The Vietnam Socio-Economic Forum is an annual program that has had a positive impact over the years, providing sound recommendations for sustainable national development. Building on the success of the Forum in previous years, the National Assembly Standing Committee has chosen the theme "Enhancing endogenous capacity, creating momentum for growth and sustainable development" for the Vietnam Socio-Economic Forum in 2023.
On behalf of the agencies co-organizing the Forum, there were: National Assembly Chairman Vuong Dinh Hue; Director of the Ho Chi Minh National Academy of Politics , Chairman of the Central Theoretical Council Nguyen Xuan Thang; Head of the Central Economic Commission Tran Tuan Anh; Permanent Vice Chairman of the National Assembly Tran Thanh Man; President of the Vietnam Academy of Social Sciences Phan Chi Hieu; Vice Chairmen of the National Assembly, members of the National Assembly Standing Committee, permanent representatives of the National Assembly Council, Committees of the National Assembly, National Assembly deputies of different periods, representatives of a number of economic groups and a number of relevant agencies.
Attending the Vietnam Socio-Economic Forum 2023 were invited guests who were leaders and former leaders of the Party and State: Former Secretary of the Ho Chi Minh City Party Committee Nguyen Thien Nhan; Deputy Prime Minister Le Minh Khai; Vice President Vo Thi Anh Xuan. The program was attended by members of the Party Central Committee, alternate members of the Party Central Committee, Heads of Committees, Ministers, Heads of central agencies, leaders of committees, ministries, branches of central agencies, Secretaries of provincial and municipal Party Committees, National Assembly delegations of provinces and centrally run cities.
The forum widely promotes intelligence, enthusiasm , and contributions to important national issues.
Speaking at the opening of the Forum, National Assembly Chairman Vuong Dinh Hue stated that the Vietnam Socio-Economic Forum is an annual event of the National Assembly, an important way to gather and widely promote the intelligence, enthusiasm and responsibility of National Assembly deputies, people, voters, experts, scientists, domestic and foreign enterprises and businessmen to contribute to important national issues and decisions of the National Assembly.
Through two times of organization since the beginning of the term, the Forum has attracted great attention from society, people and the business community at home and abroad, as well as news agencies, press, international and domestic organizations, from the Central and local levels.
The success of the 2021 Economic Forum with the theme "Recovery and sustainable development" and the 2022 Socio-Economic Forum with the theme "Consolidating the macroeconomic foundation, recovery and sustainable development" has left many valuable lessons, many scientific arguments with high practicality, providing useful information, effectively serving research and management work, especially policy making work of state management agencies. Many useful proposals and suggestions at the Forum have been reviewed and studied by the National Assembly, the National Assembly Standing Committee, the Government, relevant agencies and organizations to build, perfect and promulgate strong and drastic mechanisms and policies, respond promptly, remove difficulties, and promote economic development on the basis of suitability to the new context and situation.
The National Assembly Chairman said that the world situation is evolving in a complex and unpredictable manner. The COVID-19 pandemic has left many serious “sequelae” not only on human health, but also greatly affecting the economy and causing unpredictable consequences.
In the common difficulties of the world and the region, from the fourth quarter of 2022, Vietnam's growth drivers and industrial production... tend to slow down when our country's major export and import markets are narrowed, many supply chains are broken. The world situation continues to be complicated and unpredictable, the consequences of the COVID-19 pandemic are prolonged; the Russia-Ukraine conflict, competition between major countries is increasingly fierce and profound; record high inflation in some major economies, monetary policies of major countries continue to tighten, economic growth is low, aggregate demand is weak, protectionist barriers are increasing; public debt, financial markets, currency, banking, real estate... in some countries have many potential risks.
The policies proposed at the 2022 Forum will continue to be studied by the National Assembly, the National Assembly Standing Committee, the Government, relevant agencies and organizations to develop and issue strong policies to promptly respond to the new situation; including Resolution No. 101/2023/QH15 on the 5th Session of the 15th National Assembly, policies on tax, fee, land use fee exemption, reduction, extension, value added tax reduction, loan interest rate reduction, implementation of credit packages, establishment of regional coordination councils, promotion of regional linkages, etc.; or allowing the pilot application of many specific mechanisms and policies to develop Ho Chi Minh City, one of the important "locomotives" of the economy.
