University of Economics and Business
 
Enhancing the digital platform for the service industry - Valuable policy recommendations at the Conference to announce the Vietnam Annual Economic Report 2022

This is the topic that has been discussed by policy makers, scientists, international organizations, businesses, and press agencies at the 2022 Vietnam Economic Annual Report Announcement Workshop (Autonomous Economic Report 2022) organized by the Vietnam Institute for Economic and Policy Research (VEPR), the VNU University of Economics and Business (VNU-UEB) and the Friedrich Naumann Foundation Institute (FNF) Vietnam on May 20, 2022.


The seminar had the presence of Prof. Dr. Le Quan - President and leaders of functional departments of the Vietnam National University, Hanoi (VNU). 

On the side of the VNU-UEB, there were Assoc. Prof. Dr. Nguyen Truc Le - Rector, Assoc.Prof.Dr. Nguyen Anh Thu - Vice Rector; Dr. Nguyen Quoc Viet, Deputy Director of the VEPR, VNU-UEB’s faculty and staffs.

On the side of the FNF Vietnam, there was the attendance of Prof. Dr. Andreas Stoffers, Country Director.

The conference was also honored to welcome many experts and scientists from policy-making agencies, research institutes, domestic and foreign universities, the ambassadors Poland, Germany, and a number of international organizations in Vietnam.

Current issues in digital transformation were presented by the following speakers: Dr. Nguyen Quoc Viet - VEPR; Dr. Tran Toan Thang, Head of Industry and Enterprise Economic Forecasting Department, National Center for Socio-Economic Information and Forecast; MSc. Pham The Thanh, Faculty of Banking and Finance, VNU-UEB; Dr. Nguyen Thi Van Ha, Faculty of Economic Transport, University of Transport.

The open discussion and exchange session was moderated by Assoc.Prof.Dr.Nguyen Anh Thu, Vice Rector and the participation of experts: Dr. Can Van Luc, Chief Economist of BIDV, Director of BIDV Research and Training Institute; Dr. Vu Tien Loc, Member of Economic Committee of the National Assembly, Chairman of Vietnam International Arbitration Center, Senior Advisor of TFGI International Institute of Technology; Assoc.Prof.Dr. Vu Sy Cuong, Head of Financial Policy Analysis Department, Faculty of Public Finance, Academy of Finance; Dr. Nguyen Minh Cuong, Chief Economist, Asian Development Bank (ADB) in Vietnam.

 

The conference received the attention of a large number of policy makers, scientists, international organizations, businesses, and press agencies

2022 Vietnam Economic Annual Report - a publication with high scientific and practical values

Appreciating the VNU-UEB’s position in research with international publications, policy and business consultancy in the fields of macroeconomics, international economic integration, business administration, and finance, Prof.Dr. Le Quan affirmed that the University has contributed an important part to VNU’s achievement of ranking 451-500 in the world in the field of Business and Management Science. In particular, the 2022 Vietnam Economic Annual Report conducted by VEPR is an outstanding product contributing to research on Vietnam’s economic issues in 2022 and the following years.

According to Prof. Dr. Le Quan, the workshop is very meaningful in the context that Vietnam is in the period of economic recovery and development. Accordingly, digital transformation in the economy and in the service industry is considered to create a direct driving force for economic growth and sustainable development in the medium and long term. On the other hand, an effective and innovative digital service platform will create spillover effects to all sectors by providing high-quality inputs and guaranteed outputs and business support services for Vietnam's key industry - agriculture, especially in the context that our economy has increasingly integrated into the global value chain. 

