Vietnam's economy has reached the halfway point of 2024 with impressive growth, GDP in the second quarter reached 6.93%, the first six months of the year reached 6.42%, continuing to maintain the recovery momentum with each quarter being higher than the previous quarter. Many forecasts from domestic and foreign organizations are optimistic about the positive trend of the economy in the last months of the year.
In the second quarter proposal sent to the Party, Government, National Assembly and ministries and branches to advise on the country's socio-economic development policies, the National Economics University proposed many solutions focusing on prioritizing growth and maintaining macroeconomic stability to accelerate economic development in the coming time.
Good coordination of fiscal and monetary policies
Considering that this is the time to strengthen the quality of fiscal and monetary policy management and ensure the safety of the banking and financial system, supporting growth, the research team of the National Economics University recommends that regarding fiscal policy, the Government needs to resolutely direct ministries, branches and localities to have measures suitable to reality, enhance responsibility to proactively remove difficulties, promote disbursement of public investment capital according to the plan for 2024 and the following years, especially large transport projects; thereby creating a premise to promote bank credit growth for businesses and related professions in the construction value chain.
In addition, the Ministry of Finance needs to consider continuing to review legal documents related to financial policy management, tax, public asset management, stock market, corporate bond issuance, commercial banks acting as life insurance agents; at the same time, have specific measures to accelerate the restructuring of state-owned enterprises, supplement charter capital of equitized state-owned commercial banks; promote solutions to stabilize, develop healthily, safely and effectively the corporate bond market and stock market, ensuring the confidence of domestic and foreign investors.
To unlock social investment resources, the National Economics University recommends that the Ministry of Construction and localities speed up the settlement of administrative procedures related to real estate projects; the Ministry of Public Security continue to implement the policy of not criminalizing economic relations, resolutely handling violations by organizations and individuals disguised as currency traders, creating conditions to consolidate and develop the system of financial institutions providing consumer loans, contributing to preventing black credit.
Regarding monetary policy, Associate Professor, Dr. Hoang Xuan Que, Director of the Institute of Banking and Finance (National Economics University), said that the State Bank of Vietnam needs to urgently continue to lower lending interest rates through monetary policy management tools and management measures; supplement preferential credit packages from refinancing sources with low interest rates for commercial banks to lend to a number of subjects and sectors that need to be prioritized and encouraged in the economy; at the same time, flexibly provide credit to commercial banks with good credit growth capacity; remove credit limits in 2024, replacing them with mechanisms and measures to ensure credit safety.
Opportunities to attract investment and technological innovation
In the context of increasingly fierce and intense competition between major countries, affecting the formation and shift of global supply chains and reorienting the strategies and policies of many countries, the research team of the National Economics University believes that this is an opportunity for Vietnam to attract investment and innovate technology.
To turn challenges into opportunities, it is necessary to innovate policies to attract new-generation foreign direct investment (FDI) towards technologies that consume less energy and fuel, technologies that waste less, closed-loop technologies, and green technologies. Specifically, it is necessary to perfect institutions and policies in the direction of prioritizing the attraction of FDI projects that use high technology, source technology, environmentally friendly technology, have high added value and have spillover effects, and connect with the domestic economic sector, regional and global production and supply chains.
Promote FDI attraction from the US, Europe and Japan because this is a source of investment with high technology transfer. It is necessary to continue to amend incentive mechanisms and policies to selectively attract FDI into priority industries and fields, especially electronics, semiconductors, renewable energy and high-tech fields. Associate Professor, Dr. Ta Van Loi, Principal of the School of Business (National Economics University) noted that the reality of technology development in the world shows that Vietnam needs to strengthen cooperation with major partners to take advantage of opportunities and conditions for development, avoiding falling behind in technology, especially in the fields of communications, information and digital transformation.
It is necessary to focus more on creating export momentum and developing e-commerce infrastructure as an effective channel for export activities, especially for small and medium-sized enterprises. The solution to this problem is to issue policies to support taxes and fees for key export items of Vietnamese origin exported via e-commerce platforms; improve the capacity of small and medium-sized enterprises and retailers to implement digitalization; cooperate with large e-commerce platforms such as Amazon, Shopee... to improve capacity, knowledge and understanding of export processes and laws via e-commerce platforms.
Source
Comment (0)