Time to make bold decisions for businesses

Paying for orders on an e-commerce site by e-wallet Momo. — VNS Photo Đoàn Tùng

It is time for businesses to think big, think differently, and make bold decisions.

Deputy Minister of Foreign Affairs Nguyễn Minh Vũ spoke at the opening ceremony of the 14th Annual Việt Nam Economic Scenario Forum 2022 on Friday.

Countries around the world have faced unprecedented challenges over the last two years, with international trade particularly affected by widespread lockdowns and surging freight costs. These issues have hampered the development and growth of economies, including

Việt Nam's.

The high cost of shipping and congestion at border gates, alongside a shortage of containers, meant that production establishments were unable to reach their full potential. Seaports around the country were particularly susceptible to the adverse impacts of the pandemic.

However, with a high vaccination rate and easing of social restrictions, businesses are starting to bounce back and many see light at the end of the tunnel.

Now is the time to push forward with new ideas and ensure that the shoots of recovery are nurtured in a sustainable direction, according to Vũ.

Entering the third year of the COVID-19 pandemic, besides impacts on the economy, society and people, there were three things that could be learned.

First, in danger lies opportunity. As many transport and tourism services are heavily impacted, there is also the rise of other industries such as e-commerce and the digital economy.

Second, adversity brings wisdom. Many businesses have shown good adaptability to develop and find trends of sustainable production and business with social responsibility.

Third, changes in management and the speed of change are important and decisive for businesses, especially in a world of tremendous and unprecedented shifts in scale and speed, especially the emergence of digital transformation, green transformation and sustainable trends from the pandemic.

The Vietnamese economy is showing signs of prosperity again with the Government's Resolution 128, marking the transition of both economic recovery and business development, along with a series of resolutions and policies to create motivations and resources for the recovery of the economy.

These include Resolutions No 01 and No 02 of the Government on main tasks and solutions to implement the socio-economic development plan and improve the business environment, improve national competitiveness; and the National Assembly's Resolution on support for socio-economic recovery and development.

Nguyễn Hồng Sơn, deputy head of the Party Central Committee's Economic Commission, said that the results achieved in socio-economic development last year showed that agriculture was increasingly asserting its role as a pillar; the processing and manufacturing industry continued to be the growth engine of the economy; the investment and business environment had improved and foreign investors' confidence in the economy's resilience had been strengthened.

These results also showed that the COVID-19 pandemic was not only a challenge but also an opportunity to renew thinking and accelerate the transformation of the growth model associated with economic restructuring towards a more sustainable, more inclusive, and greener direction; to combat the risk of falling behind on the basis of accelerating the digital transformation process, building a digital society, digital government and digital economy.

At the same time, it had also consolidated and improved the effectiveness and efficiency of the social security system, in which people are the centre; ensured social progress and justice; ensured more balanced development among economic regions and fields, thereby affirming the socialist character of the Vietnamese market economy.

The deputy head also said that this year would be a year of great significance, a year in which we not only would have to overcome short-term difficulties and challenges but also create the foundation for the development of the socio-economy in the medium and long term, in order to achieve the goals set out in the Resolution of the 13th Party Congress; socio-economic development strategy in 2021-2030 period and the five-year socio-economic development plan from 2021 to 2025.

Facing these requests and following the policies to support and remove difficulties for economic regions and industries, businesses and people, which was implemented in 2020 and last year, the Politburo has directed and assigned tasks to the Government to research and develop a programme for socio-economic recovery and development in the 2022-2023 period.

Most recently, at the first extraordinary session of the 15th National Assembly, the National Assembly passed a resolution on socio-economic recovery and development programme worth nearly VNĐ350 trillion (approximately US$15 billion).

The resolution clearly states that the goal is to quickly restore and develop production and business activities, promote growth drivers, prioritise a number of important industries and fields, and strive to achieve the target of an average growth rate of 6.5-7 per cent per year in the 2021-2025 period. — VNS