On November 26, 2021, the VNU University of Economics and Business, in collaboration with the University of Adelaide, Australia, and National Chengchi University, Taiwan held an international scientific conference with the theme "International trade and investment towards digital and green transformation”. The conference is sponsored by the Friedrich Naumann Institute for Freedom (FNF) in Vietnam.
Attending
the seminar, from VNU University of Economics and Business, there were
Assoc.Prof.Dr. Nguyen Truc Le - Rector, Assoc.Prof.Dr. Nguyen Anh Thu -
Vice-Rector. On the side of the University of Adelaide, Australia, there was
Prof. Peter Draper - Dean of the Faculty of Economics and Public Policy,
Director of the Institute of International Trade. On the side of National
Chengchi University, Taiwan, there was the presence of Prof. Robin K. Chou - Professor
Emeritus of Finance, President of Asian Finance Association, Vice Dean of
Faculty of Commerce. On the FNF side, there is Prof. Andreas Stoffers - Country
Manager. In addition, there were also representatives of State management
agencies: Ms. Nguyen Thi Dieu Trinh, Deputy Director of the Department of
Science, Education, Natural Resources and Environment, Ministry of Planning and
Investment; Ms. Le Thi Ha - Head of Policy Department, Department of E-commerce
and Digital Economy, Ministry of Industry and Trade. The seminar also received
the attention and companionship of Assoc.Prof.Dr. Mai Quang Vinh, Chairman of
the Board of Directors of Vietnam Digital Economy Cooperative Union, Director
of Green Technology Institute, Green Path Vietnam Import-Export and Trading
Joint Stock Company. And most of all, the conference attracted the
participation of more than 200 policymakers, experts, international scholars,
graduate students from government agencies, universities, and colleges.
The
workshop was divided into two sections for discussion. The morning session
featured presentations by representatives of organizations' scientists on the
value and various aspects of developing the digital economy and greening the
economy. The studies focused on the proposed implementation of the EU's carbon
border adjustment mechanism, making several recommendations for businesses
exporting to Europe to have a plan in place to reduce carbon dioxide emissions.
Parallel to the proposed emission reductions, the digital trade restriction
indicators will be statistically compared in detail to guide their use in
impact studies of tariff or non-tariff measures, both regionally and globally. Assoc.Prof.Dr. Nguyen Anh Thu also presented research findings on the EU's Trade
Strategy's transition to a digital and green economy. The authors have made
practical policy recommendations to assist Vietnam in overcoming obstacles
encountered while implementing its strategy of digitization and greening the
economy.
Following
that, in the morning session, keynote speakers and delegates participated in a
roundtable discussion titled "Greening and Digitization in International
Trade and Investment: Policy Implications for Vietnam". Representatives
from policy-making agencies in Vietnam, including the Ministry of Planning and
Investment and the Ministry of Industry and Trade; and representatives from FNF
Vietnam and Green Path Vietnam Trading and Import-Export Joint Stock Company.
Experts and speakers focused on exchanging information about other countries', regions',
and Vietnam's digitalization and greening policies, as well as on the
experiences of businesses undergoing digital and green transformation. This
discussion session shared the outcomes of the 26th Conference of the Parties to
the United Nations Framework Convention on Climate Change (COP26) as well as
their implications for Vietnam.
Prof. Robin K. Chou - Professor Emeritus of Finance, President of the Asian Finance Association, Vice Dean of the Faculty of Commerce, National Chengchi University, Taiwan presented at the conference with the theme: “Psychology CEOs and corporate cash holdings: Evidence from CEO tweets on Twitter.
On
the same day, three parallel discussion sessions on the following topics were
held in three conference rooms: (1) Green economy, (2) Digital economy, and (3)
Sustainable development. A large number of speakers from domestic and
international universities, including Australia, Poland, Russia, Taiwan, and
Japan, aided in separating the morning session's topics. deeper analysis, while
also contributing to the strengthening of international academic ties.
