Experts give recommendations to boost economic growth in new context
Experts gave recommendations to restore aggregate demand and promote growth in the new context at the mid-year macro-economic roundtable in Hanoi on July 11.
Hanoi (VNA) – Experts gave recommendations to restore aggregate demandand promote growth in the new context at the mid-year macro-economic roundtable in Hanoi on July 11.
Speaking at the event, Assoc. Prof., Dr. Nguyen Thanh Hieu, VicePresident of the National Economics University (NEU), said that Vietnamreported a GDP growth rate of 3.72% in the first half of 2023 – a relatively lowrate compared to the same period of the last 10 years (only higher than the 1.74%in the same period of 2020 - due to serious impact of the COVID-19 pandemic). Disbursementfrom the State budget was estimated at 232.2 trillion VND (9.8 billion USD),equivalent to 33% of the yearly plan, while the capital disbursed from thenon-state sector increased by 2% year-on-year, lower than the 9.5% rise in thesame period of 2022. Registered FDI in Vietnam reached 13.43 billion USD, down4.3% year-on-year.
Hieu said that these figures demonstrate a sharp declinefrom the aggregate demand of the Vietnamese economy. The 6.5% growth target in2023 may be hard to be reached in the context of unpredictable impacts from theworld, and the domestic manufacturing sector yet to fully recover from thepandemic.
This requires the Government, ministries, sectors andagencies to take prompt and appropriate measures to restore the aggregatedemand and develop the economy in the next context, he stressed.
UNDP Senior Economist Jonathan Pincus suggested building acounter-cyclical fiscal policy to stimulate demand amidst slowing globalgrowth.
Specifically, it is necessary to reverse the decline inpublic investment, increase its efficiency, modernise the social welfare systemsuitable for a middle-income country, and make the country’s fiscal policytransparent, he added.
An overview of the roundtable (Photo: nhandan.vn)
Assoc. Prof., Dr. Pham The Anh from the NEU stressed thenecessity to encourage private investment through continuously cutting downlending interest rates and using short-term investment tax credit.
It is essential to control money supply growth around 10%, Anhsaid, stressing the importance of accelerating public investment, with focus oninfrastructure projects, developing social housing, and building new publicschools to meet social needs.
The State should have policies to stimulate consumptionthrough social welfare subsidies for poor households and people who have losttheir jobs; and increase taxable income and reduce value-added tax (VAT) foressential items, the expert said./.
Vietnam can return to high growth rates over the medium term, as structural reforms are implemented, an official of the International Monetary Fund (IFM) has said.
The National Assembly (NA) Standing Committee and the Government have agreed to propose to the NA to keep this year's growth target unchanged, and Vietnam will strive to realise the set targets, however difficult it may be, said NA Chairman Vuong Dinh Hue.
Vietnam’s 2023 growth is below-trend amid global external headwinds, but its position as a manufacturing FDI darling remains intact, DBS, Singapore’s leading consumer bank, said in a report released on July 3.
Vietnam is expected to resume rapid economic growth over the medium-term economic outlook, and this “rising star” will be one of the fastest growing emerging markets in Asia, some foreign newswires have said.
Vietnamese Ambassador to Cambodia Nguyen Minh Vu led a delegation to Mondulkiri, Ratanakiri, and Kratie provinces from August 5-8, aiming to deepen economic ties and support Vietnamese businesses operating in Cambodia’s northeastern region.
Party General Secretary To Lam’s upcoming state visit to the Republic of Korea (RoK) is expected to mark a new milestone in the bilateral relationship, creating fresh momentum for trade and investment cooperation between the two countries.
In the context of the growing global digital economy, digital transformation and the promotion of e-commerce are key drivers helping Vietnam boost integration, enhance competitiveness, and expand export markets, according to the Vietnam E-commerce and Digital Economy Agency
Tilapia is considered highly competitive in export markets thanks to its affordability, ease of processing, and appeal across both high-end and mass-market segments.
In the first seven months of the year, Phu Tho attracted an impressive 651.7 million USD in foreign direct investment, including 35 newly licensed projects totaling 119 million USD in registered capital and 45 existing projects with an additional capital of 533 million USD.
Under the agreements, VinEnergo will invest in, install, and operate 43 MWp of rooftop solar power capacity and 45 MWh of BESS capacity across the three plants.
Under a draft to amend and supplement the Government's Decree 125/2020/ND-CP on administrative sanctions for violations of tax and invoice regulations, the Ministry of Finance has proposed classifying the failure to issue invoices into five different levels. Infraction levels will correspond to fines of 1 million VND to 80 million VND, depending on the nature and number of invoicing violations.
A new airline developed and invested by Sun Group — has officially announced a strategic partnership with Amadeus IT Group (Amadeus), one of the world’s leading travel technology companies. This agreement not only lays the foundation for a modern digital infrastructure but also marks a pivotal step in SPA’s global expansion strategy, enabling the airline to access international distribution networks and reach customers worldwide.
Of the total, 107,700 were new firms, with combined registered capital of 928.4 trillion VND (35.4 billion USD), up 10.6% in number and 5.5% in capital compared with the same period last year.
Experts agree that a combination of technology, enforcement, education and cross-border cooperation is essential to protect copyrighted content in Vietnam’s growing digital ecosystem.
Poland is Vietnam’s largest export market in Central and Eastern Europe, with key staples including seafood, textiles, footwear, coffee, and cashew nuts.
Cashless payments are growing at an impressive rate, averaging 30–40% annually. Vietnam’s per capita cashless transaction volume now trails only China, with total value of 295.2 quadrillion VND (11.26 trillion USD), or 26 times of its GDP.
A draft resolution on piloting a digital asset and cryptocurrency market is being developed, aiming to create a broad-enough regulatory sandbox that enables investor participation and provides practical grounds for policy refinement in areas such as risk management and anti-money laundering.
Viettel was ranked third for overall mobile performance with a score of 82.56 just behind UEA’s e& (88.05) and Quatar’s Ooredoo (87.05) and ahead of Singapore’s Singtel (82.53). Vinaphone took second in 5G speed with a score of 78.11, trailing only behind e&.
Illustrative image (Photo: baochinhphu.vn) 
An overview of the roundtable (Photo: nhandan.vn) 
