At the Vietnam Socio-Economic Forum (photo: quochoi.vn)

With the theme "Reinforcing internal capacity, generating drivers for growth and sustainable development", the Vietnam Socio-Economic Forum 2023 reviewed Vietnam’s internal economic resources, external factors and solutions to motivate socio-economic development.

Improving capacity, promoting internal forces

Delegates said that boosting production in agriculture, industry and service sectors, accelerating disbursement of public investment capital, stimulating consumer demand, developing the domestic market, and improving labor productivity will enhance the capacity of the economy. The coordinated and synergistic implementation of these factors will promote the internal strength of the economy.

Nguyen Dinh Cung, former Director of the Central Institute for Economic Management, said: "First, we need to stabilize the macroeconomy. Second, we must improve the business environment and remove barriers to create maximum convenience for businesses. Third is to help businesses reduce costs, interest rates, fees, and taxes. All of these solutions will increase consumer demand and help businesses."

The delegates also agreed that human resources are the core driving force of the economy, urging Vietnam to continue to improve the education system, train high-quality human resources, strengthen vocational skills training, focus on investment, and prepare in advance human resources for future technology and innovation development.

Dr. Hoang Van Cuong of the National Assembly's Finance and Budget Committee said: "The potential of human resources, science, and technology, especially now that we are in a golden population period, are internal forces creating motivation for sustainable development. Strengthening our internal capacity, awakening our internal resources, and connecting with world trends will improve our position in the global economic chain."

Tapping into external resources

According to delegates, Vietnam needs to prepare the necessary conditions, promote and attract new generation foreign direct investment and strategic investors, develop new economic sectors with modern technology, create investment plans for research and development, and transfer technology to domestic enterprises to promote exports and move towards sustainable export. They also stressed the need to attract more foreign investment and develop a green economy.

Master Nguyen Xuan Thanh, a lecturer at the Fulbright School of Public Policy and Management, said: "We need to prioritize policies promoting a green transition. That is not only direct investment in renewable energy but also investment in other infrastructure. We all have great expectations for a wave of investment in Vietnam as a result of the shifting of the supply chain to stable, peaceful countries with many partners."

Creating motivation for economic growth

The delegates put forth several recommendations, focusing on driving forces, including promoting regional integration and recovery and growth of economic drivers, boosting the private sector and domestic enterprises, enhancing a digital economy and green economy, fine-tuning economic institutions, improving Vietnam’s position in the global value chain, and enhancing the economy's autonomy and self-reliance.

Vu Tien Loc, Chairman of the Vietnam International Arbitration Center, said: "Promoting the development of the private economic sector remains one of the important requirements. We need to pay special attention to improving institutions and creating favorable conditions for the private sector. Creating institutional breakthrough is the best way to mobilize resources for Vietnam's economic development in the coming time. The world economy is undergoing unpredictable changes, like a ship without a course on a vast ocean. Therefore, the internal strength of the economy and businesses is their resilience. Resilience will be the core competitive edge of the economy and businesses."

The delegates agreed that reforming and improving economic institutions is a breakthrough driving force to create new mechanisms and new ways of operating, and ensure an attractive, transparent business environment. Overcoming the difficulties and challenges of the COVID-19 pandemic, Vietnam has become more aware of the importance and decisive role of internal strength and autonomy in economic development. Strengthening internal capacity and creating growth momentum are objective, inevitable and urgent requirements for Vietnam in the current development period.