 

Prof.Dr. Le Quan highly appreciated the contribution of policy recommendations of the Vietnam Economic Annual Report 2022 in the context that Vietnam is in the period of economic recovery and development

 

Assoc.Prof.Dr. Nguyen Truc Le - Rector of VNU-UEB, speaking at the conference

 

Regards the research ecosystem associated with training, a body of foreign experts as advisors and scholars of the University, Dr. Le commented: “The annual economic report has gone through a long history of nearly 15 years by two prestigious organizations, the University and the FNF. Having these reports is part of the quintessential wisdom from the University’s researchers, an internationally-oriented strategic environment, and a leading position in higher education institutions in the country and region”. In particular, according to Dr. Le, the annual economic report will also focus on analyzing and evaluating the digital transformation process for a number of service industries, especially the finance, bank,ing and logistics industries, two strategic key industries of the country. He hoped that these analysis will be in-depth assessments and recommendations for policy advice to the Government and the Central Government.

 

Prof. Dr. Andreas Stoffers, Country Director of FNF in Vietnam

Dr. Vu Tien Loc, Member of the Economic Committee of the National Assembly, Chairman of the Vietnam International Arbitration Center, Senior Advisor of TFGI International Institute of Technology, highly appreciated the great values ​​that the report has brought between the two countries. Vietnam's economy is facing many challenges in recovering and developing. 

According to Dr. Nguyen Minh Cuong, Chief Economist, Asian Development Bank (ADB) in Vietnam, the 2022 Annual Economic Report has shown a lot of in-depth and extensive analysis in various economic fields. This is reputable scientific data, useful for businesses, localities and policy-making agencies.

 

 

 

The open exchange and discussion session received many valuable criticisms from reputable experts and scientists

 

Digital transformation - an inevitable trend for global service businesses to live together safely, flexibly and effectively to COVID-19

In 2021, digital transformation trends such as working remotely (Work from Home) have emerged; 5G network; Artificial Intelligence AI, Blockchain, Internet of Things (IoT), Customer Data Platforms (CDP)... The developed economies have gone into depth and are at the stage of focusing on handling the "core" issues of the digital economy, but Southeast Asia (except Singapore) is at the start of the global digital transformation. across all sectors and is still lagging far behind developed countries.  

Digital transformation in service industries has been and is taking place globally, and there are differences by industry. Digital transformation in Logistics services is increasing strongly based on the development of information and communication technology. In financial services, the digital transformation process takes place at different levels depending on the technology and financial capabilities of each implementing organization. 

 
According to the results reported by experts at the conference, Vietnahas is ranked 70/141 countries in the ranking of digital transformation readiness. In 2021, Vietnam has left many important imprints in digital transformation in response to the Covid-19 pandemic with 50% of enterprises investing in technology deployment for internal operations; 36.76% of enterprises recruit and train employees remotely; 8 million new users on digital platforms. More than 60% of Vietnamese businesses intend to continue to combine remote working and working at the office, more than 77% of businesses choose to deploy a combination model of online and on-site business after the epidemic. Digital transformation has been carried out in all economic and social fields (Health, education, e-commerce, finance and banking, Logistics, etc.), although there have been many positive growth signals. from the figures and forecasts of the General Statistics Office for nearly the first half of 2022, The recovery process of Vietnam's economy is somewhat slow compared to many other countries in the world. Supportive policies and drastic recovery solutions have also been promulgated by the Party and Government and required industries, localities and the business community to promote all motivations to maintain the growth rate at pre-contemporary levels. Translate. Therefore, Vietnam needs to accelerate economic restructuring in association with renovating the growth model based on innovation and improving the digital economy platform. 

Forecasting 3 growth scenarios in 2022

Vietnam's economic forecast in 2022, VEPR assessed, the economy is in the process of recovering but will continue to face many difficulties and obstacles.

Those are the risks from the pandemic, the risk of new strains appearing despite recent developments showing an improvement in global disease control. Obstacles also come from inflation pressure and rising production costs, risks from the Russia-Ukraine conflict. Although the direct impacts are not too large due to the relatively small bilateral trade and investment relations between these two countries with Vietnam, the indirect effects are very large. Next is the slowdown of the global economy and important partner economies of Vietnam, especially China in the context that the country continues its "zero Covid" policy with control measures. Strict epidemic control can cause stress to the economy, affect supply chains, thereby affecting Vietnam's economy. 

