Vietnam's Post-Pandemic Economic Recovery Plan
The initial outline of the Economic Recovery and Development Program for the period 2022-2023 were shared by Deputy Minister of Planning and Investment Tran Quoc Phuong.
According to the deputy minister, in recent years many international organizations such as the ADB, WB, IMF and UNTACD have made many recommendations on solutions to support economic recovery and development in ASEAN, as well as in Vietnam.
One of the most important recommendations is that the policy should be properly implemented according to each stage of the pandemic's evolution, the internal capacity, enforcement and supervision capacity of the government, characteristics of the economy.
“For Vietnam, the experience is that we need a master program with a large scale, suitable to the internal capacity to support the economy, and at the same time, ensure the stability of the national budget and finance," said Deputy Minister Tran Quoc Phuong.
He said that for economic recovery and development, it is necessary to implement supportive policy solutions (including fiscal and monetary policies).
However, it will focus on industries and fields that are heavily affected by the pandemic but have competitiveness and quick recovery such as tourism, accommodation, catering services, passenger transport and industries and fields, with opportunities for rapid development, creating long-term competitive advantages for the economy, especially e-commerce, digital transformation and the digital economy.
|People harvesting rice in Thu Duc City in September. Photo: VnExpress|
8 solutions for economic recovery
With the goal of creating a foundation, supporting growth drivers after the Covid-19 pandemic is under control, and ensuring macroeconomic stability, the Ministry of Planning and Investment is expected to propose eight groups of tasks and solutions to support the economy.
The first solution is to control the Covid-19 pandemic, improve the capacity of the health system.
This is an task group from the beginning of 2022 to 'safely adapt and effectively control the Covid-19 pandemic,' creating a foundation for the process of economic recovery and sustainable development,” Deputy Minister Tran Quoc Phuong said.
He also explained that the safe, flexible adaptation and effective control of the Covid-19 pandemic were a prerequisite and indispensable factor for economic recovery.
Meanwhile, the second set of solutions focuses on maintaining macroeconomic stability, ensuring large balances and controlling inflation.
Accordingly, the group continues to implement reasonable expansionary fiscal and monetary policies, ensuring national financial safety; controlling inflation, prices of raw materials and input materials for production.
The third group of solutions is to improve institutions, administrative procedures, investment and the business environment.
The fourth group of solutions is to restore and develop the tourism industry and stimulate domestic consumption.
The fifth group of solutions is to support business recovery in a number of priority industries and fields with solutions on credit support.
The sixth group of solutions is to restore and mobilize resources for development investment, including promoting foreign investment attraction, removing difficulties and obstacles for FDI enterprises, promoting disbursement of public investment capital, and focusing on investment in important infrastructure works.
The seventh group of solutions is to develop regions and cities, and to remove institutions to develop large cities across the country.
The final group of solutions is to develop the labor market and labor force; improve the quality of human resources to meet the requirements of the industrial revolution 4.0, strengthen the connection between labor supply and demand, and support sustainable career change for workers.
The implementation is expected to be until 2023, with the goal of creating a strong and solid foundation for the recovery of enterprises and the economy, contributing to achieving the target of average economic growth for the whole period of 2021-2025 of 6.5 to 7% per year.
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