The fourth Vietnam Economic Forum (VEF) was launched in Ho Chi Minh City on Sunday with a focus on the topic of building an independent and self-reliant economy with extensive integration in the new context.

Prime Minister Pham Minh Chinh attended the plenary session of the VEF.

Speaking at the event, PM Chinh told high-ranking delegates that the effective implementation of the government’s policy on Doi Moi (Renovation) has contributed to producing Vietnam’s historical achievements.

He added that in the current situation, the building of an independent, self-reliant economy in combination with proactive and active international integration, which the PM has mentioned in his speeches at recent multiple forums, is an objective inevitability.

During the opening of the plenary session, head of the Party Central Committee’s Economic Commission Tran Tuan Anh said the Vietnamese economy has faced unprecedented difficulties over the past two years due to the COVID-19 pandemic. 

The economy grew at under three percent, the lowest rate for the past 30 years, millions of workers lost their jobs, thousands of enterprises had to stop operation, the capital and real estate markets saw abnormal fluctuations, and there is a risk of rising bad debts in the banking system, Anh added.

He said the country managed to control the pandemic, quickly restored production and business activities, and supported people and businesses affected by the health crisis.  

However, its adverse impact and the new developments in the international situation, particularly the Russia-Ukraine conflict, require Vietnam to act more quickly to build an independent, self-reliant economy in combination with extensive and effective integration, he said.    

After the plenary session, three workshops were held the same day on the development of stable labor supply chains after the COVID-19 pandemic, the capital and real estate markets, technology, digital transformation, and diversification of supply chains.

The first Vietnam Economic Forum was held in 2017 and its next editions took place in 2019 and 2021.

Like us on Facebook or follow us on Twitter to get the latest news about Vietnam!