The National Assembly Chairman stated that thanks to the correct, timely, and unprecedented policies and solutions in recent times, under the strong, synchronous, and effective leadership and direction of the Party Central Committee, the Politburo, and the Secretariat, along with the accompaniment and supervision of the National Assembly and the resolute management of the Government, looking at the overall situation over the past half term, Vietnam has basically steadfastly overcome difficulties and challenges in the face of "headwinds" and achieved many important and quite comprehensive results.
The economy maintained its growth momentum and was a bright spot "in the gray picture" of the global economy. The macro economy was stable, inflation was controlled, national credit rating and international position continued to improve. In the first 8 months of 2023, FDI attraction, public investment disbursement, and the service sector had more positive changes; some key industrial areas recovered or maintained rapid growth; social security work received attention...
According to the National Assembly Chairman, despite the important results achieved in recent times, it can be seen that the economy is still facing many difficulties and challenges. Economic growth in the first 6 months of 2023 reached only 3.72%, nearly the lowest in the past 12 years, creating great pressure on GDP growth for the remaining 2 quarters of the year, making it extremely difficult to achieve the growth target for 2023, the 5-year period 2021-2025 and the entire strategic period 2021-2030. Many of the main growth drivers of the economy in the first 8 months of 2023 are showing signs of slowing down, even declining and are under great pressure from the outside.
Citing some limitations in goods export, FDI attraction, public investment, industrial and construction sectors, consumption, and services, the National Assembly Chairman pointed out that the country is facing many difficulties and challenges; in which many new developments have emerged, more severe and severe than forecast. Domestically, the resilience of many enterprises has reached its limit... These are all fundamental, long-term, topical, urgent issues, requiring immediate short-term solutions and fundamental solutions with long-term strategic vision.
The National Assembly Chairman said that through crises, difficulties and challenges, we have become increasingly aware of the importance and decisive role of internal strength and autonomy in economic development. Strengthening internal capacity and creating growth momentum is an objective, inevitable and urgent requirement.
According to the National Assembly Chairman, from the reality of rising up during the pandemic when facing harsh difficulties and challenges like the past 3 years, one of the most important lessons is to build and promote strong internal strength to cope with the challenges and uncertainties of external factors. We need to strengthen and promote "internal strength", effectively apply and exploit "external strength" to adapt and develop, this is considered a top and continuous task, especially in the new context and situation with many fluctuations and increasing risks.
Based on that situation, the National Assembly Standing Committee considered and decided to choose the issue of "Enhancing endogenous capacity, creating momentum for growth and sustainable development" as the theme for the Vietnam Socio-Economic Forum 2023.
With the spirit of "unanimity, joint efforts, overcoming difficulties together", to achieve the practical goals of the Forum, the National Assembly Chairman expressed his desire to listen to opinions, exchange and discuss focusing on answering the following 3 major questions:
First, what is the forecast for the regional and global economic and financial situation, opportunities, risks and challenges for the Vietnamese economy in 2023, 2024 and the following period?
Second, what is the current socio-economic situation, the main difficulties, challenges, bottlenecks and resilience of the economy, businesses and workers? What is the forecast for 2023, 2024 and the entire 5-year period of 2021-2025?
Third, what are the endogenous capacities, driving forces and fundamental solutions to remove bottlenecks, unblock resources, strengthen internal strength, and create momentum for socio-economic growth and development in 2023, 2024 and for the entire 2021-2025 term?
Based on the proposals, recommendations and solutions, immediately after the end of the Forum, the Forum Organizing Committee will develop a Summary Report to send to the National Assembly, the Government, Ministries, Departments, branches and localities to promptly serve the 6th Session of the 15th National Assembly and the work of planning and implementing the country's socio-economic development policies and strategies.
Inheriting three profound lessons
Speaking at the opening session of the Vietnam Socio-Economic Forum 2023, Politburo member and Director of the Ho Chi Minh National Academy of Politics Nguyen Xuan Thang suggested some contents at the Forum. Comrade Nguyen Xuan Thang commented that the Vietnam Socio-Economic Forum 2023 takes place in the context of the world situation continuing to develop complicatedly, the Vietnamese economy is gradually recovering but is facing many major challenges, some of which are more serious than last year, the end of the year is more difficult than the beginning of the year; requiring us to have flexible response measures to successfully reverse the trend.
