Illustrative image (Photo: internet) Hanoi (VNA) – With success in containing the spreadof COVID-19, Vietnam now holds advantages in economic recovery, according to formerDeputy Prime Minister Vu Khoan.
He wrote in a recent article that however, there aremany unforeseeable factors in the world’s situation that can affect Vietnam.
Vietnam is building and on the verge of adoptingsocioeconomic development plans for 2021-2025 and 2021-2030 and vision towards2045 in the “new normal situation”, he said.
He recalled the regional crisis in 1997, when Vietnamwas implementing its 1991-2000 socioeconomic development strategy, the globalfinancial crisis in 2008, during its 2001-2010 strategy, and this pandemic, justas the 2011-2020 plan is coming to an end.
The less-than-expected annual GDP growth in theten-year strategies is mostly attributable to unexpected crises, Khoan said,adding that what will happen over the next five, ten, or 25 years is simply unpredictable.
Citing the five epidemics, including COVID-19, thathave appeared in the first two decades of the 21st century, theformer Deputy PM suggested adopting flexible mid-and long-term plans.
He also proposed Vietnam include “safe development” inits strategy for the post-COVID-19 period, in addition to sustainabledevelopment, with more attention paid to sectors relating to healthcare, suchas bio-technology, bacteriology, preventive medicine, and the research,production and reserve of vaccine as well as medicines and medical equipment.
The former Deputy PM reiterated the value oftime-honoured guiding viewpoints on the importance of internal strength and theneed to develop the domestic market, support industry, along with diversifyingforeign markets and international supply chains.
He highlighted a new opportunity for the country when Vietnamis considered among priority destinations as investors move their production toSoutheast Asia, adding that the Politburo’s Resolution No. 50/NQ-TQ on foreigninvestment orientations issued in 2019 is the lodestar for the utilisation ofthis opportunity.
The former Deputy PM expressed a hope that such soundpolicies will be implemented promptly and scientifically to optimise the opportunityand help Vietnam post breakthroughs to move ahead.
Khoan presented his view on the world situation that thepandemic is taking place at the same time as fierce competition has eruptedbetween major powers in the spheres of economy, politics, and security, andeven the pandemic fight, along with climate change.
Given this, a global economic recovery looks lessV-shaped or W-shaped but more U-shaped, he said, warning that the pandemic, if itbreaks out again, may spark a new financial-monetary crisis due to highoverspending and high bad and public debt.
Khoan forecast that during the post-COVID-19 period,the movement of goods, services, capital, and information will be rebooted but ata rather slow pace, as all countries will prioritise stimulating the domesticmarket.
He highlighted one trend to be adopted by manyindustrialised nations - relocating their production from China to otherregions, especially Southeast Asia and India.
The Deputy PM pointed to the ongoing competitionbetween unilateralism and multilateralism and expected that there would be adjustmentsto certain international institutions, including the WTO, and laws regulatinginternational economic relations.
Khoan believes the sustainable development model thatcombines economic growth with poverty reduction and environmental protectionwill be maintained after the pandemic passes.
However, the model will include more measures to protectpeople’s health by “distancing”, he said, citing the decision taken by a numberof European countries to close streets to motor cars in order to facilitatebike riding, thus improving the environment and limiting contact in publicvehicles.
Khoan also spoke of the domination of the digitaleconomy and more attention being paid to sectors relating to public healthcare.
Regarding international political-strategic relations,he said certain international political and security structures will be changed,and that the situation in some regions, including the East Sea, will becomemore complex.
Conflicts between major powers that had occurred priorto the outbreak of the pandemic will continue for the long-term, he predicted.
With an open economy, Vietnam is likely to be impactedby developments in the global economy, Khoan explained./.
VNA
