Macroeconomic stability and economic resilience a priority for recovery: experts

The event gathered the country's leaders and socio-economic experts to discuss the topic "Reinforcing the macroeconomic foundation, promoting sustainable recovery and development."

National Assembly (NA) Chairman Vương Đình Huệ reinforced that the foundations of macroeconomics and the resilience and autonomy of the economy are always a priority while speaking at the Việt Nam Socio-Economic Forum 2022 on Sunday.

Jointly hosted by the NA Committee for Economic Affairs, the Party Economic Commission, and the Hồ Chí Minh National Academy of Politics, the event gathered the country's leaders and socio-economic experts to discuss the topic "Reinforcing the macroeconomic foundation, promoting sustainable recovery and development."

Addressing the forum in his opening speech, NA Chairman Huệ said that the discussions should focus on evaluating the region's and the world's economic and financial situation, the socio-economic reality - particularly the resilience of the Vietnamese economy; and forecasts for the near future.

Delegates also reviewed the implementation of the socio-economic recovery and development programme according to the NA's Resolution No 43/NQ/QH15 and the Government's Resolution No 11/NQ-CP; as well as the current monetary and fiscal policies and their coordination with other macroeconomic policies.

The forum will also be a platform for sharing international experiences and proposing new policies for Việt Nam to reinforce the macroeconomic foundation, the economy's resilience and autonomy for socio-economic recovery and development in 2023, and the direction of the entire 2021-2025 tenure.

Speaking at the event, Director of Hồ Chí Minh National Academy of Politics Nguyễn Xuân Thắng, said: "Against the global trend, Việt Nam's economy has overcome the most difficult period of the COVID-19 outbreak in the past nine months, maintained a good growth momentum, macroeconomic stability, effective inflation control, ensured the balance, and is forecasted to have a positive growth rate in 2022."

However, he added that the country must stay vigilant, particularly in the face of unpredictable changes in the global economic, political and social situation.

Thắng said: "At this point, it is obvious that Việt Nam's decision must focus on maintaining macroeconomic stability while proactively and flexibly responding to the rapid changes of the global situation."

In the session on "Accelerating institutional reforms and complete land policies, important solutions in socio-economic recovery", Dr Hoàng Văn Cường from the National Economics University said that land planning and use for real estate projects must be aligned with the market development strategy.

This will ensure that projects are executed on schedule and meet the needs of the real estate sector following the scale and the level of socio-economic development.

Responding to a question from NA Chairman Huệ in the session "Promoting the implementation of policy supporting businesses and labourers, creating a driving force for the recovery in production, business and sustainable development", senior UNDP in Việt Nam economist Jonathan Picus said that financial support is not the main reason for the decline in the labour force, as most people have to go back to work when the pandemic ends.

However, some workers cannot return to the labour market, while the lack of flexibility in several specific sectors does not allow them to change jobs or locations.

On the post-pandemic labour shortage, Deputy Minister of Labour, Invalids and Social Affairs Lê Văn Thanh said that the ministry had issued policies focusing on human resources training and creating favourable conditions for people to look for jobs through the Internet.

The 2021 Việt Nam Socio-Economic Forum under the theme "Recovery and sustainable development" was a success, with useful information and strategies proposed for research and management, especially in the policy-making process of state agencies.

Many of the suggestions from the 2021 forum have been used by the National Assembly, its Standing Committee, the Government and other state departments to issue decisive policies.

Since GDP dropped to the lowest level of minus 6.02 per cent in Q3 of 2021, it improved in Q4 and has seen a positive transformation since the beginning of 2022.

In September this year, Moody's Investors Service upgraded Việt Nam's long-term issuer and senior unsecured ratings to Ba2 from Ba3, changing the outlook from stable to positive.

Việt Nam is the only one in Asia-Pacific and one of the four countries globally to have ratings upgraded by Moody's since early this year.

However, the country's socio-economic situation is forecast to face multiple challenges in the future amid complicated developments in the world.