Decisive actions needed to revive economy

Saigon Investment held its first interview after Tet Lunar New Year with Mr. Nguyen Chi Dung, Minister of Planning and Investment, to understand his views on the future of the economy. 
Mr. Dung pointed out the importance of time, and that at this time no opportunity should be missed if we are to succeed in our efforts to return back to a state of normalcy. He added that we must act now in a very forceful and decisive manner, so as not to miss even the smallest opportunity and make effective breakthroughs so as not to lag behind in any way.

JOURNALIST: -  Sir, in the economic recovery plan for 2022, the role of the Ministry of Planning and Investment is very important in coordinating effective implementation of this plan. What solutions has your Ministry suggested?

Mr. NGUYEN CHI DUNG:  - The year 2022 is a very important year for all of us. Any breakthrough development in 2022 will create the foundation as well as a favorable momentum for the country's future development plans. This will be of most significance for the five-year plan from 2021 to 2025, and for the ten-year strategy from 2021 to 2030 with a vision upto 2045.

The Ministry of Planning and Investment has implemented Resolution 01/NQ-CP of the Government on the main tasks and solutions for the implementation of the socio-economic development plan and the state budget estimate in 2022, with a firm spirit for strong initiative, dynamism, creativity, innovation, flexibility, and action, creating a solid premise for the whole period from 2021 to 2025. We are recognizing the importance and significance of 2022, and are promoting the motto "Effective Recovery, Sustainable Development".

With a long-term and focused vision in making decisions to direct and run the country, the challenges of the Covid-19 pandemic will soon be forgotten and opportunities for Vietnam's economy will rise again for us to achieve our five-year goal, as well as the one for the next ten years. I have a firm belief in a stronger recovery of Vietnam's economy in 2022. Our economy will quickly return back to normalcy, with the expected growth.

-  Sir, what do we need to do to successfully implement the goals set out in the Document of the 13th Party Congress?

-  In 2022, we must focus our efforts, resources, and time to effectively prevent the Covid-19 pandemic from spreading. This is one of the most important tasks. Along with this, we must create the most favorable conditions for people and businesses to recover production at the soonest, and also create conditions and resources for further pandemic prevention. These are tasks that always go hand in hand and need to be implemented precisely and timely. Accordingly, in 2022, we need to take advantage of the signed Free Trade Agreements (FTAs), as well as take full advantage of our golden population period, restructure the trade order, and increase our international investment capital.

In 2022 we need to urgently implement effective policies and solutions for socio-economic recovery and development; rapidly develop production and businesses, especially the important and essential industries and fields; restore production, supply and labor chains, promote growth drivers, and ensure social security for the people. Attention must be paid to the stage of implementation and the set objectives and orientations must be transformed into specific solutions, actions, lists of tasks, schemes and projects, with a lead agency in charge within an estimated implementation time. The implementation process must be synchronous, fast, and efficient, promoting the proactive role and accountability of the lead agency with the assigned tasks.

We also need to focus on speeding up the implementation of important infrastructure projects, mobilizing investment resources for development, promoting the leading role of public investment, clearing bottlenecks, stimulating all legal resources of society, especially public-private cooperation; continue to focus on institutional reform and administrative reform; improve the business investment environment and support enterprises; and also promote the implementation of the program to support digital transformation for a maximum number of enterprises.

-  Sir, despite many difficulties, in 2021 Vietnam still attracted USD31.15 bn of registered capital, up 9.2% compared to 2020, and disbursement of FDI projects reached USD19.74 bn, same as previous years. How did we get this result and what is your forecast for 2022?

- The most important reason for this is that foreign investors continued to put their faith in the stability, sustainability, and long-term development potential of the Vietnamese economy, because they see strong development opportunities in Vietnam. There were times when we were concerned about a decline in FDI inflow, but with comprehensive solutions to fight the pandemic and also restore the economy and create better conditions for investors, we had a successful year in attracting more FDI.

Last year, FDI was successful not only in quantity but also in quality when there were more billion-dollar projects, such as the Long An I and II LNG Power Plant project from Singapore, with a total registered capital of over USD3.1 bn; the O Mon II power plant from Japan that has a total registered capital of USD1.31 bn; and the capital increase project of LG Display Hai Phong with a total capital increase of USD2.15 bn.

Seeing the successful foundation of 2021, I believe that in 2022 and the following years, FDI inflow will continue to choose to come to Vietnam, not only because of the inherent advantages of the economy but also because of advantageous mechanisms and effective policies. Vietnam's new policy in attracting foreign investors has caught up with the current development trend that requires us to be internationally competitive.

- Thank you very much!

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