Workshop spotlights external challenges’ impacts on Vietnam’s development

Acting Director of the IWEP Dr. Phi Vinh Tuong (standing) addresses the workshop in Hanoi on March 22. (Photo: VNA)

Hanoi (VNA) – An international workshop was held by the Institute of World Economics and Politics (IWEP) under the Vietnam Academy of Social Sciences in Hanoi on March 22 to look into impacts of external challenges on Vietnam’s integration into the world.

In his opening remarks, Acting Director of the IWEP Dr. Phi Vinh Tuong said facing the COVID-19 pandemic, Vietnam exerted efforts to respond to this health crisis, possibly the biggest non-traditional security issue in decades, to reverse its negative impacts. After that, armed conflicts erupted in different regions around the globe, forcing the world to deal with other non-traditional security challenges like energy, food, and navigation security.

Pointing out such challenges’ substantial impacts on economic, political, and social aspects of countries, regions, and the whole world, he considered the identification of those impacts, especially the direct ones on Vietnam, as essential for policymakers to devise countermeasures as part of the country’s efforts to pursue its development targets.

Deputy Director of the IWEP Dr. Pham Anh Tuan mentioned certain global economic uncertainties, including the economic downturn, geo-political tensions, monetary policy tightening, high inflation, and financial volatility.

In 2023, the Vietnamese economy encountered an array of difficulties and challenges. Though the financial - monetary system properly coped with shocks, there were still many risks, particularly in terms of the real estate market and financial institutions. The economy tended to become more dependent on external factors.

The economic growth rate stood at 5.05% last year, lower than the target of 6.5%. Businesses faced a shortage of orders. Exports and imports respectively dropped 4.4% and 8.9% compared to 2022, he noted.

Tuan predicted a more positive outlook for the economy in the latter half of 2024 as businesses are witnessing a rebound in export orders.

At the workshop, domestic and international experts and scholars analysed some critical issues like traditional and non-traditional security issues in the region and the world that directly affect Vietnam, along with impacts of powerful countries’ strategies and policies on Vietnam.

They also suggested several measures for Vietnam to achieve its development targets to 2030 and 2045./.

VNA