National Assembly Chairman.
However, from the fourth quarter of 2022, Vietnam's economic growth will slow down, making it difficult to achieve the 2023 target set by the National Assembly Resolution.
It is worth noting that all three current growth drivers of the economy are facing structural difficulties, due to the lack of long-term orientation and timely, feasible specific solutions towards green transformation, reducing energy intensity, carbon emissions and circular economy while always adhering to sustainable development goals.
Take advantage of every opportunity and advantage to break through
The National Assembly Chairman stated that opinions at the Forum also agreed and emphasized that it is necessary to "renew" old growth drivers, traditional growth drivers on the basis of promulgating and implementing policy and legal frameworks to encourage behavioral changes in consumption, production and investment.
In addition to consolidating and renewing existing growth drivers, the Forum also emphasized the need to discover and effectively exploit new growth drivers, especially drivers such as digital economic development, increasing labor productivity and total factor productivity, and the development of the private economic sector.
Overview of Vietnam Socio-Economic Forum 2023.
Delegates said that the problem of promoting internal strength, improving the endogenous capacity of enterprises and the economy, while effectively utilizing "external" factors and creating new driving forces for growth is the key factor, bringing about synergy towards rapid and sustainable economic recovery and development.
The National Assembly Chairman affirmed that this is an urgent issue but also a long-term journey, requiring synchronization of policies, clear identification of priorities, ensuring focus and key points, seizing time, taking advantage of all opportunities and advantages to create breakthroughs within the economy, enhancing resilience to shocks and challenges in the new context.
Summarizing some suggestions and policy proposals, the National Assembly Chairman stated that regarding the capacity and endogenous driving force of the economy, delegates said that it is necessary to develop production sectors of the economy, including agriculture, industry and services; promote disbursement of public investment capital, stimulate consumption, develop the domestic market and improve labor productivity.
At the same time, it is necessary to research, issue new or extend monetary policies, tax policies, fees, charges... to support and promote production and business. Synchronously implement solutions, promptly remove difficulties and obstacles, restructure all types of markets; promote the development and strictly manage the currency, securities, insurance, corporate bond, and real estate markets.
International experts at the Forum.
Regarding the effective application and exploitation of "external forces", opinions at the Forum suggested the need to promote the driving forces from effectively attracting foreign investment and boosting exports, towards sustainability.
It is necessary to make the most of key and traditional export markets, develop new markets and niche markets, and promptly and promptly respond to new requirements of export partner countries. Better exploit signed Free Trade Agreements (FTAs), effectively carry out trade promotion, connect supply and demand, diversify goods and export and investment markets.
The National Assembly Chairman acknowledged the message of promoting internal strength and capacity and creating new growth drivers that was strongly conveyed at this Forum.
Affirming that the valuable and useful information of the Forum with very clear and specific solutions and recommendations will be extremely important input and documents for the National Assembly, Government, ministries, branches and relevant agencies to study in the process of policy making and state management .
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