Creating momentum for sustainable growth and development in Vietnam

The Vietnam Socio-Economic Forum 2023 with the theme "Strengthening endogenous capacity, creating momentum for growth and sustainable development", organized by the Vietnamese National Assembly on September 19 in Hanoi, emphasized the message of building and promoting strong internal strength to cope with challenges and uncertainties of external factors. This is an important lesson from Vietnam's rise in reality, when facing harsh difficulties and challenges after the Covid-19 pandemic. More specifically, Vietnam needs to strengthen and promote "internal strength", effectively apply and exploit "external strength" and create momentum for growth and sustainable development.

The Vietnam Socio-Economic Forum 2023 has made an overall assessment of the economy's capacity and endogenous driving force, emerging external factors and solutions to effectively promote these driving forces in Vietnam's socio-economic development.

Speaking at the opening ceremony of the Vietnam Socio-Economic Forum 2023, National Assembly Chairman Vuong Dinh Hue stated that many of the economy's main growth drivers in the first 8 months of 2023 are showing signs of slowing down, even declining, and are under great pressure from the outside. To achieve the goal of "strengthening endogenous capacity, creating momentum for sustainable growth and development" as the theme of the Forum, the National Assembly Chairman raised 3 issues that need to be focused on. First, forecasting the context of the regional and global economic and financial situation; what opportunities, risks, and challenges will there be for the Vietnamese economy in 2023, 2024 and the following period.

National Assembly Chairman Vuong Dinh Hue chaired the conference on the afternoon of July 21. Photo: nhandan.vn

Second, what is the current socio-economic situation, the main difficulties, challenges, bottlenecks and resilience of the economy, businesses and workers? 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?

At the Forum, delegates said that developing production sectors of the economy, including agriculture, industry and services; promoting disbursement of public investment capital, stimulating consumption, developing the domestic market and improving labor productivity will enhance the capacity of the economy. Dr. Nguyen Dinh Cung, former Director of the Central Institute for Economic Management, commented: The first solution is to stabilize the macro economy. The second is to improve the business environment, remove barriers to create maximum convenience for businesses. The third is to help businesses reduce costs, reduce interest rates, reduce fees, reduce taxes, exempt fees, and exempt taxes. All of these solutions increase consumer demand and that is also a solution to help businesses. Vietnam needs to continue to improve the quality of the education system, train high-quality human resources, strengthen vocational skills training, focus on investment, and prepare a step ahead for science, technology and innovation human resources in the future.

Dr. Hoang Van Cuong, Member of the National Assembly's Finance and Budget Committee, raised the issue: The potentials of human resources, science and technology, especially when we are in the golden population period, are internal capacities to create momentum for sustainable development. Strengthening endogenous capacity helps us to mobilize internal resources and connect with world trends, creating a national position in the global economic chain.

Along with that is to increase foreign investment attraction and green economic development. Master Nguyen Xuan Thanh, Lecturer at Fulbright School of Public Policy and Management, recommends: Prioritize policies in promoting green transformation. That is not only direct investment in renewable energy but also investment in other infrastructure. We all have high expectations for a wave of investment in Vietnam due to the positive impact of shifting the supply chain to stable, peaceful countries with many partners.

[caption id="attachment_440306" align="aligncenter" width="640"] Along with that is increasing foreign investment attraction and green economic development. Photo Internet [/caption]

Delegates made many policy suggestions, focusing on five main driving forces, including: promoting regional connectivity, recovery and growth of economic locomotives; developing the private economic sector and domestic enterprises; promoting the digital economy and green economy; perfecting and improving the quality of economic institutions; enhancing Vietnam's position in the global value chain and enhancing the economy's autonomy and self-reliance. Strengthening the development of the private economic sector was also mentioned. Mr. Vu Tien Loc, Chairman of the Vietnam International Arbitration Center, said: Promoting the development of the private economic sector is still one of the important requirements. Perfecting institutions and creating favorable conditions for the private sector need special attention. Institutional breakthroughs are the best way to unleash resources for Vietnam's economic development in the coming time. The world economy is undergoing unpredictable changes, like a ship without a route on a vast ocean. Therefore, the endogenous capacity of the economy and of businesses is resilience.

Finally, delegates said that reforming and improving the quality of economic institutions is a breakthrough driving force to help create new mechanisms, new operating methods and create an attractive and transparent business and investment environment. Overcoming the difficulties and challenges of the Covid-19 pandemic, Vietnam is increasingly aware of the importance and decisive role of internal strength and autonomy in economic development. Strengthening endogenous capacity and creating growth momentum are also objective, inevitable and urgent requirements for Vietnam in the current development stage./.

Thu Hang