Forum on Vietnam’s economic affairs was held by the Vietnam Chamber of Commerce and Industry (VCCI) on March 18, and chaired by Dr. Vu Tien Loc, VCCI President, with the participation of economic experts and representatives of Vietnamese enterprises.
The forum aimed to collect experts’ opinion and help enterprises work out comprehensive measures to deal with the country’s economic issues, particularly growth and high inflation.
Economic experts said the Vietnamese economy still faces many difficulties. Speculation remains in many areas, particularly the stock and real estate markets. The resulting unstable markets can seriously impact the general economy. On the other hand, the exchange rate between USD and VND also affects the import-export market. Besides macro-economic management and tightened public spending, experts also said that Vietnam’s financial system is not really strong enough. This is proved via weak risk management and errors in lending mechanisms. To deal with Vietnam’s current economic difficulties, economists said the government needs to select priorities between price stabilisation and economic growth, as it cannot ensure both at the same time.
According to economists, market stabilisation will ensure long-term and sustainable development for Vietnam’s economy. Dr. Vo Tri Thanh, an economic expert of the Central Economic Research and Management Institute, proposed three groups of solutions:
Group 1: Tackling bottlenecks. Generally, the Vietnamese economy has seen a good growth rate but several hurdles still remain related to mechanism and infrastructure difficulties (power, transport and depots).
Group 2: Improving the financial system with the focus on four key areas: Raising management and financial supervision capacity in a more professional way. Second, the State Bank of Vietnam must be reformed and developed into a modern central bank, which can meet the requirements for monetary circulation. Third, banks must boost risk management. Finally, it is necessary to build a firm foundation for the stock market.
Group 3: Implementing policies for price stabilisation. The state has to pledge to stabilise prices in the market in macro-economic aspect. Stabilisation is not contrary to long-term growth goals. Besides, it is important to apply comprehensive measures to prevent risks for the markets.
Dr Vu Tien Loc noted that the forum helped work out many measures to deal with inflation, and particularly the import-export issues of several footwear and garment enterprises. VCCI heard businesses’ opinions and would work on solutions to the urgent situation.
P.V
Vietnamese
