VRDF: Breakthrough for strong and sustainable development after pandemic

Minister of Planning and Invevtment Nguyen Chi Dung urged VRDF participants to adopt a breakthrough mentality

This morning (September 29), the annual Vietnam Reform Development Forum (VRDF) 2020 has taken place with the theme "Vietnam: Actions for making growth recovery rapid, inclusive and sustainable in the context of COVID-19 pandemic".

At the forum, Minister of Planning and Investment Nguyen Chi Dung emphasised that Vietnam is building the development strategy for 2021-2030 and socioeconomic development plan for 2021-2025, the new periods following the COVID-19 pandemic disruptions, which have created a lot of challenges as well as opportunities.

As an open economy, Vietnam has suffered significant damage from the pandemic. However, it has been performing admirably its dual tasks of fighting against the pandemic and maintaining and recovering production and economic development. "Vietnam has so far been successful and has earned international renown for effectively mananging the pandemic," said Minister Dung.

He also confirmed that the economy is still stable with positive growth, $11.9 billion of trade surplus, and strong foreign investment inflows. "These are proud achievements for Vietnam in the context of the sharp decline globally," he added.

However, Vietnam is still facing a lot of challenges, including slow domestic and global recovery, growing trade tensions, protectionism, and political upheaval, in addition to the troubles of a low-middle-income country.

"In the medium and long term, overcoming the middle-income trap, narrowing the development gap with other countries, resolving environmental challenges, and building an independent and autonomous economy are the biggest tasks for Vietnam," the minister asserted. "In the short term, it is necessary to recover the economy, guarantee social welfare, and utilise all available advantages and opportunities."

The minister highlighted the mindset to achieve breakthroughs and take the lead, instead of following others, to narrow the gap and catch up with the world, based on the two main contents of the VRDF 2020: COVID-19 and Vietnam's actions to seize opportunities and improve its position in the global value chain; and digital transformation and restructuring towards inclusive and sustainable development.