Restructuring the economy, repairing broken production chains

The COVID-19 pandemic broke production chains. The damage will require years to fix. NA deputies say that in addition to encouraging foreign investment and boosting the private sector, the State must invest in areas where other economic sectors have insufficient capital or can’t operate effectively. NA deputy Hoang Quang Ham said: "It’s important to review State investment in areas where other economic sectors cannot operate effectively. That’s why their investment is often unprofitable. Equitization and divestment of SOEs needs to be part of the State’s investment restructuring to expand the State budget and the State sector. We need to consider these issues in order to restore production chains and boost sustainable economic growth."

The Vietnamese government has implemented several incentives to help enterprises, household businesses, and workers affected by the COVID-19. But the support needs to be greater. Nguyen Nhu So, a deputy for Bac Ninh province, said: "We need to strengthen fiscal policies, help businesses obtain capital, lower interest rates, and restructure and relax loans. We need to create breakthroughs in administrative reform by taking advantage of the digital platform to save businesses’ time and money. Businesses need to be encouraged to get involved in agricultural processing."

Establishing national production capability

Promoting the digital economy will boost economic growth and help restore the economy. In addition to fine-tuning mechanisms and creating a favorable digital business environment, Vietnam needs comprehensive policies to shape the digital economy. Le Thu Ha, a NA deputy for Lao Cai province, said: "Vietnam needs to participate in regional and global legal frameworks to develop the digital economy, create incentives for technology transfer and application, and develop secure payment policies. We also need to upgrade the broadband infrastructure nationwide, develop the national data infrastructure, and focus on IT, telecommunications, cyber security, smart manufacturing, finance, e-commerce, digital agriculture and digital tourism."

The Vietnamese government wants to boost sustainable economic growth while leaving no one behind. Nguyen Ngoc Phuong, a NA deputy for Quang Binh province said: "More investment should be poured into disadvantaged localities to help them boost socio-economic development. We also need to improve foreign investment cooperation until 2030 and set investment priorities for disadvantaged localities."

Vietnam is receiving international praise for successfully containing the COVID-19 pandemic. That success was due to the solidarity and consensus of leaders and the public which will continued to be promoted in restoring the economy.