Hanoi (VNS/VNA) - Though the Government has taken decisive steps tocurb the impacts of the COVID-19 pandemic, there are still risks to theeconomy, economists said at a seminar in Hanoi on October 15.
At a seminar on policies to overcome the impact of the pandemic held by theNational Economics University and other partners, rector of the university andeconomist Pham Hong Chuong said: “The Government should implement more drasticmeasures to increase the resistance of the economy."
Chuong added: "The country needs to prepare capacity to respond to thepandemic and have a quick economic recovery when the virus is controlled,preventing a decline into recession.”
Although local authorities have provided timely and flexible packages to helppeople and the economy stay safe amid the pandemic, Nguyen Minh Son, deputychairman of the National Assembly’s Economic Committee, said difficulties indisbursement were still preventing people from accessing the support.
“It is necessary to evaluate the disbursement rate of the support package, clarifythe causes of slow implementation in some places and offer solutions.”
The number of enterprises temporarily suspending operations reached 34,300 inthe first nine months of the year, up 70.8 percent from the same period lastyear. In September, about 17.6 million workers had their incomes reduced, ofwhich 2.4 million lost their jobs while the unemployment rate was reported tobe the highest in 10 years.
Bui Duc Tho, vice rector of the university, urged the Government to give moresupport for businesses and local producers, adding: “Support policies should beclear and transparent, minimising the procedures to access them.”
Tho said small and medium enterprises should receive more attention due to thepoor resilience of this type of business amid the pandemic, mentioning therewere thousands of small firms in tourism and service industries that had toshut down as they ran out of capital.
Attending the seminar, economist Vo Tri Thanh said the effectiveness of thefirst support package was low, adding: "I'm very concerned that the secondsupport package that should have been launched in September is not yetready."
Participants at the seminar said while the tourism industry and related sectorssuch as transport, restaurants and services suffered due to declines ininternational visitors, information and technology; electronic equipment andaccessories, logistics, e-commerce, consumer goods and retail saw good growth.
Son from the National Assembly’s Economic Committee said the FDI flows wereshifted from processing, manufacturing and real estate to technology and retailas the country was one of the most attractive for investment.
However, he added: “To compete with other countries in the region in attractingFDI, Vietnam needs clear orientations and solutions in both the short and longterm.”
Son said: “Solutions are needed to increase productivity and attract investmentfrom the private sector and high-quality FDI, increase exports, publicinvestment and domestic consumption.”
As economist Vo Tri Thanh said: “Expectations for the second support packageare huge.”
Participants from ministries, departments, central branches, internationalorganisations, universities and economists discussed important issues andsuggested policies and economic development models to overcome the impacts ofthe pandemic in Hanoi.
They also forecast the opportunities and challenges for the local economy inthe last months of 2020 and next year./.
At a seminar on policies to overcome the impact of the pandemic held by theNational Economics University and other partners, rector of the university andeconomist Pham Hong Chuong said: “The Government should implement more drasticmeasures to increase the resistance of the economy."
Chuong added: "The country needs to prepare capacity to respond to thepandemic and have a quick economic recovery when the virus is controlled,preventing a decline into recession.”
Although local authorities have provided timely and flexible packages to helppeople and the economy stay safe amid the pandemic, Nguyen Minh Son, deputychairman of the National Assembly’s Economic Committee, said difficulties indisbursement were still preventing people from accessing the support.
“It is necessary to evaluate the disbursement rate of the support package, clarifythe causes of slow implementation in some places and offer solutions.”
The number of enterprises temporarily suspending operations reached 34,300 inthe first nine months of the year, up 70.8 percent from the same period lastyear. In September, about 17.6 million workers had their incomes reduced, ofwhich 2.4 million lost their jobs while the unemployment rate was reported tobe the highest in 10 years.
Bui Duc Tho, vice rector of the university, urged the Government to give moresupport for businesses and local producers, adding: “Support policies should beclear and transparent, minimising the procedures to access them.”
Tho said small and medium enterprises should receive more attention due to thepoor resilience of this type of business amid the pandemic, mentioning therewere thousands of small firms in tourism and service industries that had toshut down as they ran out of capital.
Attending the seminar, economist Vo Tri Thanh said the effectiveness of thefirst support package was low, adding: "I'm very concerned that the secondsupport package that should have been launched in September is not yetready."
Participants at the seminar said while the tourism industry and related sectorssuch as transport, restaurants and services suffered due to declines ininternational visitors, information and technology; electronic equipment andaccessories, logistics, e-commerce, consumer goods and retail saw good growth.
Son from the National Assembly’s Economic Committee said the FDI flows wereshifted from processing, manufacturing and real estate to technology and retailas the country was one of the most attractive for investment.
However, he added: “To compete with other countries in the region in attractingFDI, Vietnam needs clear orientations and solutions in both the short and longterm.”
Son said: “Solutions are needed to increase productivity and attract investmentfrom the private sector and high-quality FDI, increase exports, publicinvestment and domestic consumption.”
As economist Vo Tri Thanh said: “Expectations for the second support packageare huge.”
Participants from ministries, departments, central branches, internationalorganisations, universities and economists discussed important issues andsuggested policies and economic development models to overcome the impacts ofthe pandemic in Hanoi.
They also forecast the opportunities and challenges for the local economy inthe last months of 2020 and next year./.
VNA