The
Conference's presentations and discussions demonstrated that Vietnam is
confronted with new opportunities for economic development in the direction of
digital transformation and greening. The workshop produced some policy
recommendations to assist Vietnam is rapidly integrating into the world's new
development trend toward sustainable and modern development:
1. Implications for greening the
economy
To
ensure that green growth contributes to renewing the growth model, strengthening
the economy's resilience, and reducing people's vulnerability to external
shocks, in the coming years, solutions to several issues must be prioritized:
For
Government:
-
Raising awareness and energizing leaders at state management agencies, sectors,
local governments, and businesses about the importance of green growth. It is
critical to recognize that green growth must be approached holistically, not
just as an integrated part of development decisions, but as a unified whole
comprised of components of sustainable development. As a result, it is
necessary to develop and implement communication and propaganda campaigns to
educate the political system, businesses, and the general public about the
importance of implementing green growth and contributing to the development of
a developed country;
-
Continue to strengthen the institutional and legal frameworks for all sectors,
particularly those with a significant impact on the process of green growth;
-
A strong emphasis on science and technology, as well as digital transformation,
innovation, and social determinants. Create an open-ended investment incentive
mechanism for green growth;
-
Align domestic and international resources and strengthen international
cooperation to attract foreign direct investment capital to the primary green
growth sectors of clean energy, agriculture, industry, and consumption... It is
critical to emphasize the importance of financial resources as leverage in
particular. At the moment, the capacity for implementation is largely dependent
on financial and technical assistance from international organizations and
non-governmental organizations. It is critical to promote and attract
additional private investment in green growth and environmental protection.
For
Enterprises:
-
Enterprises must clearly define their challenges and opportunities, adhere to
environmental regulations, innovate technology and increase production
efficiency, restructure their organizations, and restrain the growth of
industries. The economy generates significant waste, contributes to pollution,
degrades the environment, utilizes resources economically and efficiently, and
cultivates a cadre of "green" entrepreneurs.
Assoc.Prof.Dr. Nguyen Anh Thu - Vice Rector of the UEB
Assoc.Prof.Dr. Nguyen Anh Thu, Vice President of the UEB, said Vietnam has many opportunities in developing the digital economy, green economy and sustainable development.
2. Implications for promoting digital
transformation
Globally,
the development of the digital economy has been an unavoidable trend. The
benefits that the digital economy brings, such as increased administrative and
production efficiency, competitiveness, and a narrowing of trade gaps between
countries and regions, have all contributed significantly to the acceleration
of economic development. national broad. Vietnam does not currently have a
strategy for the digital economy, and the Ministry of Information and
Communications Technology and other ministries are still developing
comprehensive policies and strategies to promote the digital economy and
digital transformation. Vietnam has numerous opportunities and favorable
conditions for the development of the digital economy, including the fastest
broadband connection in the world and a mobile network that covers the majority
of the country. However, the economic application of digitization has fallen
short of the potential and requirements of the changing economy. The
application of information technology and people's digital transformation to economic
activities remains insufficient. The business is still in its infancy. While
legal documents exist, there is a general lack of sanctions and specific
objectives. To help Vietnam develop its digital economy, the workshop discussed
the following policy implications:
For
government:
-
Develop and improve institutions, laws, and policies to establish a foundation
for the development of the digital economy. Establish a specialized, competent,
and highly accountable institutional agency dedicated to the development of the
digital economy, typically under the auspices of the government and in
collaboration with relevant ministries and sectors. The state should promulgate
decrees governing data sharing, electronic authentication, personal data
protection, and individual privacy, as well as the resolution of disputes and
conflicts arising from business, commercial, and civil activities conducted in
the digital environment.
-
Accelerate the reform and digitization of state management agencies and
businesses, including the establishment of a national data infrastructure and
the development of a strategy for digital governance. Reform administrative
procedures vigorously, including simplification, digitization,
electronification, and information transparency, to benefit individuals and
businesses. Concentrate on e-government, e-banking, e-transactions, and
e-commerce development.
-
Assistance in strengthening the capacity and competitiveness of Vietnamese
businesses, with a particular emphasis on cultivating, disseminating, and
equipping the Vietnamese business team with the knowledge necessary to meet the
requirements of the digital economy and emerging trends. Industry 4.0, as well
as adapting to the new era's global market integration. There should be an
incentive mechanism to encourage the adoption of digital technology by small
and medium-sized businesses, as well as financial support to assist businesses
in transforming digitally and promoting innovation.
-
Encourage and promote the use of electronic payments throughout the economy.
Utilize modern electronic payment methods such as QR code scanning and mobile
e-wallet payments.
-
Equip knowledge, unify thoughts and actions in the digital economy, radically
altering leadership, management, and socioeconomic management thinking in the
digital economy.
-
Enhance the educational and training quality of human resources for the digital
economy. Which places a premium on developing and attracting digital technology
experts and entrepreneurs; Renovating education and training to retrain the
workforce to keep pace with the advancements in digital technology; Enhance and
supplementing existing training programs in schools on digital technology,
digital platforms, from coding to design thinking, and the necessary digital
skills for the future; Promote training and practice collaborations between
universities and the business sector in the application of digital technology;
Create policies that connect the domestic science and technology community to
the international community, particularly the overseas Vietnamese community.
