National Assembly Chairman Vuong Dinh Hue stated that after a day of active, serious and responsible work, the Vietnam Socio-Economic Forum 2023 completed all the proposed program content, deeply attracting public opinion, people and the business community at home and abroad, as well as central and local press agencies.
According to the Organizing Committee, there were about 450 delegates attending in person at the National Convention Center. The forum was also connected online with 6 Academies and Universities with about more than 1,000 lecturers, students and pupils directly following.
At the Forum, there were 7 presentations by speakers at plenary sessions and thematic discussion sessions, along with more than 40 articles by organizations, experts and scientists . At the same time, there were more than 40 opinions from speakers, scientists, businesses, and domestic and foreign delegates participating in interactive exchanges and discussions.
The National Assembly Chairman noted that the Forum had a positive spread. According to the Organizing Committee, there were more than 900,000 followers and interactions on digital platforms. The Forum shared the voice of the business community through representatives of the Vietnam Federation of Commerce and Industry, associations, a number of participating businesses and shared among domestic and foreign experts, academics, researchers, policy makers and policy implementation agencies, as well as policy beneficiaries. The Forum has truly become a multi-dimensional and comprehensive information center, the National Assembly Chairman stated.
Acknowledging the results of the Forum, the National Assembly Chairman said that the Forum spent a lot of time focusing on current, short-term socio-economic issues while approaching major, comprehensive issues, new trends shaping the world, new driving forces and directions for growth and sustainable development of Vietnam. In the short, medium or long term, Vietnam needs to focus on maximizing "internal strength", in which endogenous capacity is highly valued; taking advantage of and effectively exploiting "external strength", creating new growth drivers, which is the "key" to adapting, coping and developing in the new context of many fluctuations and increasing risks. These are extremely important contents in the Resolution of the 13th National Congress of the Party and also the consistent, consistent message, closely linked to the theme of today's Forum, the National Assembly Chairman emphasized.
Immediately after the end of the Forum, the Organizing Committee will have a Summary Report with full results of the Forum sent to Party, National Assembly and Government agencies for research and planning of policies and orientations for socio-economic development; at the same time, send it to National Assembly deputies for research and reference to better prepare for the contents that will be commented on by the National Assembly Standing Committee and the National Assembly at the 6th Session of the 15th National Assembly next October.
Summarizing some of the main contents discussed by the delegates, the National Assembly Chairman stated that after the COVID-19 pandemic, on the road to recovery, most of the world's economies are facing great challenges. The National Assembly and the Government of Vietnam have issued and implemented drastic, timely, practical policies and solutions, including unprecedented ones, over the past 2.5 years since the 13th National Party Congress. Vietnam has remained steadfast, basically steadfast in overcoming all difficulties and challenges, achieving many important and quite comprehensive results, recognized internationally and domestically. The economy has maintained its growth momentum and remains a "bright spot" in the "gray picture" of the global economy.
However, from the fourth quarter of 2022, Vietnam's economic growth will slow down, making it difficult to achieve the 2023 target set by the National Assembly's Resolution. It is worth noting that all three current growth drivers of the economy are facing structural difficulties, due to the lack of long-term orientation and timely, feasible solutions towards green transformation, reducing energy intensity, carbon emissions and circular economy while always adhering to sustainable development goals.
Opinions at the Forum also agreed and emphasized the need to "renew" old growth drivers, traditional growth drivers on the basis of promulgating and implementing policy and legal frameworks to encourage behavioral changes in consumption, production and investment.
In addition to consolidating and renewing existing growth drivers, the Forum also emphasized the need to discover and effectively exploit new growth drivers, especially drivers such as digital economic development, increasing labor productivity and total factor productivity, the development of the private economic sector, perfecting and improving institutional quality, especially for sustainable and safe digital transformation, equitable energy transition, and climate change adaptation; strengthening coordination with countries in maintaining existing supply chains, cooperating in developing strategic, innovative, and spillover supply chains, and enhancing Vietnam's position in regional and global supply chains.
Opinions at the Forum all agreed that it is necessary to focus on and make efforts to resolve urgent issues, difficulties, obstacles, and bottlenecks of the economy, which must always be steadfast and placed in the context of long-term goals; it is necessary to promote the will to be self-reliant and the "internal" capacity of the economy, while taking advantage of and promoting external resources, continuing to proactively and actively integrate deeply and effectively into the international community.
Delegates said that the problem of promoting internal strength, improving the endogenous capacity of enterprises and the economy, while effectively utilizing "external" factors and creating new driving forces for growth is the key factor, bringing about synergy towards rapid and sustainable economic recovery and development. Affirming that this is an urgent issue but also a long-term journey, requiring synchronization of policies, clearly defining priorities, ensuring focus and key points, taking advantage of time, taking advantage of all opportunities and advantages to create breakthroughs within the economy, enhancing resilience to shocks and challenges in the new context.
