Illustrative image (Source: VNA)The symposium was jointly held by theNational Economics University (NEU), the Party Central Committee’s EconomicCommission and the National Assembly’s Committee for Economic Affairs.
Rector of NEU Prof. Dr. Pham Hong Chuong said thenational economy experienced unprecedented challenges last year due to the COVID-19pandemic, noting that the economy is also facing macro and financialuncertainties, which have hindered economic recovery.
Associate Prof. Dr. To Trung Thanh from NEU heldthat the economic growth of 2.58 percent last year, the lowest over the pasttwo decades, was mainly due to the economic downturn in the third quarter withthe spread of the COVID-19 Delta variant.
Another reason was ineffective and inconsistentresponse policies rolled out by localities, along with the prolonged lockdownsin many key economic regions due to the pandemic.
Although investment and credit, the main drivers ofthe national economy, were maintained, their efficiency showed a decrease,Thanh said.
However, positive signs were seen in innovation anddigital economy, which have been considered new impulses for the economy, hestressed, adding that Vietnam ranked 44th out of 132 countries and economies inthe Global Innovation Index 2021 (GII 2021) announced by the World Intellectual Property Organisation (WIPO).
Experts forecast that the growth target of 6-6.5percent set for this year is reachable given the present pandemic situation andthe stimulus package for economic recovery.
They also cautioned over risks and uncertainties dueto complex developments of the COVID-19 pandemic, escalating political tensions in theworld, soaring oil prices, and bubbles in the real estate and stock markets.
The experts, therefore, suggested that theGovernment’s policies should seek ways to recover and develop the economysustainably amid the pandemic, with fiscal policies playing the most importantrole.
The Government should increase its fiscal support toabout 5-6 percent of the national gross domestic product (GDP) in at least 2-3years.
Meanwhile, credit policies should also target businesses that are lessaffected by the pandemic but play a role in boosting production, they said.
They also proposed maintaining social welfarepackages for those affected by COVID-19, expanding beneficiaries and paying moreattention to labourers in the informal sector.
On this occasion, NEU announced its annualpublication on Vietnam’s economy in 2021./.
VNA