Comrade Nguyen Xuan Thang emphasized that in the important speech of National Assembly Chairman Vuong Dinh Hue, 3 key groups of issues were suggested; he requested delegates and scientists to focus on discussing closely following the forum's theme, proposing reasonable, practical and feasible solutions, removing difficulties and obstacles, finding new solutions, striving to achieve the highest goals of the pivotal year 2023, creating a favorable foundation, contributing to the successful implementation of the 5-year socio-economic development plan 2021-2025 and the Resolution of the 12th National Party Congress.
Affirming that Vietnam's economy is highly open, over the years we have had to face many difficulties and challenges, leading to major challenges in exchange rates, supply chain disruptions, labor, etc. Meanwhile, the problems that have accumulated over many years such as the corporate bond market, real estate market, and stock market have been more clearly exposed during the COVID-19 pandemic, affecting and directly impacting many industries and fields, causing significant systemic risks.
Applying the principle of "remaining constant and adapting to all changes", Vietnam has implemented policies that focus on fighting the pandemic, adapting to external pressures, and removing internal bottlenecks, contributing to ensuring macroeconomic stability, ensuring major balances, and strengthening the confidence of the people, investors, and businesses.
Comrade Nguyen Xuan Thang affirmed that the Vietnamese economy has overcome the most difficult time, but we also need to frankly acknowledge the difficulties, obstacles and challenges that cannot be overcome overnight.
To determine the growth scenario in the coming time, comrade Nguyen Xuan Thang suggested that you and scientists discuss and find practical, feasible, and breakthrough solutions to restore important growth drivers of the economy: (1) - Fully assess and proactively restore domestic consumption; (2) - Restore investment capital flows; (3) - Remove difficulties and restore production and business of enterprises.
Emphasizing that the 2023 Socio-Economic Forum does not only discuss immediate issues, but also solves immediate issues to lay the foundation for solving medium-term and long-term issues, comrade Nguyen Xuan Thang stated: The important issue raised by the Forum: improving labor productivity is the most fundamental method for Vietnam to realize the goal of rapid and sustainable growth, because this is associated with initiating two basic transformation processes of the economy, including: Shifting economic structure, moving resources from low-productivity industries to higher-productivity industries to make the most effective use of resources. Creating economies of scale, exploiting economies of scale to increase productivity in each enterprise, each industry and each economic region.
Looking back at the efforts, achievements and unfulfilled tasks in 2023 and through the first half of the 2021-2025 term, comrade Nguyen Xuan Thang requested that three profound lessons that have been learned should be continued:
The lesson of transferring external risks and challenges in the context of strategic competition between major countries creates fragmentation and disruption of the world economy, and the shift and separation of global supply chains, becoming an opportunity for Vietnam to promote its role as a focal point for connection, attracting investment flows and promoting exports.
Lessons on overcoming difficulties and the more difficult it is, the more we need to pay attention to the goal of ensuring social security, actively supporting workers and the poor in the face of the risk of losing their jobs, declining incomes and increasing prices of many essential goods. This is also an opportunity to promote the role of the poverty reduction policy system, ensuring social security and welfare, unique and humane models such as social policy credit in providing livelihoods, creating more jobs, improving the lives of low-income people, promoting gender equality, helping to ensure social security, order and safety, especially in rural areas, remote areas, border areas and ethnic minority areas. It is necessary to continue to strongly affirm the motto: development for people, putting people at the center of the development process, stability for development and development to ensure sustainable growth, which Vietnam has steadfastly carried out over nearly 40 years of renovation.
Lessons in organizing the implementation of policies and guidelines on the principle of: closely following the program and action plan; proactively, creatively, flexibly proposing feasible solutions, closely following reality, associated with concretizing and individualizing responsibilities; promoting decentralization and delegation of power associated with delegation, empowerment and specific assignment of power; innovating thinking and methods of resource allocation...
With a scientific and responsible spirit, comrade Nguyen Xuan Thang suggested that scientists, experts, leaders, managers and businessmen participating in today's Forum focus on exchanging and discussing to identify new and breakthrough measures to help Vietnam's socio-economy firmly overcome challenges, turn dangers into opportunities, and take advantage of major trends to convert potential resources into new driving forces for the country's socio-economic development.
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