Vietnam Economic Forum 2019: Strengthening the fundamental drivers for rapid and sustainable economic

Vietnam Economic Forum 2019: Strengthening the fundamental drivers for rapid and sustainable economic

The Vietnam Economic Forum (VEF) 2019 officially kick-started on January 16 in Hanoi, with the opening of an international seminar entitled “Infrastructure Development, Financing and Governance in Asia”.

The annual VEF where attracts a lot of social attention, gathered experienced experts from the relevant foreign management bodies, domestic and international organizations, who shared international practices, standards and good lessons in infrastructure development and reform on economic issues.

Through two of its organization in 2017 and 2018, VEF has identified the most important and urgent objectives that need to focus on exploiting in existing economic problems.

Step by step, consolidating the foundation of sustainable growth is the main content to be discussed at the VEF 2019, which was organised by the Government of Vietnam in coordination with the Party Central Committee's Economic Commission in Hanoi on January 16 and 17. As one of the main organisational coordinators, the Australian Program to support Vietnam's economic reform (Aus4Reform Program) will continue to accompany the third VEF.

VEF 2019 is expected to attract over 2,000 internal and domestic delegates, especially with the attendance of Prime Minister Nguyen Xuan Phuc and Head of the Party Central Committee's Economic Commission Nguyen Van Binh.

Besides that, the participation of senior economic experts from Vietnam, Japan, South Korea, Indonesia, Thailand, Philippines, Malaysia, etc,  international organizations as International Monetary Fund, World Bank, Asian Development Bank, Organization for Economic Co-operation and Development, Japan Bank for International Cooperation, Infrastructure and Project Financing Agency, Finance Ministry of Indonesia, Thai Ministry of Finance, Finance Ministry of Vietnam and PwC Company.

According to Ngo Van Tuan, Deputy Head of the Party Central Committee's Economic Commission: “The Vietnam Economic Forum in 2019 is expected to provide assessments on Vietnam’s current economical situation and prospects in the medium term, especially the opportunities, difficulties and challenges, alongside recommendations and policy proposals with scientific and practical values to serve as a basis for the Party, the National Assembly and the Government of Vietnam to consider in the process of perfecting institutions and leading and managing the economy in a rapid, sustainable, creative and inclusive manner”. 

Building synchronous infrastructure system

On the morning of January 16^th , at the seminar on “Infrastructure Development, Financing and Governance  in Asia” Deputy Minister of Planning and Investment Mr.Vu Dai Thang emphasized: Vietnam's socio-economic development strategy for the period of 2011-2020 has determined: "Construction of a synchronous infrastructure system, with a number of modern projects, focusing on the transportation system and large urban infrastructure ” is one of 3 strategic breakthroughs.

In order to achieve the goals of synchronous infrastructure development in the coming time, including major transportation projects such as the North - South expressway to the east, Long Thanh international airport, North-South high-speed railway, beside that continue to complete electricity construction, large urban infrastructure, adapting irrigation to climate change and others infrastructure...  At the same time, proposing comprehensive solutions, including proposals on mechanisms and policies for management and mobilization of investment capital is urgent issues for Vietnam in current.

Ministry of Planning and Investment highly appreciates The International Monetary Fund, International Financial Institutions such as WB, ADB, AFD, JBIC, JICA..., and organizations of South Korea, Japan... and research institutes such as KDI -PIMAC, as well as international consultants and experts, are continuing to support the Government of Vietnam in research and evaluation, in addition to the completion of legal regulations on public investment and in PPP investment form. This valuable support has contributed.

Deputy Minister Thang emphasized: “This valuable support has contributed to improving the mechanism for governance and the efficiency of public investment, especially studies and innovation on renewed capital mobilisation for infrastructure with recommendations on risk allocation for stakeholders. In addition, the discussion outcomes of the international experts will be valuable lessons for Vietnam in the process of investing in infrastructure development in the future”.