Vietnam's Economic Policies in 2021

[VIETNAM NEEDS TO MAKE GOOD USE OF OPPORTUNITIES TO RECOVER GROWTH]

A prerequisite for economic recovery is the ability to control and adapt to COVID-19 pandemic. World Bank expert: Vietnam's economy had a fairly strong supply recovery but had problems on the demand side.

Government of Vietnam has implemented very effectively the restoration of production areas, although there are still limitations in the labor market, World Bank expert says. Vietnam has applied many monetary policies to support the economy such as encouraging banking activities and reducing interest rates. Vietnam still has its strengths and potentials, even the pandemic has created "pressure" for Vietnam to accelerate the reform process. 60-70% of businesses, no matter how big or small, have all done digital transformation, they can switch to a digital platform and connect to the Internet. Vietnam is one of the brightest candidates for diversifying its supply chains to ensure export activities for many other countries. Prime Minister Pham Minh Chinh's commitment at COP26 has shown Vietnam's determination to accelerate the implementation of this important content and the COVID pandemic is part of the reason for this result.

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[THE COVID-19 EPIDEMIC AFFECTS THE DISBURSEMENT PROGRESS OF PUBLIC INVESTMENT CAPITAL]

The General Statistics Office said that social distancing measures to control and control the spread of the COVID-19 epidemic have affected the implementation of public investment projects. In the first 8 months, the investment capital realized from the State budget reached 244,900 billion VND, equaling 51.1% of the year plan and down 0.4% compared to the same period last year (the same period in 2020 was equal to 48% and up 28.3%). In August 2021, investment capital from the State budget was estimated at 34,900 billion VND, down 24.7% over the same period last year and down 7.1%. In Ho Chi Minh City, few projects that meet the "3 on-site" conditions are allowed to continue construction. Low disbursement rate reduces efficiency of public investment capital, wastes resources, and affects the business dynamics strength and overall economic growth.

In the context of the complicated situation of the COVID-19 epidemic, which reduces the growth drivers from other capital sources, this is a major concern. Prime Minister Pham Minh Chinh has just signed Official Dispatch No. 1082/CD-TTg dated August 16, 2021 on speeding up the implementation and disbursement of the investment capital plan for the public private sector in 2021. The Government requested ministries, central and local agencies to strengthen discipline and discipline in the disbursement of public investment capital.
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In 2021, the stock market has set new historic highs many times]

In 2021, which is a tumultuous year, the world and domestic economic situation continues to face many difficulties, under the drastic leadership and direction of the Government, the Ministry of Finance has actively implemented the following measures: Supporting solutions, Vietnam's stock market has achieved certain results, the trading system is operating smoothly, the market is operating stably, growing strongly in terms of size and liquidity. attracting many domestic and foreign investors, affirming its position and role as an important capital mobilization channel of the economy.

The number of investors participating in the stock market has increased sharply recently, contributing to pushing the market liquidity to billions of USD/session. In the past 11 months alone, there were 1.3 million accounts of domestic investors and 4,133 accounts of foreign investors, bringing the total number of securities accounts in Vietnam to 4. 08 million accounts, up 47.3% compared to the end of 2020.

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[The Government has issued a series of support packages for socio-economic recovery and development]

The Government promulgates the Resolution on the Socio-Economic Recovery and Development Program and implements the National Assembly's Resolution 43 on the monetary and fiscal policies to support the Program.

The objective of the Program is to restore and rapidly develop production and business activities, promote growth drivers, prioritize several important industries and fields, and strive to achieve the goals of the 2021-2025 period. : average GDP growth of 6.5 - 7%/year, public debt target below the warning level allowed by the National Assembly in Resolution 23, the unemployment rate in urban areas below 4%; maintaining macroeconomic stability, ensuring major balances in the medium and long term.

The resolution states that the beneficiaries of support include: People and workers affected by the epidemic; enterprises, cooperatives, business households, and other sectors and fields creating a driving force for economic recovery and development.

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[Agricultural growth - A solid fulcrum of the economy]

A bright spot in trouble
The outbreak of the Covid-19 epidemic caused the agricultural industry to face many difficulties and challenges (human resources, markets, transportation costs ... increased sharply), but from the beginning of 2021 until now, the growth rate has increased. The growth rate of the whole agricultural sector in Vietnam still reached 2.74% (agriculture 3.32%, forestry 3.30%, fishery 0.66%), contributing 23.54% to the overall growth of the whole economy

Focus on solving problems
Although the growth of the entire agricultural sector in the first nine months of 2021 continues to increase, in order to fulfill the set export turnover target in the remaining months of 2021, as well as maintain the growth momentum of the year. 2022, Vietnam's agriculture still faces challenges in production, processing, circulation and consumption of products; this can cause negative impacts on agriculture if there are no radical solutions, suitable both in the short and long term. According to Mr. Nguyen Van Viet's analysis, the impact of the Covid-19 epidemic could still reduce exports in the remaining months of 2021 by about 20%.

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[THE CURRENT SITUATION AND SOLUTIONS TO THE COVID-19 PANDEMIC FOR VIETNAMESE LOGISTICS SERVICE ENTERPRISES]

Covid-19 pandemic that broke out from the end of January 2020 caused heavy damage to the economy, culture, society and people's lives worldwide. The pandemic has put heavy pressure on global production capacity and supply chains, and it has opened up new avenues for the logistics industry to develop. To solve business difficulties, enterprises did a good job of social criticism, promptly reflecting the opinions of businesses through associations and associations so that the Government and state management agencies could assist in solving it. The goal of the government and the Prime Minister is to remove difficulties, promote production and business, and rebuild the economy to cope with the epidemic.

The Government should support manufacturing enterprises and logistics enterprises affected by the Covid-19 epidemic. Commercial banks need to freeze debts, delay debts, expand loan limits, and restructure loans for businesses in areas impacted by the epidemic. Many businesses in Vietnam have responded to government pandemic by cutting wages and/or working hours of employees. Logistics enterprises need to improve their processes, technology, and human resources with expertise and expertise in the field of logistics. The increase in technology application with the advancements of the fourth industrial revolution is expected by most businesses to change the logistics industry. Government needs to focus on improving competitiveness and management level in the direction of promoting digital transformation to catch up with the trend of information technology application.

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[The Government promulgates a series of economic development solutions in 2021]
Solutions to implement the socio-economic development plan and state budget estimate in 2021 have just been promulgated by the Government.

Specifically, according to Resolution 01, the Government said that it will continue to effectively implement the "dual goal", both against Covid-19, while recovering and developing the economy and society in the new normal.

This agency emphasized not to be subjective before the epidemic. Vietnam continues to appropriately control people entering the country, preventing disease sources from outside. The Government said it would consider reopening international commercial routes when conditions permit; accelerate research and international cooperation to develop vaccines against epidemics and have solutions so that people can access vaccines as soon as possible.
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[Industrial production in 2021 has a much lower increase than in 2020]

Accumulation of 11 months of the year shows that industrial growth is still much lower than the same period last year. Based on 11-month data, the probability that the industrial production development index of the whole country will increase only about 4-5% in 2021, lower than the planned target of 8-9% in 2021.

Industrial production activities in November have gradually recovered because: Localities have basically complied with regulations on epidemic prevention and control in the new situation, issued instructions and developed a plan on prevention and control. translation and economic recovery. Many localities actively empower enterprises to choose production options according to flexible models and are responsible for ensuring safety in production. In addition, localities have also been very active in implementing solutions to support businesses, including linking regions, connecting supply and demand, organizing consumer demand stimulation programs, supporting production and business organization, search market…

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[ Proposing six solutions to realize economic development goals in 2022 ]

In 2022, the risk of slow economic recovery and growth slowdown is still hidden in the context of increasingly complicated epidemics and increasing risks of inflation.

