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Experts discuss solutions for post-pandemic economic recovery at VBF

The Saigon Times

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HCMC – A high-level session of the Vietnam Business Forum commenced this morning, February 21, during which business leaders and economic experts proposed a number of solutions to help the Government accelerate post-Covid economic recovery.

The event, titled “Recover the economy and develop the supply chain in the new normal”, was attended by Prime Minister Pham Minh Chinh. It comprised three main topics: contribution of the business community to economic recovery, role and duty of businesses in the stable and sustainable development of the global supply chain, and the position of domestic and foreign enterprises in the supply chain.

The session mainly focused on improving the capacity of the domestic manufacturing sector and supporting industries, strengthening the collaboration between domestic and foreign enterprises, funding for industrial clusters and supply chains and taking advantage of digital technology in energy development.

In his opening remarks, Pham Tan Cong, chairman of the Vietnam Chamber of Commerce and Industry, gave a brief insight into the operations of businesses and the country’s economic situation.

According to Cong, five months ago, most businesses worried about the negative impact of the Covid pandemic, which forced many factories to shut down and caused disruptions in the supply chain.

However, they have recovered strongly thanks to the improved anti-Covid situation, the resumption of production and trade and high vaccine coverage rates.

The country’s gross domestic product (GDP) grew 2.58% last year, while the total import and export turnover reached US$668.5 billion. The country targets a GDP growth rate of 6-6.5% this year.

Despite some encouraging achievements, Cong warned that the Covid pandemic remains complicated with the emergence of the Omicron variant. The number of new Covid infections has increased drastically recently.

On January 30, the Government issued Resolution No. 11/NQ-CP on the measures for socio-economic recovery and development. Accordingly, the value added tax has been cut from 10% to 8%, and international air routes have been resumed since February 15.

Cong said recovering the supply chain plays a vital role in resuming production and trade. This will also offer opportunities for Vietnamese enterprises to strengthen their position in the global supply chain.

According to Minister of Planning and Investment Nguyen Chi Dung, the country met seven of 12 major economic indicators last year. Budget collection was 16.4% higher than the plan, import and export turnover soared 22.6%, and the manufacturing and processing industry grew 6.37%.

The business environment improved significantly. Some 160,000 enterprises were newly established or resumed operations last year.

The total registered capital of foreign invested projects reached more than US$31 billion, rising 9.2% year-on-year. This reflects the confidence of foreign investors in Vietnam’s economy.

Dung stressed that the Vietnam Business Forum is a chance for the business community to propose solutions for socioeconomic recovery and development, improve the business environment and boost the private sector.

The event was attended by experts from the Organization for Economic Cooperation and Development, who came to discuss the role and duty of businesses in the stable and sustainable development of the global supply chain.

Discussions and recommendations from economic experts and business leaders at the forum are expected to help the Government successfully implement the program on socioeconomic recovery and development in the coming time.

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