VN Reform and Development Forum 2020 opens

VGP – The Viet Nam Reform and Development Forum 2020 (VRDF 2020) opened in Ha Noi on September 29 with a focus on seeking ways to achieve fast, inclusive and sustainable recovery amid COVID-19 pandemic.

September 29, 2020 5:10 PM GMT+7

Viet Nam Reform and Development Forum 2020.

The forum, themed “ Viet Nam: Actions for making growth recovery inclusive and sustainable in the COVID-19 pandemic,” was jointly held by the Ministry of Planning and Investment and the World Bank (WB).

The forum is discussing Viet Nam’s reform and development issues in the new context, thereby reflecting the major concerns of businesses and people, especially amidst the emergence of many new challenges and opportunities.

In addition, the forum looks to continue contribution to the building of the 2021-2030 socio-economic development strategy and the five-year socio-economic development plan (2021-2025), contributing to improving Viet Nam’s position in regional and international forums.

The event features two sessions on topics "COVID-19 and Viet Nam’s actions to seize opportunities and move up in the global value chain, and "Digital transformation and structural shifts towards inclusiveness and sustainability".

In the first session, delegates will focus on elaborating on some contents, such as an overview of major trends in global trade and production networks; restructuring and enhancing position in the global value chain: opportunities and challenges for Viet Nam; seizing opportunities from global value chain shifts: Viet Nam’s actions to embrace inclusive growth, attract quality FDI and develop the private sector; and overcoming challenges: businesses’ actions towards resilient and sustainable recovery.

The second session will cover the issues of inclusive digital transformation: opportunities and challenges; Viet Nam’s actions to promote digital transformation as a driving force for inclusive and sustainable development; and ensuring inclusiveness in digital transformation.

In his opening remarks at the third Viet Nam Reform and Development Forum, Minister of Planning and Investment Nguyen Chi Dung said the country is striving to become an upper middle-income country by 2030.

He briefed the forum on achievements Viet Nam has recorded in pandemic combat and economic development, with a trade surplus of US$12 billion so far this year, positive GDP growth and foreign direct investment (FDI) of US$20 billion.

However, given the adverse impact of trade tensions among powers, and shortcomings of the domestic economy, Viet Nam needs consultations from scientists, ministries, agencies, development partners and international organisations to help the Government adjust and adopt decisions and policies for early economic recovery and macro balances towards sustainable and inclusive growth.

WB Country Director for Viet Nam Carolyn Turk hailed the forum as an opportunity to assess the progress of Viet Nam’s economy in the context of the changing world.

Viet Nam has achieved impressive results, but continues to face multiple challenges, she said, expressing concerns about the negative impacts of climate change, extraordinary weather conditions, natural disasters and diseases, which are the adverse factors for socio-economic development efforts in Viet Nam at present.

The WB representative suggested that on the basis of its successes in containing COVID-19, Viet Nam should take advantage of opportunities to further attract foreign investment and absorb scientific and technological achievements, in addition to giving adequate attention to health, education and social security.

However, it is necessary for the country to clearly define its priority goals and change its ways of working to discover new values in the spirit of innovation, aiming to shape and transform the economic structure as well as increase the economy’s resilience and adaptability in the new context, she said./.

By Vien Nhu