Economic forum to discuss economic self-reliance amid global headwinds

Nguyễn Thành Phong (standing), vice chairman of the Economic Commission, speaks at a press conference on Tuesday about the fourth Việt Nam Economic Forum to be held in HCM City on June 5. Photo: Vietnam Government Portal

HCM CITY — Technological self-sufficiency and a focus on the domestic market are key to building resilience against post-pandemic global economic shocks and instability, the deputy chairman of the Central Economic Commission has said.

Speaking on Tuesday at a press conference on the upcoming fourth Vietnam Economic Forum, Nguyễn Thành Phong said, “It is vital to strengthen internal resources to speed up the economic recovery.”

Technological autonomy is “key” to promoting economic growth while building a strong domestic market is a “leverage,” he said.

He added the forum scheduled to take place in HCM City on June 5 would focus on building an independent and self-reliant economy post-pandemic.

COVID-19 has affected the global economy as well as Việt Nam’s socio-economic development, he said.

“The intense political conflicts and disrupted supply chains of essential goods such as petroleum, coal, steel, and grain have caused a hike in prices.”

The forum will have three seminars: development of a stable labour supply chain post-pandemic, capital and real estate market development, and digital transformation and supply chain diversification.

There will be a plenary session addressed by Prime Minister Phạm Minh Chính, head of the Central Economic Commission Trần Tuấn Anh, and HCM City Secretary Nguyễn Văn Nên.

The forum will discuss measures to build resilience against economic shocks. 

Experts said it is imperative that Việt Nam remains vigilant against inflation and other risks to its exports.

It should carry on with structural reforms to help the economy become more productive and increase supply, they said.

These include tax breaks for productive and innovative investments, reducing barriers to doing business and investing in education and technical training of the workforce.

The forum chaired by the commission has been organised annually since 2017.

Việt Nam’s economic recovery is gaining momentum despite heightened global uncertainty due to the protracted war in Ukraine, higher commodity prices and tightening global financial conditions, according to the World Bank.

Its GDP grew by 5 per cent year-on-year in the first quarter, comparable to the growth rate in the fourth quarter last year, but 2 percentage points below pre-pandemic rates. — VNS