For
Enterprises:
-
Enterprises must also actively integrate digital technology, promoting the
development of digital manufacturing and business solutions; optimizing
business models and maximizing the efficiency of intelligent supply chains; and
leveraging digitization to increase participation in global value chains.
-
Providing staff with new technology skills, such as increasing accessibility,
creative thinking, and adaptability to an ever-changing and evolving technology
environment;
-
Acquiring new management models, as well as production and business ideas based
on new technologies, as well as fostering the emergence and development of
technological innovations
3. Implications for promoting sustainable
development
At
the moment, all countries strive for sustainable development goals, but
achieving them is difficult, particularly for developing countries.
Additionally, numerous factors affect developing countries' efforts to achieve
sustainable development goals, including political stability, environmental
protection, and the quality of human resources. Environmental protection is one
of the most critical and pressing issues facing the world today. To facilitate
the implementation of the commitments made at the COP26 Conference, which
Vietnam recently joined, the following policy implications are provided:
For
government:
-
Restructure the economy in conjunction with resource exploitation and efficient
and sustainable resource use, while minimizing environmental pollution and
producing low carbon emissions. Provide a roadmap for the economy's transition
to low-carbon growth and circular economy development, taking environmental
costs into account when investing in development;
-
Increase investment and public spending in areas that promote the greening of
the economy by promoting the use of new energy, renewable energy, new
materials, environmentally friendly fuels, and materials;
-
Advance scientific and technological research in the fields of energy, climate
forecasting, early warning of natural disasters and extreme weather, resource
investigation and assessment, environmental observation and monitoring, and
database development on natural resources and the environment;
-
Strengthening effective mechanisms for countries to cooperatively share
benefits in bilateral and multilateral cooperation on resource sharing and
environmental protection, such as cooperation on water and natural resource
sharing, and resolving cross-border pollution problems... Actively integrating
into the world, utilizing the international community's financial, technical,
technological, and management support for sustainable development that is
compatible with environmental protection;
-
Foster the growth of new businesses with innovative products and business
models that are environmentally friendly.
For
Enterprises:
-
Define the business's long-term goals and vision for sustainable development;
-
Define sustainable development criteria that are compatible with reality and
business objectives; on that basis, select the criteria that must be met during
a specified period.
-
Emphasis on the development and use of environmentally friendly technologies.
The conference attracted the participation of many experts from different countries
4. Several additional policy
implications
Vietnam
benefits from the fact that the EU-Vietnam Free Trade Agreement (EVFTA) is a
new generation free trade agreement (FTA) that shares many values with the EU's
new trade strategy. EVFTA includes commitments on labor, environment,
sustainable development (green), and e-commerce (digital), resulting in more
breakthroughs and new opportunities for Vietnam's cooperation relationship with
the EU. However, the EVFTA is a necessary but insufficient condition for
promoting trade and investment relations between Vietnam and the EU,
particularly now that the EU has launched a new trade strategy, which includes
numerous new and broader points. for instance, the digital economy... EVFTA
will be effective only if the EU moves manufacturing and supply chains from
China to Vietnam to diversify and reduce its reliance on China while
maintaining strategic security. Vietnam should prioritize the following issues
to capitalize on this opportunity:
-
Be prepared for negative consequences of the EU's new trade remedies and
protectionist barriers; on the other hand, for Vietnamese goods that benefit
from preferential tax rates, there must be safeguards against being exploited.
a point of transshipment for goods, putting the country at risk of EU
sanctions.
-
Adopt EU technology, such as renewable energy, and capitalize on and expand
this trend to improve national quality standards.
-
Continue to improve the business environment, particularly in areas such as
intellectual property or green energy, digital economy, carbon tax, subsidy
transparency, technology transfer, and state-owned enterprises that do not meet
developed country standards for infrastructure, human resource quality, and
technological level;
*
As
can be seen, the Workshop has developed into a forum for policymakers, business
executives, business associations, and domestic and international researchers
to exchange and share experiences on issues relating to the economic
transformation toward digitization and greening. Because the global economy is
currently confronted with numerous serious challenges, the policy implications
for the government are critical in assisting Vietnam in implementing its
digital transformation and greening strategy toward sustainable development.
Simultaneously, Vietnamese businesses can use the Workshop's implications to
prepare for a pandemic and develop a sustainable business strategy toward
greening, following the new criteria adopted at the COP26 conference.
>> Conference documents can be downloaded at the link: