Find long-term growth motivation to help Vietnam achieve sustainable development and break through.

Experts at the CIEMB 2024 conference held on the afternoon of October 17 in Hanoi believe that in the long term, for Vietnam's economy to achieve sustainable and accelerated growth, it is necessary to rely on motivations from the supply side combined with new factors such as green transformation, digital transformation...

Wind and solar power are the future of Vietnam's electricity industry.

On October 17, the National Economics University organized the 7th International Conference on contemporary issues in economics, management and business (CIEMB 2024).

The event has garnered attention from many scholars, researchers, policymakers, and lecturers from Australia, China, France, India, Finland, Indonesia, aiming to develop solutions to support sustainable growth and global development.

Outlining key points about the world economy, Professor Peter J. Morgan from the Asian Development Bank Institute (ABDI) stated that currently the U.S. economy remains relatively strong, while the European economy may be developing somewhat slower. Meanwhile, China's economy is facing issues with land and real estate, leading to relatively low consumer demand in China. There have been discussions about China's economic stimulus package, but there are still divergent views on this matter.

On the other hand, Professor Peter J. Morgan does not see a global economic recession or anything similar. Therefore, while the global context poses some challenges, it is not overly dire.

In this context, the representative from the ABDI Institute believes that Vietnam needs to implement necessary and reasonable reforms for the economy to continue developing relatively steadily. Accordingly, in the short term, Vietnam needs to change and invest more in infrastructure to create conditions for a stronger economic development.

Additionally, the field of digital economy is growing rapidly, but Vietnam is finding it challenging to keep up with this pace. To address this issue, the education sector plays a crucial role in enhancing the quality of human resources and improving the expertise of the workforce in areas such as finance and digitization. This is also vital for enhancing and raising Vietnam's average income level.

Delegates discussed many issues about sustainable economic development, digitalization and green transformation.

Sharing at the conference, Prof.Dr. To Trung Thanh, Head of the Scientific Management Department of the National Economics University, stated that while the components of aggregate demand have shown improved growth compared to last year, they still remain significantly distant from the levels seen before the Covid pandemic.

"This might be the time when we need to focus on supply-side policies and strategies for green economic development, circular economy development, digital economy development, and digital transformation. These are crucial foundations for long-term aggregate supply growth and ensuring better economic growth in the future."

Prof.Dr. To Trung Thanh, Head of Scientific Management Department, National Economics University.

Vietnam has just experienced Typhoon No. 3, causing severe damage and posing challenges for the economy to achieve the desired level of positive growth. Mr. Thành believes that the recent difficulties have undoubtedly made the business sector face many challenges, and non-performing loans could also present significant obstacles.

"In the fourth quarter of 2024, the Vietnamese economy may experience good growth as expected, mainly driven by the growth of factors such as consumer spending and public sector investment. These are the two main pillars for Vietnam to achieve better growth this year," assessed Mr. Thanh.

Alongside digital transformation, speakers have all highlighted the new global trends towards green transformation, circular economy, which play a vital role in helping the world economy overcome challenges in the short and long term. Currently, Vietnam is also implementing numerous strategies for digital economic development and green economic development.

Professor Paul Burke from the Australian National University (ANU) believes that clean energy has significant potential in the Asia-Pacific region, including Vietnam. Regarding wind energy, Vietnam possesses strong offshore wind resources. However, the transition to solar and wind energy is still in its early stages.

The national energy development strategy aims to achieve a renewable energy ratio of around 65-70% in the energy supply by 2045. Additionally, Power Development Plan 8 sets a target for solar and wind energy to contribute over 60% of the total installed electricity capacity by 2050. Professor Paul Burke believes that well-designed policies are needed to attract strong investor interest in clean energy projects.

Source: vneconomy.vn