Strengthening academic-practical cooperation to promote sustainable economic development in Vietnam

From November 13-15, in Hanoi, the Academy of Finance organized the 8th International Conference with the theme "Sustainable Economic Development and Business Management: Opportunities and Challenges in Global Frontier Markets" (SEDBM-2025).

This year's conference brings together domestic and foreign scientists , international scholars, managers, businesses and policy makers, including many speakers who are world-leading professors in economics and finance. This is a forum for knowledge sharing, publishing new research, discussing practical issues, and creating opportunities for young researchers to present their ideas to leading experts. Thereby, enhancing academic-practical cooperation, disseminating knowledge, contributing to the sustainable development and integration of the Vietnamese economy in the new period.

The workshop gathered the participation of domestic and foreign scientists, international scholars, managers, businesses and policy makers.

The conference received more than 170 papers and selected 84 quality papers to be included in the proceedings, clearly reflecting the key issues of economic development and sustainable business in the new trend.

Urgent requirement to maintain macroeconomic stability, ensuring sustainable growth target

Speaking at the workshop, Associate Professor, Dr. Nguyen Dao Tung - Director of the Academy of Finance emphasized that the global economic context is changing faster, more complex and unpredictable than ever. This poses an urgent need for Vietnam to maintain macroeconomic stability while ensuring sustainable growth goals. According to him, open economies like Vietnam must proactively observe, evaluate and respond flexibly to profound international changes.

Associate Professor Dr. Nguyen Dao Tung said that the process of deep integration brings many opportunities but also entails many systemic challenges. Vietnam needs to quickly identify both external and internal factors to turn the situation around and exploit new spaces for growth. In particular, fully exploiting potential, competitive advantages and modern management capacity will help Vietnam maintain rapid and sustainable development.

Assoc.Prof.Dr. Nguyen Dao Tung - Director of the Academy of Finance speaks

The Director of the Academy of Finance, in the trend of global development, relying on the advantage of cheap labor or old technology is no longer suitable. The Vietnamese economy needs to transform to a green production model, applying high technology, aiming at sustainable development standards to meet the increasing demands of domestic and international markets.

This is not only a condition for maintaining growth but also a path to sustainable development. However, in the midst of challenges, there are always opportunities for the Vietnamese economy to restructure and transform strongly, thereby consolidating its position in the international arena, thereby enhancing its resilience and adapting flexibly to changes of the times.

The role of AI, financial technology in promoting growth

At the workshop, Professor Tom Smith, Macquarie University, Australia, presented an overview of the development of modern finance and outstanding research trends, while emphasizing the role of AI, fintech (financial technology) and clean energy transition in promoting growth and enhancing the resilience of the global economy.

He affirmed that the transition to clean energy technology will be the next technological revolution with far-reaching impacts worldwide . For frontier markets like Vietnam, Professor Tom Smith emphasized the growing role in diversifying supply chains, maintaining growth and expanding integration. When upgraded to an emerging market, Vietnam is expected to strongly attract international capital flows and contribute positively to global economic stability.

Professor Ellie (Larelle) Chapple, Queensland University of Technology, Australia, shares about the key role of sustainable development in the context of businesses facing increasing pressure from society, investors and management agencies. She points out the difference between ESG and CSR, and notes the increasing trend of sustainability commitment from global leaders.

Referring to advances in financial and non-financial reporting, particularly new frameworks such as TNFD and the natural risk-biodiversity standard, Professor Ellie (Larelle) Chapple highlighted the need for transparent, consistent and reliable ESG data, and the role of sustainable governance in driving long-term growth and meeting global sustainable development requirements.

Professor Tam Nguyen, Nottingham Trent University, UK, mentioned the development of accounting from traditional record keeping systems to the digital stage and AI application, thereby emphasizing the inevitable shift to sustainable accounting. He clarified the role of accounting in measuring and reporting environmental, social and governance impacts in parallel with financial information, as well as the shift in corporate reporting from a financial focus to an integrated approach.

At the same time, it emphasizes the responsibility of the accounting profession in collecting ESG data, ensuring transparency and assessing climate risks; and opens up new research prospects related to measurement, governance and technology application in the field of sustainability accounting.

Discussing at the workshop, delegates focused on clarifying the impact of four main topics, including: the role of frontier markets in strengthening economic resilience; the need to promote ESG and sustainable development in businesses; the circular economy model for electric vehicle batteries; and the shift of accounting in the context of sustainability and digital transformation. These issues are having a profound impact on the operations of businesses and management agencies.

Speakers agreed that businesses in frontier markets need to improve their governance capacity, proactively innovate their business models, comply with new information disclosure standards and apply technology to adapt to global sustainable development requirements.

On the State side, many experts recommended improving the legal framework, harmonizing domestic standards with international standards, promoting training and technical support for businesses, especially SMEs. Close coordination between management agencies, the business community and research institutions is considered a core condition to promote the private sector to develop effectively, competitively and sustainably.

Within the framework of the Workshop, there was also a working program between the Academy of Finance and Prof. Bruno Mascitelli, Swinburne University of Technology, Australia. This is a special occasion to discuss in more depth the university governance system, an area that the Academy of Finance is particularly interested in in the process of autonomy and innovation of the operating model of higher education institutions in Vietnam today.

Associate Professor, Dr. Nguyen Dao Tung - Director of the Academy of Finance affirmed that a modern and effective management system is the key factor to promote high-quality scientific research, innovation and create sustainable values. Therefore, listening to trend analysis and lessons learned from a country with a developed higher education system like Australia - where universities operate with a very high level of autonomy and an effective university council system - through the sharing of a prestigious expert like Professor Bruno is extremely valuable.

“We hope this exchange will provide both useful reference perspectives and practical suggestions for the Academy of Finance to further improve its governance model, especially on key aspects of modern university governance,” said Associate Professor Dr. Nguyen Dao Tung.

Source: https://daibieunhandan.vn/tang-cuong-hop-tac-hoc-thuat-thuc-tien-thuc-day-kinh-te-viet-nam-phat-trien-ben-vung-10395732.html