The Vietnam Annual Economic Report 2021 consists of 7 chapters, conducted under the cooperation of the Vietnam Institute of Economic and Policy Research - VNU University of Economics and Business and the Friedrich Naumann Foundation for Freedom in Vietnam.

The launching conference welcomed Assoc.Prof. Pham Bao Son – Vice President of Vietnam National University, Hanoi, Prof.Dr Andreas Stoffers - Country Director of the Friedrich Naumann Foundation for Freedom (FNF) in Vietnam. Assoc.Prof. Nguyen Truc Le - Rector of VNU University of Economics and Business, Assoc.Prof. Nguyen Anh Thu - Vice Rector of VNU University of Economics and Business together with economists, policy makers, scholars and scientists at home and abroad.

 

Overview of the launching conference of the Vietnam Annual Economic Report 2021

Speaking at the conference, Assoc.Prof. Pham Bao Son emphasized the goal of Vietnam National University, Hanoi to become the leading university in Asia. He said: "With the important academic contribution and policy consultation for more than twelve years, the Vietnam Institute of Economics and Policy Research has been recognized and selected as one of the key research centers of Vietnam National University, Hanoi. I believed that the report this year will be an important scientific documents for policy formation helping Vietnam's economy overcome the difficulties caused by the Covid-19 epidemic."

 

Assoc.Prof. Pham Bao Son, Vice President of Vietnam National University, Hanoi

Assoc.Prof. Nguyen Truc Le - Rector of VNU University of Economics and Business said: "Through the international research network, VNU University of Economics and Business has been creating an ideal academic environment for Vietnamese researchers to discuss and exchange with scholars in the network. The report is the research result of the group of young and passionate economists, a wonderful combination of Faculties and Institutes of VNU University of Economics and Business with supports from the consulting committee including experienced economist and managers at home and abroad. On behalf of VNU University of Economics and Business, I would like to express my sincere appreciation to the economists, scientists, partners and sponsors of this program over the years.”

 

Assoc.Prof. Nguyen Truc Le Rector of VNU University of Economics and Business

Prof. Andreas Stoffers - Country Director of the Friedrich Naumann Institute (FNF) in Vietnam, said: “We are proud to accompany the VNU University of Economics and Business in conducting the Vietnam Annual Economic Report, a quality scientific product for many years. Various economic management policies have been formed based on the Report. We are very pleased with this successful cooperation and will continue to work together toward quality research products in the coming years.”

 

Assoc.Prof. Andreas Stoffers, Country Director of the Friedrich Naumann Institute (FNF) in Vietnam

During the main session of the conference, the authors took turns presenting the main issues of the Vietnam Annual Economic Report 2021.

Assoc.Prof. Nguyen Anh Thu, Vice Rector of VNU-UEB, Director of the Vietnam Institute of Economic and Policy Research, gave the first presentation on "Overview of the world economy and Vietnam in 2020 and the world dynamics". She said, "The global upheaval in recent years and especially the outbreak of COVID-19 pandemic has made global economic growth slow and difficult to predict. Accordingly, the estimated decline is 4.3% in 2020, in which developed economies see the biggest decline, while emerging and developing economies suffer less and China alone has positive growth. The pandemic also reduces the potential for global economic growth in the whole decade of 2020-2029. Responding to the decline in global output, employment and incomes also fell sharply. International trade and investment have also been deeply affected and severely declined. Both trade in goods and services fell in 2020, by -7% and -20%, respectively, especially tourism and shipping sectors.”

 

Assoc.Prof. Nguyen Anh Thu - Vice Rector of VNU University of Economics and Business

In the next session, PhD. Vu Thanh Huong, Associate Dean of the Faculty of International Business and Economics, presented the "Vietnam’s s comparative advantages and competitiveness when participating in global value chain, analysis of electronics and food sectors". The last part on “Vietnam Economic Outlook for 2021” presented by Assoc.Prof. Pham The Anh, highlighted that “In short terms, we should accelerate the vaccination process; take measures to prevent breaks in development of the economy. It is necessary to accelerate the support for workers who lose their jobs. This is also critical to overcome the consequences of the pandemic."

 

Following the presentations of the authors was the scenario if the epidemic was controlled by the end of the third quarter of 2021, vaccination is implemented and community immunity was reached in the second quarter of 2022, the macroeconomics will remain stable. Economic growth for the whole year was forecast at between 4.5-5.1%.

 

Another scenario with the epidemic is controlled by August 2021, vaccination is accelerated and reaching public immunity in the first quarter of 2022, the macroeconomics would remain stable. Economic growth for the whole year is forecast at between 5.4 and 6.1%.

 

Mr. Alexander Nowakowski from the Embassy of the Republic of Poland in Hanoi

 

Authors of the Vietnam Annual Economic Report 2021