Identifying existing challenges to Vietnam's economy

The conference was co-organized by the National Economics University (NEU) and the Australian National University (ANU). This is an opportunity for domestic and international managers and experts to exchange and share information, discuss and publish scientific research works as well as experiences in fields related to economics, management and business, supporting strategies to promote global growth and sustainable development.

The conference was organized into 22 parallel discussion sessions on in-depth topics of economics, administration and business, with the participation of researchers and scholars from universities and research institutes nationwide, as well as from other countries in the world such as: UK, India, Korea, Indonesia, Kazakhstan, Malaysia, New Zealand, Japan, Philippines, France, Thailand, Australia...

According to Mr. Bui Duc Tho - Chairman of the National Economics University Council, the current context of Vietnam can be considered an exciting time for economic research. Research issues are increasingly attractive, data is more abundant and the impact of research is also more profound. High-quality academic works have high intellectual value and are especially important in policy orientation, creating future development.

Sharing at the conference, Professor Shiro Armstrong (ANU) commented quite frankly on the current special context of the world economy when he explained the saying: "Tariff is the most beautiful word in the dictionary" by US President D. Trump as the title of his presentation.

According to Professor Shiro Armstrong (ANU), economies need to protect trade flows by not retaliating with corresponding tariffs and absolutely not falling into the spiral of spreading global tariffs to minimize damage.

It is necessary to maintain and expand the open, rules-based system, through accelerating the full implementation of RCEP, significantly reducing non-tariff barriers; continuing to respect WTO commitments, CPTPP and existing FTAs.

“ We need to pull China deeper into the common rules of the game instead of letting China build its own system. Then Asia will become the largest and most open free trade area in the world, a solid support even if the United States closes its doors, ” said Professor Shiro Armstrong (ANU).

Regarding Vietnam's economy, Dr. Jochen M. Schmittmann - Chief Representative of the International Monetary Fund (IMF) in Vietnam, Cambodia and Laos, expressed optimism about Vietnam's double-digit growth target but also recommended that, in the current world economic context, to approach the target, Vietnam cannot only maintain investment and labor expansion.

In the immediate future, monetary policy needs to be cautious because credit is too high; priority should be given to strengthening the safety of the banking system, handling bad debt and increasing capital. Currently, the fiscal year still has a lot of room thanks to low public debt, so it is possible to focus on infrastructure investment, especially digital infrastructure, logistics, and energy. However, it is necessary to focus on selecting good projects to avoid spreading and loss.

At the same time, reform the financial system and the business sector, allocate capital according to market signals, narrow the privileges of state-owned enterprises, create a level playing field for domestic private enterprises; minimize distortions in the labor market and credit market.

For many years, the CIEMB Conference has become a typical international forum of NEU, attracting a large number of domestic and international scholars, experts and managers.

Source: https://congthuong.vn/nhan-dien-nhung-thach-thuc-hien-huu-voi-kinh-te-viet-nam-432406.html