Ensuring marco-economic stability amid global and regional fluctuations

National Assembly Chairman Vuong Dinh Hue made the statement at the Vietnam Socio-Economic Forum 2022, running the theme “Reinforcing macro-economic foundation, promoting sustainable recovery and development”, which opened in Hanoi on September 18.

The event drew the participation of around 400 delegates, including scientists, experts, ambassadors, representatives of diplomatic agencies and international organizations, lawmakers and businesspeople at home and abroad.

In his opening speech, the top Vietnamese legislator highlighted the great significance of the forum as the legislative body is preparing for its fourth meeting to consider and decide on the country’s important socio-economic issues and law-building process.

It also gave a chance to collect important information to work out solutions for consolidating macro-economic foundation, overseeing fiscal and monetary as well as socio-economic policies as a means of achieving sustainable recovery and development.

He underlined the need to deliberate on regional and global economic, financial and monetary situation, give mid and long-term forecasts for Vietnam, and assess opportunities and challenges to the national economy in 2022, 2023 and the next period.

It is essential to review the socio-economic recovery and development programme in line with the NA’s Resolution No.43 and the Government’s Resolution No.11.

The one-day event covered an opening ceremony, a plenary session and two thematic sessions on promoting institutional reform – perfecting land policy and important solution to socio-economic recovery and development, pushing forward corporate support policies to create a driving force for production recovery and sustainable development.

Upon addressing the event, Director of the Ho Chi Minh National Academy of Politics Nguyen Xuan Thang said the Vietnamese economy has overcome the most difficult period of the COVID-19 pandemic. Over the past nine months, the economic growth has been positive while the macro-economic stability has been maintained and inflation has been under control. This year, the economy is  predicted to ensure major balances and the growth is optimistic.

Without preparations, the Vietnamese economy is likely to meet difficulties amid uncertain developments in the world, he said.

He added that Vietnam must focus on maintaining macro-economic stability while actively and flexibly coping with rapid developments in the world, which is key to maintaining economic growth.

According to him, reinforcing macro-economic foundation not only lies in fiscal and monetary policies but also in tackling obstacles in the economy and effectively tapping every social resource.

In the end, he said such will make it easier for Vietnam to switch to a new growth model soon on the back of sci-tech and innovation.

Thang also underscored deploying socio-economic recovery packages, speeding up the completion and implementation of master plans, and enhancing regional connectivity to create fresh impetus for the national economic development.