Breakthrough solutions needed to fuel recovery: NA leader

Chairman of the National Assembly Vuong Dinh Hue delivers the closing speech at the forum on December 5 (Photo: VNA)

The Vietnam Economic Forum 2021 on December 5, which spent much time on discussing fiscal and monetary policies, social welfare policies, and labour issues during economic recovery and development, was a success, Chairman of the National Assembly Vuong Dinh Hue said in his closing remarks at the event.

The forum, comprising a plenary session, a high-level roundtable talk, and two panel discussions, attracted great attention from society, domestic and foreign businesses, as well as the media.

The NA Chairman said participants in the event, held both in person and via videoconference, scrutinised measures for economic recovery in the new normal, when Vietnam is moving to safely and flexibly adapt to and effectively control the COVD-19 pandemic.

The pandemic has taken a heavy toll on countries around the world, and Vietnam is not an exception. The country’s GDP has suffered from an estimated loss of 847 trillion VND (nearly 37 billion USD), not to mention other damage, over the last two years.

In such a special context, it is necessary to have breakthrough solutions and mechanisms different from those in normal conditions, Hue noted, underlining the need to support both aggregate supply and aggregate demand, with more priority given to aggregate supply, and to harmoniously combine fiscal, monetary, and other macro-policies.

Delegates also shared the view on the necessity to issue support policies and carry out the socio-economic recovery and development programme early, which will illustrate Vietnam’s strong commitment to boosting reforms, people and businesses’ trust, and the country’s prestige in the eyes of the international community.

They held that policies should focus on assisting important sectors and pandemic-hit businesses to revive, dealing with social welfare issues, improving the investment capacity, and launching bigger economic stimulus packages that target fast-growing industries./.