Flexible response to the pandemic

Deputy Minister of Planning and Investment Tran Quoc Phuong said that Resolution 128 has produced a timely impact on economic growth. At the end of September 2021, Vietnam's GDP growth plunged by 6%. Since the resolution was introduced in the fourth quarter of 2021, the country's GDP has achieved positive outcomes. By the third quarter of 2022, economic growth jumped to 13.67%. Agriculture, industry, transportation, and services all recovered strongly. This has proved that Resolution 128 has laid a great foundation and functioned as an important step to affect the country's economic growth.

With Resolution 128, Vietnam's economy has made remarkable progress. 

Mr. John Rockhold, President of AmCham in Vietnam, said, Resolution 128 helps maintain supply chains as well as attract the attention of FDI companies investing in Vietnam. "The Vietnamese government is ready to accept business recommendations and promptly revise its policies to foster sustainable economic development," he said.

Madam Angela Pratt, Representative Chief of the World Health Organization (WHO) in Vietnam, said that the resolution has enabled a very important transition from pandemic control at all costs to a state of coexistence, a balance between using COVID-19 control measures by opening the economy and society. Countries around the world can learn from Vietnam's experience in pandemic prevention. This lesson also needs to be promoted and prepared to respond to other pandemics in the future.

Dr. Phan Duc Hieu, Standing Member of the Economic Committee of the National Assembly, said, Resolution 128 is a strategic, long-term and holistic approach to both combating the pandemic and developing the economy. Before the resolution was introduced, enterprises had not been able to anticipate pandemic prevention measures and they had to passively deal with their business affairs. After the resolution was adopted, they could build a long-term business strategy and do not worry about termination or interruption of operations. People also have started to build long-term living and working plans. This experience needs to be applied by the Government and businesses for future development, he added.

Upcoming approach to economic development

With Resolution 128, Vietnam's economy has made remarkable progress. However, in the face of global economic volatility, it is still important to build an independent and self-reliant economy and advance active and proactive international integration at the same time.

Deputy Minister Tran Quoc Phuong pointed out three enablers of an independent and self-reliant economy: Building internal capacity, mastering technology and creating a position and role in the international environment. Accordingly, it is necessary to build internal economic capacity to realize self-reliance goals, have enough capacity to continue development and withstand external shocks. The second is mastering technology in the context of the Fourth Industrial Revolution which is taking place at a very strong and rapid pace. Actual developments from many countries around the world have proved that countries that master technology will win and keep the initiative in many issues. To do this, Vietnam has had many projects and plans proposed by the Government, and is carrying out policies on digital transformation, digital economy and innovation promotion very drastically.

“Third, in the current international integration context, in order to build independence and self-reliance in socio-economic development, a country must have its own position and role in the international environment. In other words, we have to join to play and master the game,” he said.

Agreeing with his viewpoints, Mr. John Rockhold said that, in assessing the overall competitiveness of investment in Vietnam, foreign investors increasingly attach importance to criteria enabling the achievement of Environmental, Social and Corporate Governance (ESG) objectives in their global supply chains. Therefore, in the future, the green economy is an important factor to foster economic development.

“Vietnam has been very successful in managing global challenges in recent times, including the ongoing pandemic, sharp slowdown of the global economy and prolonged inflation. Over the medium and long terms, tailored macroeconomic measures and Vietnam's efforts are crucial to promoting sustainable development and achieving the net zero emissions target by 2050,” he pointed out.

Mr. Hieu said that enterprises should not only depend on State policies but must change their own production toward a greener and more energy-efficient approach. This is what Vietnamese businesses must pay attention to in the context of global economic integration.