Summarizing some suggestions and policy proposals, the National Assembly Chairman stated: Regarding the capacity and endogenous driving force of the economy, delegates said that it is necessary to develop the production sectors of the economy, including agriculture, industry and services; promote disbursement of public investment capital, stimulate consumption, develop the domestic market and improve labor productivity. Synchronously implementing and combining these factors will promote the overall endogenous strength of the economy.
It is necessary to study, issue new or extend monetary policies, tax policies, fees, charges... to support and promote production and business. Increase the charter capital of banks, especially state-owned commercial banks and commercial banks with State-owned capital. Coordinate policies effectively, especially between monetary policy, fiscal policy and other macroeconomic policies.
Implement synchronous solutions, promptly remove difficulties and obstacles, restructure all types of markets; promote the development and strictly manage the currency, stock, insurance, corporate bond and real estate markets. Develop and effectively exploit the domestic market, boost domestic purchasing power; encourage Vietnamese people to prioritize using Vietnamese goods, stimulate domestic tourism.
Human resources are the core endogenous driving force of the economy. The World Bank believes that the main solution to achieving higher productivity growth lies in improving the characteristics of today's young workforce. The International Labor Organization (ILO) recommends studying and implementing a substantial international-standardized certification or practice certificate, consistent with the professional capacity and skills of workers; helping to improve the qualifications and competitiveness of the workforce in the economy. The World Bank (WB) recommends continuing to improve the social protection system to be adaptive, integrated, easily adjustable and modern to protect households against shocks more effectively, while improving social insurance coverage to increase resilience to unemployment risks and ensure income security in old age.
Regarding the effective application and exploitation of "external forces", opinions at the Forum suggested that it is necessary to promote the driving forces from effectively attracting foreign investment and boosting exports, towards sustainability. Proactively prepare the necessary conditions and promote and attract new generation foreign direct investment, strategic investors, develop new economic sectors, have modern technology, have investment plans for research and development, have connections and technology transfer with domestic enterprises. It is necessary to take full advantage of key and traditional export markets, develop new markets, niche markets, quickly and promptly respond to new requirements of export partner countries. Better exploit signed Free Trade Agreements (FTAs), effectively carry out trade promotion, connect supply and demand, diversify goods and export and investment markets.
Regarding the creation of new growth drivers for the economy, delegates made many policy suggestions, focusing on five main drivers of 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 and enhancing Vietnam's position in the global value chain and enhancing the economy's capacity for autonomy and self-reliance.
Delegates said that there should be more policies to promote regional connectivity, recovery and growth of economic locomotives, especially Hanoi and Ho Chi Minh City. Strengthening the development of the private economic sector requires breakthroughs in mechanisms and policies to promote stronger and more sustainable development of the private economic sector. Resolutely remove obstacles and major barriers facing domestic enterprises today. There should be flexible, specialized, professional and effective support programs for small and micro enterprises.
Promoting digital transformation needs to be built on three pillars: digital government, digital economy, and digital citizens, to minimize and increase the efficiency and effectiveness of public services, optimize the efficiency and performance of the economy, and allow citizens to connect into a network society, thereby forming new market platforms.
Delegates mentioned many of the driving forces from the practical benefits of green growth and affirmed that this is an inevitable path, a consistent pillar in shaping strategies, plans, and policies aimed at improving competitiveness and sustainable economic growth.
Delegates said that reforming and improving the quality of economic institutions is a breakthrough driving force but is also difficult to implement and may require the most time because this driving force helps create new mechanisms, new operating methods, and creates an attractive and transparent business and investment environment. This is one of the strategic breakthroughs for sustainable development of the country.
To promote institutional reform, delegates suggested that it is necessary to continue to innovate thinking to raise awareness of the role of law-making and enforcement. Delegates said that institutional reform needs to ensure synchronization between central and local levels, domestically and internationally, promulgation and implementation, between sectors and fields, etc. Perfecting the system of institutions, policies, and enforcement laws to connect economic regions, creating economic links between localities in the region and between regions. Pay attention to building institutions for the development of digital economy, green economy, circular economy, etc.
Delegates proposed that it is necessary to focus on localizing industrial supply chains to reduce dependence on imported machinery, equipment, and raw materials and increase autonomy, improve domestic added value, product competitiveness, and the position of Vietnamese enterprises in the global value chain.
The National Assembly Chairman acknowledged the message of promoting internal strength, endogenous capacity, and creating new growth drivers that was strongly presented at this Forum. He affirmed that the valuable and useful information of the Forum with very clear and specific solutions and recommendations will be extremely important inputs and documents for the National Assembly, the Government, ministries, branches, and relevant agencies to study in the process of policy making and state management.
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