Gov’t urged to be given more power to draw investments hinh anh 1Illustrative image (Photo: VNA) 


Hanoi (VNA) National Assembly deputies continued discussing a report on supplementary assessment of the implementation of the legislature’s resolution on socio-economic development and State budget plans for 2019, as well as socio-economic performance in early 2020, during a plenary session on June 15.

Fully tapping decentralisation

Deputy Mai Thi Phuong Hoa from Nam Dinh province emphasised that COVID-19 has caused harmful effects, including a sharp decline in global economic growth. The World Bank predicted that the world economic growth will hit minus 5.2 percent this year. In Vietnam, though the pandemic has basically been under control, its impact on socio-economic performance is quite severe.

The deputy offered several solutions to socio-economic development in the near future. She stated that it is necessary to adjust several economic targets while ensuring macro-economic stability and maintaining the value of the Vietnamese dong. Moreover, many investors believed that Vietnam remains a safe destination, which is an opportunity and advantage of Vietnam in welcoming a post-COVID-19 investment wave, she said, stressing that Vietnam should plan for suitable investment promotion activities to draw financially capable and hi-tech groups that are interested in the Vietnamese market.

Hoa suggested that Vietnam should offer new and more competitive incentives than those from other countries. Therefore, it is a need to consider giving more authority for the Government so that the Prime Minister could be more proactive in negotiations with investors.

She proposed the Government continue reviewing legal regulations and make recommendations to the NA regarding the amendment and issuance of laws and policies, thus better meeting demand for business environment reforms in the current development period. It is even possible to consider holding the legislature’s extraordinary meetings to revise laws.

As the journey ahead remains challenging, this will require great determination and efforts, Hoa said, calling on the Government to allocate more resources to invest in strategic infrastructure that plays regional and inter-regional connectivity role such as expressways, airports, ports, IT and telecommunications infrastructure, and e-commerce.

In order to achieve set targets, Hoa said Vietnam needs to continue stepping up the fight against corruption more than ever, with a focus on prevention measures such as institutional reform and the integrity and transparency of legal documents and economic activities.

“Shortcomings of mechanisms, policies and laws found via inspection, examination, audit and investigation need to be promptly fixed,” Hoa said.

Extreme caution when resuming international flights

With the motto of "human life and health are first” and amid the developments of the pandemic in the region and the world, deputy Nguyen Tao from Lam Dong province proposed that the Government should continue with COVID-19 countermeasures in a more appropriate manner while taking great caution when it comes to resuming international flights in the near future.

In the current socio-economic situation, the lawmaker said there should be appropriate adjustments when the State has to work for different targets as well as ensure resources for investment and development.

“Vietnam needs to strengthen resources to overcome difficulties this year, thus creating a solid foundation for breakthroughs in subsequent years in line with the common trend of the world economy. On the other hand, it is necessary to consider promptly adjusting export-import plans for agro-forestry-fisheries, with uncertainties of disasters and epidemics being taken into account. Lessons from rice export adjustment or pork price reduction should be learnt,” Tao said.

In order to adapt to the new situation, deputy Le Thu Ha from Long An province pointed out that amid the COVID-19 crisis, many firms worldwide promptly tapped and adapted to the development of the digital economy, thus creating a driving force to speed up the development of the world economy. Digitalisation is going strong in both economic and political fields, bringing both new opportunities and challenges.

Vietnam is considered to be more well-positioned for digital economic transformation than other regional nations. However, cybersecurity threats or investment flow shifts together with robotics and 3D printing development can cause Vietnam to lose its advantage of a low-cost workforce, she said.

In her opinion, digital socio-economic development is an important measure following the pandemic. To such end, Vietnam needs to fine-tune mechanisms, issue policies and regulations on data protection, trans-national data management, join the global legal environment and develop key infrastructure for cybersecurity and safety./.