NA consultation on socio-economic affairs

The event featured the participation of various heads of NA agencies, ministries, and ministry-level agencies. They were joined by representatives of some international organisations in Vietnam such as the UN Development Programme (UNDP), the World Bank, the Asian Development Bank (ADB), the International Monetary Fund (IMF), and the International Labour Organisation (ILO), along with economic experts and enterprises.

NA Vice Chairman Hai said that opinions raised at the consultation serve as a precious source of information for the legislative body in order to make decisions on important socio-economic issues. The function therefore serves as a place for experts, scientists, and officials to express their in-depth, independent, and constructive viewpoints as a means of boosting quality and sustainable socio-economic development.

The nation has taken a range of COVID-19 containment measures, although the prolonged period of social distancing in many localities, including provinces and cities in key economic regions, industrial parks, and export processing zones, has caused considerable negative socio-economic impacts. This includes affecting the operations of local businesses and hindering people’s livelihoods.

The facts indicate that the Vietnamese economy has yet to fully catch up with the global economy this year. While the global economy and that of many countries has changed from contraction in 2020 to expansion this year, the nation’s economic growth is forecast to fail to achieve this year’s target and is likely to not increase much from 2020.

This problem therefore needs to have its reasons identified in order to devise appropriate solutions, Hai said, adding that it is highly important to identify challenges to work out solutions whilst implementing plans for the rest of the year and devising new ones for 2022.

He went on to highlight the Vietnamese Party and State’s viewpoint of remaining focused on containing the pandemic to protect people’s health and lives, thereby creating the foundation for economic recovery to provide resources and conditions necessary for the COVID-19 fight.

The NA official requested that participants offer their opinions and recommendations in order to help the Government work out proper policies for socio-economic development moving forward. This includes on issues such as socio-economic development, along with other matters which are of national importance that require breakthrough solutions to deal with them in an effective manner.

At the consultation, experts and representatives of foreign organizations such as the Workd Bank (WB), the Asian Development (ADB), and the International Monetary Fund (IMF) shared comments and opinions on global financial, investment and trade developments in 2021, forecasts for 2022 and subsequent years. They also touched on the latest developments of the world economy and its impacts on the socio-economic development of Vietnam.