Dr. Vo Tri Thanh (right) gives his comment on the two first reports at the seminar
To continue the series of previous seminars on public policy and sustainable development held in recent years, the VNU University of Economics and Business has organized the 8th seminar on the same theme, which is to discuss on the balance of payments, public investment and public debt. The seminar took place on 11 September 2012 and attracted the participation of many economic experts of the country and from abroad, as well as staff and students of the UEB.
The 8th seminar on public policy and sustainable development is an opportunity for scientists and experts to exchange their ideas and viewpoints on developing public policy in order to maintain the sustainable development in Vietnam.
Opening the seminar, The UEB’s Rector - Assoc.Prof.Dr. Nguyen Hong Son said: “The VNU University of Economics and Business has the strategic vision to become one of the leading research universities in Vietnam, which specializes in public policy analysis and training in economics, business administration, gradually approaching the international level. Therefore, we look forward to receiving suggestions from the scientists and economists at to contribute ideas and cooperate with the university in its implementation of the direction.”
Assoc.Prof.Dr. Nguyen Hong Son - UEB’s Rector at the seminar
Ludwig Graf Westarp - Representative of Hanns Seidel Foundation, Germany shares his pleasure to cooperate with the UEB in organizing the seminar.
The seminar is devided into 2 main sessions, in which the first session discussed the balance of payments with the report by Prof.Dr. Hansjörg Herr (Berlin School of Economics and Law) and a research team of the UEB’s Faculty of Development Economics.
From the left: Dr. Nguyen Thi Thu Hang (VNU-UEB). Prof.Dr. Hansjörg Herr (Berlin School of Economics and Law) at the seminar
The report on “The balance of payments and economic development - The lessons gained” by Prof.Dr. Hansjörg Herr has showed that the world’s experience has demonstrated the balance of payments has a positive impact on sustainable growth of GDP as well as on Vietnam’s situation in reducing trade deficit and ensuring the stability balance of payments.
An essay entitled “The exchange rate difference in Vietnam: a quantitative approach” by authors of the UEB’s Faculty of Development Economics focuses on clarifying the role of exchange rate policy as an important tool of the Government to ensure macro-economic stability and the balance of payments in recent period.
Prof. Rainer Stachuletz (above, right), Dr. Vu Thanh Tu Anh (below, right)
and Dr. Nguyen Dinh Cung at the second session
The second session of the seminar focused on the discussion of public investment and public debt. Prof. Rainer Stachuletz has introduced an overview of the eurozone debt, especially the policy lessons drawn from the process of overcoming the debt crisis at the national level as well as within the European Union.
From the lessons from the European debt crisis, Dr. Vu Thanh Tu Anh has analyzed the situation of public debt and its risks in Vietnam, thereby helping solve the question that whether Vietnam's public debt is sustainable or not.
Additionally, in his essay, “The orientation of public investment in restructuring the economy” by Dr. Nguyen Dinh Cung (Central Institute for Economic Management) has provided an overview of the development Vietnam’s public policy in the process of macro-economy adjusment. The presentation emphasized that existing policy measures focused on overcoming the external causes, especially the increasing in public investment scale to offset the shortage of private investment in recent times has proved to be less effective or left less public place.
As a result, the paper analyzed investment strategies in a comprehensive program to restructure the economy towards a new economic development model, based on increasing efficiency rather than increasing income factors. The author also emphasized the crucial factors of the economic restructuring is the adjustment in incentive systems, institution and the quality of governance.
The speeches and comments of the participants have brought useful information on theory, international experience, Vietnam’s situation and the lessons for Vietnam in the current planning and implementation of public policy.
Participants at the seminar
Closing the seminar, Assoc.Prof.Dr. Nguyen Hong Son has expressed his gratitude to the contribution of participants at the seminar, emphasizing that the UEB is pursuing further study and looking forward to receiving the positive support and cooperation from the researchers.