Vietnam Economic Pulse Forum discusses sustainable growth

The forum was held in Hanoi on November 1 and was hosted by the Central Institute for Economic Management (CIEM) under the authority of the Ministry of Planning and Investment and the United Nations Development Programme (UNDP).

The event featured insights from economists and business leaders on how Vietnam can enhance technological capabilities, entice investment, and advance the green economic transformation.

Ramla Khalidi, UNDP resident representative. Photo: Organiser

In her opening remarks, Ramla Khalidi, UNDP resident representative emphasised the importance of forward-looking policies, sating, "Our theme this year is about our commitment to proactive, forward-looking strategies that enhance resilience and capitalise on emerging opportunities."

"As we navigate these challenging times marked by heightened geopolitical uncertainties and the pressing impacts of climate change, Vietnam continues to demonstrate resilience. With economic strength, technological advancements, and climate adaptation as focus areas for Vietnam’s leadership, today's discussions shed light on the strategic choices Vietnam faces in building a sustainable and competitive future," she added.

Tran Thi Hong Minh, president of CIEM. Photo: CIEM

Echoing the UNDP resident representative, Tran Thi Hong Minh, president of CIEM, said, "Today’s forum underscores our commitment to fostering a resilient, sustainable, and inclusive economic pathway for Vietnam. As we navigate an increasingly complex global landscape marked by geopolitical shifts and environmental challenges, this platform allows us to chart a forward-looking course, positioning Vietnam as a leader in green technology, innovation, and sustainable growth."

"The 2024-2025 period is pivotal as we enter the final stretch of the 2021-2025 socioeconomic development plan. Whether certain targets are met will hinge on our performance during these two years, requiring substantial effort," she added.

Photo: CIEM

In the expert discussion session, Nguyen Huu Tho, head of the Economic Analysis and Forecasting Division at CIEM, offered short-term policy recommendations, highlighting the need for issuing detailed guidance documents for enacted laws.

"Efforts should focus on removing barriers when drafting guidance documents for laws enacted in 2023 and 2024. This should be done with a market-oriented approach, streamlining unnecessary business conditions and procedures," said Tho.

For the medium term, Dr. Tho emphasised the importance of improving the quality and timeliness of legislative documents. He pointed out that the average lifespan of a law is around nine years, while the current law-making process takes two to three years.

"Transportation and digital infrastructure development, along with institutional reforms, are expected to be highlights in Vietnam’s economic growth landscape in 2025. In this context, international organisations forecast that Vietnam’s inflation in 2025 will be well-controlled, and GDP growth could match or exceed 0.2-0.4 per cent compared to 2024," he said.

In recommending solutions for Vietnam’s economic growth in 2025, CIEM’s representative advocated for continuous institutional reforms, focusing on removing unnecessary business conditions and administrative procedures. Additionally, he suggested realigning goals for 2030-2040 to create a more sustainable legal framework with minimal amendments.

"There is a need for more supportive policies for citizens and businesses. Although we have regained growth momentum, sustaining it will be challenging. Given the limited resources, we should prioritise support for targeted groups, such as newly established businesses, businesses returning to the market, and firms producing import-substitute goods," added Tho.

How Vietnam can stay competitive in a changing global trade environment As Vietnam prepares for the Vietnam Economic Pulse forum, co-hosted by the United Nations Development Programme and the Ministry of Planning and Investment's Central Institute for Economic Management, the focus is on adapting business strategies and policies to maintain growth and competitiveness. In this pivotal moment, UNDP resident representative Ramla Khalidi provides insights into Vietnam's economic landscape and future prospects.

Policy dialogue aims at driving sustainable growth The Vietnam Business Forum (VBF), in collaboration with Ho Chi Minh City People's Committee, will host a dialogue under the theme: “Driving Sustainable Growth: Optimising Economic Ecosystems, Technology, and Energy” on September 18.

CIEM presents three scenarios at VIR summit At the 2023 Vietnam Wealth Advisor Summit (VWAS) at the Pullman Hanoi on August 8, Nguyen Anh Duong, head of the Central Institute for Economic Management's (CIEM) Macroeconomic Division, said that the economy is showing signs of recovery, but still has many challenges ahead.