Attending the conference, there were Prof. Dr. Le Quan - President of Vietnam National University, Hanoi, scholars and economists, leaders at government agencies, representatives of businesses, corporations.

From UEB, there were Assoc.Prof.Dr. Nguyen Truc Le – Rector; Assoc.Prof.Dr. Nguyen Anh Thu, Vice-Rector; Dr. Nguyen Quoc Viet – Deputy Director of VEPR together with heads of offices and departments, lecturers and researchers of the university.

Current issues in digital transformation were presented by the following speakers: Dr. Nguyen Quoc Viet, Deputy Director of the Institute for Economic and Policy Research (VEPR), University of Economics and Business; Dr. Tran Toan Thang, Head of Industry and Enterprise Economic Forecasting Department, National Center for Socio-Economic Information and Forecast; MSc. Pham The Thanh, Faculty of Banking and Finance, University of Economics and Business- VNU; Dr. Nguyen Thi Van Ha, Faculty of Economic Transport, University of Transport and Communications.

 

 

Vietnam Economic Annual Report 2022 - a publication contains both academic and practical values.

Following the success of prior reports, Viet Nam Annual Economics Report 2022, will set gravity on the development of Viet Nam’s digital economy in the foreseeable future. Indeed, the trend of digitalizing socio-economy activities after Covid 19 situation has created new challenges for all countries including energy price increase, labor shortage, energy crisis in Europe and the congestion at supply chains.

Under these circumstances, Viet Nam, although has been increasingly integrating into the global production chains, is not likely to catch up with this swiftly transformation. Hence, this year’s report, not only considers and evaluates the world and Vietnamese economies, but also attempts to shed light on the opportunities as well as obstacles to further develop the digital economy under the context of Viet Nam.

Three growth scenarios in 2022

Noticeably, VEPR has forecasted three growth scenarios for Vietnam's economy in 2022

Forecasting Vietnam's economy in 2022, VEPR assessed that the economy is in recovery but will continue to face many difficulties and obstacles.

The first is the risk from the pandemic - the risk of the emergence of new virus strains, although recent developments indicate an improvement in global disease control.

Secondly, inflation pressure and production costs are increasing strongly.

The third is the risk from the Russia-Ukraine conflict. Although the direct impacts are not too great because bilateral trade and investment relations between these two countries with Vietnam are quite small, the indirect impacts are extremely huge.

Fourth is the slowdown of the global economy and important partners of Vietnam, especially China, in the context that this country continues its "Zero Covid" policy with strict pandemic control measures that can cause stress to the economy, and affect the supply chains, thereby affecting Vietnam's economy.

Fifth, the phase difference in Vietnam's economic stimulus policies compared with the global trend might reduce the effectiveness of the economic stimulus policies that Vietnam is expecting.

The VEPR has recently introduced GDP growth scenarios in 2022, with the growth rate at 5.7 percent in the base scenario and 6.2 percent in the positive one. However, if the context is negative, VEPR forecasts that the GDP growth will decrease to 5.2 percent.

 

The research team recommended that, in the context that the pandemic might still develop complicatedly, priority should be given to proactively controlling the pandemic, minimizing negative impacts, and protecting and supporting economic recovery.

At the same time, it is essential to closely monitor, have a full assessment, and take timely measures to respond to the problem of import and inflation, the influence of the Chinese economy with its Zero Covid policy, the Russia-Ukraine war escalation, and other possible risks.

Especially, it is necessary to speed up the implementation of solutions for economic recovery and development, continue to deploy social security solutions and policies on tax and fee exemption and reduction which are already in the socio-economic recovery program 2022-2023; accelerate the disbursement of public investment capital, effectively harmonize public investment capital from the recovery program and the medium-term public investment plan.

Another issue that should be noted is speeding up the implementation of measures to reduce interest rates and support interest rates. However, it needs to be closely attached to strict supervision and control of bad debts.