Breakthrough policies needed to ensure sustainable development: advisory council
Experts gave forecasts on impacts of the global economy on Vietnam and exchanged views on how to manage the macro economy and the domestic gold market at a meeting of the National Financial and Monetary Policy Advisory Council on March 28.
Deputy Prime Minister Le Minh Khai (standing) speaks at the meeting of the National Financial and Monetary Policy Advisory Council. (Photo: VNA)
Hanoi (VNA) – Experts gave forecasts on impacts of the global economy on Vietnam and exchanged views on how to manage the macro economy and the domestic gold market at a meeting of the National Financial and Monetary Policy Advisory Council on March 28.
They held that the monetary and fiscal policies employed over the past time have helped achieve set objectives and enabled the national economy to withstand shocks that seemed to be insurmountable.
The economy, however, is expected to face quite a few difficulties in the time ahead, which calls for breakthrough policies, especially those that would fully tap resources, boost consumption and private investment, and manage the gold market, to ensure stable development, the experts noted.
Economist Le Xuan Nghia pointed to the weak recovery of the economy, especially demand, and the strong reduction in investment by the private sector. He suggested budget incentives for businesses and the utilisation of fiscal policies to serve economic recovery in the time ahead.
The participating experts also voiced approval for the proposal to abolish the State monopoly on gold bars, and grant licences to businesses eligible for the production.
Deputy Governor of the State Bank of Vietnam (SBV) Pham Thanh Ha briefed the participants on the central bank’s efforts to manage monetary policies and banking operations, saying it is implementing credit programmes and policies for prioritised fields and driving forces, such as the 12 trillion VND (484.21 million USD) credit package.
He underlined the problems facing the economy, particularly unfavourable developments and unpredictable prospects of the world economy, rising bad debts and low mobilisation of middle- and long-term capital of credit organisations.
Deputy Prime Minister Le Minh Khai, who is also chairman of the council, pointed to challenges like the pressure of the US dollar appreciation trend on Vietnam’s foreign exchange market, and weak capital absorption by businesses and people, along with difficulties in the real estate market.
Against the backdrop, he suggested prioritising the use of fiscal policies, spurring public investment, supporting trade promotion, and expanding the market, with the support of monetary policies./.
The Asian Development Bank (ADB), Bloomberg, and HSBC have all forecast that Vietnam’s GDP growth could reach 6 percent in 2024. Standard Chartered Bank, meanwhile, has forecast 6.7 percent, surpassing Vietnam’s own growth target of 6-6.5 percent.
Vietnam is the most investment worthy place in ASEAN, based on valid and practical grounds where improved economic diversification, international integration, reformed investment legislation and good economic policy must be counted, according to an article recently published on the US’s mondaq.com.
An online seminar on strengthening trade relations through international trade fairs, held by the Vietnam Trade Office in India on June 25, saw the participation of nearly 50 Vietnamese seafood companies and 50 Indian enterprises in sectors of processed food, agricultural products, fruits, and spices.
The vehicles will be deployed for mail and parcel delivery by Hanoi Post, marking another step in the strategic partnership between the two firms since 2021. With this batch, the total number of electric motorbikes Honda has supplied to Vietnam Post has reached 405, operating primarily in key cities such as Hanoi and Ho Chi Minh City.
With participation from major players representing countries such as Russia, China, Japan, India, Thailand, and Indonesia, Vietbuild 2025 is expected to present a wide range of environmentally friendly and innovative products and services, especially building materials, machinery, and interior and exterior decoration.
Bulgaria holds strengths in sectors that align well with Vietnam’s development focus, including information technology, software, electronics, energy and the environment, startups and innovation, agriculture and food processing, logistics, and freight services.
Vietnam Airlines is pursuing an Environmental, Social, and Governance (ESG) roadmap to reduce emissions, improve fuel efficiency, and adopt sustainable aviation fuels. It is also investing in workforce development, corporate culture, and international management practices.
Thailand's largest retailer, Central Retail Corporation (CRC), will invest over 45 billion THB (1.38 billion USD) through 2027 to expand mainstream markets and accelerate growth across Southeast Asia, including Thailand and Vietnam.
Vietnam ranks among Asia’s top producers and exporters of denim, with hundreds of factories producing denim fabric and garments. Vietnamese denim products are now exported to over 70 countries.
In 2024, durian was a leading export among Vietnam’s fruits and vegetables, earning a record of 3.3 billion USD and accounting for 46% of the sector’s total export value. China was the largest market, importing 3.2 billion USD worth of durians, or 97% of the total.
The arrival of this first wind power equipment shipment signalled the Trung Nam Ca Na seaport’s infrastructure readiness and its entry into a new phase of development, aligned with Vietnam’s adjusted National Power Development Plan VIII.
PM Pham Minh Chinh has called on global tech giants to bolster cooperation with Vietnam to assist with the country's efforts to drive a startup and innovation ecosystem.
Prime Minister Pham Minh Chinh had meetings with leaders from multinational corporations on June 25, advancing Vietnam’s infrastructure development as well as food processing sector, on the sideslines of the 16th Annual Meeting of the New Champions of the World Economic Forum (WEF) in Tianjin city.
According to UOB, following the US’s announcement of reciprocal tariffs of 46% on Vietnamese goods on April 2, around 80% of Vietnamese businesses have proactively taken measures to respond to potential impacts.
As one of the most prestigious annual international events in the industry, the expo serves as a prime platform for enterprises to connect, exchange valuable experience, and explore reliable collaboration opportunities with both domestic and international companies.
Organised by the Vietnamese Embassy and Trade Office, Vietnam's national booth showcases catalogues and product samples from over 30 Vietnamese companies, spanning key sectors such as agriculture, seafood, food and beverages, footwear, textiles, furniture, plastics, construction materials, and industrial machinery.
Deputy Prime Minister Le Minh Khai (standing) speaks at the meeting of the National Financial and Monetary Policy Advisory Council. (Photo: VNA) 