At the press conference to announce socio-economic statistics for the fourth quarter and 2021, on December 29, Ms. Nguyen Thi Huong, General Director of the General Statistics Office, made a general assessment of 2022 with many risks and challenges. interweaving.

Therefore, the General Statistics Office has proposed six solutions to successfully realize the socio-economic development goals in 2022, which, emphasize solutions to promptly overcome difficulties, take the initiative to take advantage of all available solutions. the opportunity to simultaneously exploit all potentials and internal resources in the country.

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[VIETNAM'S LOGISTICS SERVICE INDUSTRY DURING THE COVID-19 PANDEMIC]

The pandemic has put heavy pressure on global production capacity and supply chains. It has also opened up new avenues for the logistics industry to develop in Vietnam. The campaign to rescue goods stuck at the border with China has disrupted production, logistics and transportation activities. The decline in international demand led to a decrease in export orders, and many companies had to lay off workers. Logistics service enterprises are affected and affected accordingly.

The National Assembly has passed a resolution to reduce income tax by 30% in 2020 for businesses with a revenue of less than 200 billion VND. VLA is promoting the implementation of e-DO using.Blockchain technology for retail shipments (LCL), which can save hundreds of billions of Vietnamese d**g each year. Other new developments, including EVFTA, CPTPP and RCEPT, are an opportunity for Vietnam to develop production, trade and investment. The pandemic has changed the way of consumption, operation, and trade in Vietnam. Our country's e-commerce (E-Commerce) has developed strongly, leading to logistics activities. The above issues will strongly affect the development of Vietnam's logistics service industry.

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[ Vietnam tourism strives to recover and regain growth momentum in the New Year ]

After a long period of being affected by the COVID-19 epidemic, Vietnam's tourism is gradually recovering to regain its growth momentum in the coming time with effective and practical solutions in the new normal.

Overcoming difficulties to recover on the threshold of the new year:
According to the Ministry of Culture, Sports and Tourism, 2021 is the second year that tourism continues to suffer damage, tourism development indicators continue to decline sharply. The international visitors to Vietnam are estimated at 157.3 thousand arrivals, down 95.9% over the previous year; the number of domestic tourists reached about 40 million; total revenue from tourists reached VND 180,000 billion. Travel businesses fell into crisis, 90-95% stopped operating; changing industries, changing business models, reducing staff.

“Recovery and development must be safe”
At the Tourism Conference in 2021 with the theme "Vietnam tourism - recovery and development", experts give opinions, orientations, and solutions to restore and develop tourism in the coming time.

Digital transformation is vital:
Digital transformation is considered an inevitable trend, an urgent requirement to support the tourism industry to recover and develop more sustainably in the new context.

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[Implement an asynchronous policy to restore tourism under new normal conditions]
On November 30, in Hanoi, the Vietnam Tourism Association and the Vietnam National Administration of Tourism organized a national tourism forum "Solutions to sustainably restore Vietnam's tourism" in an online form at 26 bridge points nationwide. The forum aims to let tourism and service businesses come up with solutions to quickly recover and develop sustainable tourism in the "new normal" conditions.

In 2021, tourism indicators continue to fall deeply due to the impact of the pandemic. Vietnam has not yet reopened to international visitors. It is estimated that the number of domestic tourists in the first 10 months of 2021 will reach 32.3 million arrivals (only 44.7% compared to the same period in 2019), of which staying guests only reach 16.2 million arrivals (equivalent to 44.7 percent compared to the same period in 2019). 44% compared to 2019); total revenue from tourists is estimated at 138,150 billion VND.

“To recover tourism, it is necessary to have appropriate mechanisms, policies, and flexible adaptation strategies. Effectively deploying mechanisms and policies to support finance, credit, employment, and human resource training for businesses and communities involved in tourism business to quickly recover tourism activities. Prolong the policy of reducing value-added tax, reducing electricity prices, land rents, corporate income tax, and continuing to extend the policy of extending the tax payment deadline of businesses until the end of 2023," said Mr. Nguyen Anh Tuan. suggestion.
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