Promoting aggregate demand and support economic development through finance policy

Friday, 29/11/2024 20:44
(CPV) - 200 delegates from central and local agencies, international organizations, businesses, financial and economic experts from Vietnam and abroad participated in the 7th Vietnam Finance Forum on November 29th 2024 in Quang Ninh to discuss and share ideas on boosting aggregate demand, improving the investment environment, and supporting the sustainable development of enterprises in Vietnam.
Deputy Minister of Finance Bui Van Khang (Source: UNDP)

The Vietnam Finance Forum 2024 with the theme "Financial Policy to Promote Aggregate Demand and Support Economic Development” is organized by the Vietnam Ministry of Finance, in collaboration with the United Nations Development Programme (UNDP) and GIZ, via the project Strengthening Public Financial Management in Vietnam, co-funded by European Union (EU) and German Government. The forum provides a platform for policymakers, managers, and experts to share ideas towards developing a sustainable and prosperous Vietnamese economy.

Deputy Minister of Finance Bui Van Khang shared: "The Finance Forum serves as a platform for scientists, managers, and experts from Vietnam and abroad to exchange insights and discuss the global and domestic financial-economic landscape. With the expertise of distinguished participants, I believe that the forum is poised to generate innovative and groundbreaking financial solutions. These contributions aim to support the Ministry of Finance, advise the Government and the Prime Minister on developing and implementing fiscal policies that foster short-term economic growth while laying the foundation for comprehensive economic reform in the future."
The forum comprises two main discussion sessions: Session 1: "Financial Policy to Promote Aggregate Demand" will analyze the challenges faced by fiscal policies in stimulating economic demand. Proposed solutions include accelerating the disbursement and enhancing the efficiency of public investment capital, utilizing tax and fee policies to support businesses and stimulate consumption, reforming public financial management to increase budget transparency, and modernizing budget planning and execution processes.

Session 2: "Financial Policy to Drive Enterprise Development" will explore long-term and sustainable development support measures for businesses. Experts will share international experiences in applying artificial intelligence and digital platforms to public financial management and propose policies to improve the investment environment and foster innovation in Vietnamese enterprises.

Mr Patrick Haveman, UNDP Deputy Resident Representative in Vietnam, shared: "UNDP has been a trusted partner of Vietnam for 46 years, working closely with the government to promote inclusive growth, poverty reduction, and resilience against economic challenges. We have been supporting fiscal policy reforms, public financial management, and sustainable finance to establish a financial system that drives growth and ensures equitable benefits for all. UNDP is committed to continuing its support for Vietnam in addressing climate change challenges and achieving a green, sustainable, and equitable transition, including mobilizing public and private financial investments and fostering international partnerships to fulfill the ambitions of the Nationally Determined Contributions (NDC) and achieve net-zero emissions by 2050."

Mr. Gonzalo Serrano de la Rosa, Deputy Head of Cooperation, European Union shared: “Later today, my colleague Felicia Stanescu will talk about the experiences from the EU’s Recovery and Resilience Facility. Based on the mid-term evaluation she will share lessons learned in how far the facility has supported GDP growth against the negative effects of the COVID-19 pandemic and the Russian war against Ukraine. The Recovery and Resilience Facility particularly supports the green and digital transition. Therefore, the 27 EU Member States have lessons learned on how to support businesses. We hope this example from the EU will be interesting and contribute to the discussions.”

Mr Dennis Quennet - Director Sustainable Economic Development, GIZ Vietnam: “This forum presents a great opportunity to discuss enabling financial policies to promote sustainable economic growth in Vietnam, and at GIZ we are delighted to be part of this process. GIZ has a 30-year history of supporting Vietnam in economics and finance, including strengthening public financial management. We will continue to work closely with the Ministry of Finance and other partners in developing the regulatory framework and sharing international best practices on effective management of public resources, which are essential for Vietnam to achieve its economic and sustainability objectives.”

The Vietnam Finance Forum 2024 builds upon the tradition of fora held since 2017, creating a multi-dimensional dialogue space to meet Vietnam's evolving economic and financial development needs. This event provides a vital opportunity to share innovative ideas and policy solutions to foster economic growth, enhance aggregate demand, and develop financial policies that support businesses. The success of the forum will contribute to improving the national financial policy framework and addressing pressing economic and financial issues./.

Khac Kien

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