 

From the analysis and general policy recommendations, the Report emphasizes that Vietnam needs to continue to achieve the goal of both economic recovery, macroeconomic stability and soundness; financial market transparency from the perspective of living with Covid-19; implement fiscal and monetary policies with a focus on boosting demand and prioritizing resources for the business sector to recover and develop.

The report has presented GDP growth scenarios in 2022, with the base scenario being that the growth rate this year will reach 5.7%, the extreme scenario is 6.2%. However, if the context is negative, the GDP growth that VEPR forecasts will decrease to 5.2%.

 

The scientists attending the conference recommend that, in the context that the pandemic can still develop complicatedly, proactively controlling the disease, minimizing negative impacts, and protecting and supporting economic recovery need to be prioritized.

In particular, it is necessary to accelerate the implementation of solutions for economic recovery and development. In which, continuing to implement social security solutions, policies on tax and fee exemption and reduction, etc. proposed at the Socio-economic Recovery Program 2022-2023. Accelerate the progress of the solution. public investment capital budget, effectively harmonizing public investment capital from the capital of the Recovery Program and capital from the medium-term public investment plan.

Another issue that should be noted is speeding up the implementation of measures to reduce interest rates and support interest rates, but it needs to be closely associated with strict supervision and control of bad debt situation...

The Vietnam Economic Annual Report is a key product of the VEPR. Over the past 14 years and 14 reporting periods, the Institute has focused on independent research and analysis, based on evidence from the reality of Vietnam's macroeconomic issues in the year of publication of the report and forecast for the next year. In addition, the reports also highlight achievements, difficulties, opportunities and challenges in the process of economic development in Vietnam, contributing to providing a scientific basis for macroeconomic policymaking. at the same time, selectively discuss some outstanding and in-depth economic issues of Vietnam.

Some outstanding images at the Conference to announce the Vietnam Annual Economic Report in 2022:

 
 
 
 
 
 

>> Press reports on the Conference to announce the Vietnam Annual Economic Report 2022:

  1. Bản tin Tài chính KD 12h - VTV1 
  2. Truyền hình Nhân dân
  3. Báo điện tử Chính phủ: Dự báo 3 kịch bản tăng trưởng kinh tế Việt Nam năm 2022
  4. Báo Dân trí: Trường ĐH Kinh tế công bố Báo cáo thường niên Kinh tế Việt Nam 2022
  5. Cổng Thông tin đối ngoại: Báo cáo Thường niên Kinh tế Việt Nam 2022
  6. Đài tiếng nói Việt Nam: Báo cáo thường niên kinh tế Việt Nam 2022 (VEPR), khuyến nghị “Nâng cao nền tảng số cho ngành dịch vụ" - Động lực trực tiếp cho tăng trưởng và phát triển bền vững!
  7. Đại học Quốc gia Hà Nội: Báo cáo Thường niên Kinh tế Việt Nam 2022: Nâng cao nền tảng số cho ngành dịch vụ
  8. Trường Đại học Kinh tế: Báo cáo Thường niên Kinh tế Việt Nam 2022 với đề xuất chính sách phục hồi tăng trưởng, nâng cao nền tảng số ngành dịch vụ
  9. Báo Tuổi trẻ: VEPR dự báo tăng trưởng kinh tế năm 2022 từ 5,2 - 6,2%, lạm phát là nỗi lo lớn nhất
  10. Báo Đầu tư: VEPR dự báo 3 kịch bản tăng trưởng kinh tế Việt Nam năm 2022
  11. VTC news: Dự báo 3 kịch bản tăng trưởng kinh tế Việt Nam 2022, từ 5,2 - 6,2%
  12. Sài Gòn giải phóng: Tăng trưởng kinh tế năm 2022 khoảng 5,2 - 6,2%
  13. Thương hiệu và công luận: VEPR đưa ra 03 kịch bản tăng trưởng cho kinh tế Việt Nam 2022
 
>> Click here to see the title in Vietnamese.

Pham Nhat Linh (Tran.)