According to Dr. Vo Tri Thanh, Vietnam needs to take advantage of opportunities to overcome difficulties, catch up with trends; create better fundamental foundations, better quality in terms of institutions, infrastructure and human resources to make a breakthrough.
According to Dr. Vo Tri Thanh, Vietnam needs to take advantage of opportunities to overcome difficulties, catch up with trends; create better fundamental foundations, better quality in terms of institutions, infrastructure and human resources to make a breakthrough.
Vietnam needs to take advantage of opportunities to overcome difficulties, catch up with trends; create good fundamentals, better quality in terms of institutions, infrastructure and human resources to make a breakthrough in development.
This is the opinion of Dr. Vo Tri Thanh, Director of the Institute for Brand and Competitiveness Strategy Research at the Scientific Conference "Vietnam's Economy 2024: Recovery Efforts in the Context of Many Uncertainties" organized by the Vietnam Economic Institute of the Vietnam Academy of Social Sciences on April 11, in Hanoi.
According to Dr. Vo Tri Thanh, despite facing many difficulties and challenges, Vietnam's economy is showing signs of positive recovery. Accordingly, growth in the first quarter of 2023 reached 3.3% (6 months was 3.7%; 9 months was 4.2%; the whole year was 5.1%). Although Vietnam is in the "group of fast-growing economies in the world", the growth rate is still low compared to the 6.5% target set by the National Assembly.
To improve this growth rate, Dr. Vo Tri Thanh said that the Vietnamese Government needs to maintain macroeconomic stability, stimulate consumption, invest in infrastructure development, attract quality foreign direct investment by taking advantage of upgrading partnerships with major countries such as the United States, Japan, Australia and South Korea; at the same time, continue to have specific policies to support businesses.
Institutional reform and amendments to the legal framework also need to be continued to create sustainable development, the foundation for new areas such as digital economy and green economy. These will be important solutions in shaping the development direction of Vietnam's economy in 2024.
“The Vietnamese Government needs to continue implementing prudent monetary and fiscal policies, while promoting economic reforms and supporting the enhancement of competitiveness for Vietnamese enterprises, thereby maintaining economic growth momentum and sustainable development in the coming period,” Dr. Vo Tri Thanh shared.
Assessing the overall economic situation in the world as well as in the country, Dr. Pham Anh Tuan, Executive Deputy Director of the Vietnam Economic Institute, said that in the period of 2023 - 2024, the world economic situation will continue to fluctuate rapidly, complicatedly, unpredictably, affecting and influencing most countries and regions globally.
The “headwinds” from the world economy in terms of political conflicts, high inflation and interest rates, and declining consumer demand have had adverse impacts, causing Vietnam’s economy to slow down significantly, sometimes to its lowest level in many years. The domestic production and business situation has encountered many difficulties; orders have decreased dramatically; many businesses have stopped operating, and workers have lost their jobs.
According to Dr. Pham Anh Tuan, despite facing many difficulties and challenges, the Government has achieved remarkable successes in macroeconomic management in 2023. Specifically, the economic growth for the whole year reached 5.05%, although lower than the set target, it was still higher than the world average growth rate (3.1%), higher than the average in the ASEAN-5 region (4.2%). In addition, the macroeconomic foundation was kept stable, inflation was low, exchange rate fluctuations were small, budget revenue and expenditure were stable, and foreign investment increased sharply.
Proposing policy solutions, Mr. Dau Anh Tuan, Deputy General Secretary and Head of the Legal Department of the Vietnam Federation of Commerce and Industry (VCCI), said that the Vietnamese Government needs to promote disbursement of public investment capital, focus on attracting investment capital sources, and encourage investment projects in the form of public-private partnerships (PPP).
At the same time, restructuring the economy is associated with innovation in the growth model, improving productivity, quality, efficiency and competitiveness. The Government needs to improve efficiency and promote the role of state-owned enterprises participating in key and important national projects through the process of restructuring and rearranging these enterprises. At the same time, promoting the connection between domestic enterprises and foreign direct investment enterprises; encouraging deeper participation in regional and global supply chains.
With the aim of in-depth assessment of the current situation of Vietnam's economy in 2023 and economic prospects in 2024, experts and managers attending the scientific workshop "Vietnam's Economy 2024: Recovery efforts in a context of many uncertainties" also clarified the current situation of recovery after negative shocks from outside and inside the economy, clarifying related impact factors.
150 guests including experts, scientists, managers, delegates from research institutes, universities, associations, banks, businesses, associations... exchanged and discussed a number of issues on: Vietnam's real estate market: advantages, challenges in recovery; planning and implementing policies to respond to economic instability and recovery of the Government: achievements, limitations and solutions; promoting business environment reform to revive and develop Vietnamese enterprises...
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