“Reinforcing Macroeconomic Foundation, Promoting Sustainable Recovery and Development”

9:58:01 AM | 9/19/2022

This is the theme of the Vietnam Socio-Economic Forum 2022, an annual event of the National Assembly co-organized by the National Assembly Economic Committee, the Central Economic Commission, the Ho Chi Minh National Academy of Politics and the Vietnam National Academy of Social Sciences.

Chaired by National Assembly Chairman Vuong Dinh Hue, the forum comprises a plenary session and two breakout seminars on accelerating institutional reform - Improving land policy, important solutions in socioeconomic recovery and development; and on fostering policy enforcement to support businesses and workers to create a driving force for production and business recovery and sustainable development.

Previously, the Vietnam Economic Forum 2021, themed "Sustainable Recovery and Development" attracted the participation of more than 500 delegates from 58 domestic and four international bridge points (USA, France, Switzerland and Thailand); and brought together many domestic and international experts and scientists who presented a lot of valuable ideas.

Mr. Nguyen Manh Hung, Standing Member of the Economic Committee of the National Assembly, said the Vietnam Economic Forum in 2021 gathered and added scientific and practical arguments for the Government and the National Assembly to make important policies for socioeconomic recovery and development, focusing on 2022 and 2023. Up to now, policies have come into life one by one; produced both immediate and long-term impacts; and received the attention and appreciation of domestic and international public opinion.

2022 is an important year for the Socioeconomic Development and Recovery Program, which reportedly lays the foundation for successfully achieving the 5-year Socioeconomic Development Plan (2021-2025). However, Vietnam's economy and society are forecast to face many difficulties and challenges in the coming period. The economy is exposed to risks from macro stability and major imbalances, particularly in electricity and petroleum; rising inflation pressures weighed by growing input import prices, transportation and logistics costs; and supply disruptions from China, and Russia-Ukraine conflict. These effects in combination will affect people's lives, especially the poor and low-income earners; reduce business resilience and recovery; and impair existing support policies.

Bui Van Cuong, Secretary General of the National Assembly, Chairman of the Office of the National Assembly, said, the Vietnam Socio-Economic Forum 2022 focused on exchanging and discussing contents regarding volatile international settings and economic restructuring trends; comprehensively and objectively assessed Vietnam's current economic performances in the first nine months of 2022 and forecasts for the whole year of 2022.

The forum also exchanged and consulted on hot domestic and international socioeconomic issues and development institutions in the new context; identified inflation risks, financial, fiscal and monetary risks; reviewed and assessed implementation of resolutions of the National Assembly and its Standing Committee in recent years, especially Resolution 43/2022/QH15 on fiscal policy, monetary policy in support of Socioeconomic Recovery and Development Program; and Resolution 32/2021/QH15 on Socioeconomic Development Plan in 2022 so as to gather and integrate opinions of domestic leading experts, scientists, officials as well as international experts, organizations and businesses.

Through the forum, the Ethnic Council and the National Assembly's committees managed to collect more arguments for their work and National Assembly deputies had more information and important data for their viewpoints on important issues of the country at the upcoming Fourth Meeting Session of the 15th National Assembly.

Anh Mai (Vietnam Business Forum)