Vietnam Business Forum 2021 highlights recovery and sustainable development

National Assembly (NA) Chairman Vuong Dinh Hue made the statement while attending the opening session of Vietnam Business Forum 2021, held in Hanoi on December 5.

In his opening remarks, the NA Chairman said that over the past two years, the COVID-19 pandemic has caused heavy economic and social damage on a global scale, including in Vietnam.

In 2020, Vietnam has well in control of the epidemic and maintained its economic growth at 2.91%, and was one of the countries with the highest positive growth rates in the world. In 2021, with many synchronous solutions to carry out dual tasks of fighting the epidemic and recovering the economy, in the first 6 months of the year, Vietnam achieved a growth rate of 5.96%.

However, the fourth outbreak of the disease with the new Delta strain has caused heavy damage to both the economy and social fields, he noted, adding that in order to cope with the epidemic, overcome the damage, recover, and sustainably develop the economy and society, countries around the world have launched many fiscal and monetary support policy packages that are very different in terms of scale, depending on the development of the epidemic as well as the capacity of resources, especially the monetary and fiscal policies of each country.

NA Chairman Vuong Dinh Hue speaks at the forum.

The NA also issued a Resolution to decide on the framework of policies and plans for economic and social development, finance, budget, public debt borrowing and repayment, public investment, and the economic restructuring plan for the 2021-2025 period, he said.

The top legislator also underscored that the Vietnam Business Forum 2021 is expected to provide an opportunity for the NA, along with relevant agencies and organisations, to listen to the opinions of domestic and foreign experts and scientists, Vietnam's development partners, NA deputies from over the years, people, voters, and business communities throughout the country and devise overall solutions for economic recovery and sustainable development.

The forum is set to contribute to institutionalising the Resolution issued at the 13th National Party Congress, the 2021-2030 socio-economic development strategy, and other resolutions of the legislature.

At the event’s plenary session, participants gained an overview of the global economic situation amid the pandemic and put forth several policy recommendations for Vietnam to boost recovery and sustainable development.

Dr Can Van Luc, Chief Economist at the Joint Stock Commercial Bank for Investment and Development of Vietnam (BIDV) and member of the National Financial and Monetary Policy Advisory Council, pointed out that the pandemic has taken a heavy toll on the country’s economy and society, especially in 2021. Without special aid programmes and packages, Vietnam may miss opportunities and lag behind.

Meanwhile, Nguyen Minh Cuong, Chief Economist at the Asian Development Bank (ADB) in Vietnam, said the country posted the fastest growth rate in Southeast Asia in 2020, but the fourth wave of COVID-19 outbreaks has severely affected its economic growth, and the economy is forecast to contract sharpy this year.