Top legislator stresses importance of macro-economic stability at socio-economic forum

National Assembly (NA) Chairman Vuong Dinh Hue stressed the importance of maintaining macro-economic stability to strengthen the resilience of the economy while delivering a closing remark at the 2022 Socio-Economic Forum in Hanoi on September 18.
An overview of 2022 Socio-Economic Forum (Photo: VNA)
An overview of 2022 Socio-Economic Forum (Photo: VNA)

This is also the message that the first socio-economic forum wants to spread, he said.

Attention should be paid to credit structure and quality, Hue noted, adding that it is necessary to continue addressing bad debt, restructuring the banking system, handling banks with poor performances, and seeking measures to increase capital for commercial banks, particularly State-own banks and those with State capital.

Markets such as stock, financial market, monetary, real estate market, goods and service markets are the "blood vessels" of the economy. Therefore, it is essential to take measures for them to circulate and develop healthily and sustainably, he emphasised.

Regarding long-term goals, the top legislator highlighted the need to maintain economic restructuring, amending, supplementing and perfecting institutions, particularly the Land Law; and exert efforts to turn Vietnam into a developing country with modern industry and upper middle income by 2030, and a developed and high-income country by 2045, as set in the 13th National Party Congress’s Resolution.

At the forum, participants agreed that the world’s quick digital transformation and green energy transition have created many opportunities, but also posed a lot of challenges and difficulties for Vietnam. However, in the context of many countries facing high inflation and low growth, Vietnam has managed to maintain low inflation and achieve high growth.

At a conservative estimate of the Ministry of Planning and Investment, Vietnam may achieve a growth rate of over 7% and keep inflation below 4% this year. The country can also reach 750 billion USD in import-export turnover, doubling the GDP scale.

They also raised concerns over negative impacts of climate change and extreme weather. In Vietnam, in just eight months of 2022, climate change and extreme weather caused losses of 6 trillion VND (253.3 million USD), 6.7 times higher than that of the same period last year.