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Economic experts and scientists gathered in Ha Noi yesterday to discuss measures to mitigate the impacts of the global economic crisis on Viet Nam’s economy.

Many delegates agreed that the crisis would continue and that its impacts on the country’s economy would only worsen.

Viewing stimulus policies from other countries and Viet Nam’s measures to cope with the impacts of the crisis, deputy chief of the Party Centre Committee (PCC)’s Office Dr Nguyen Huu Tu said there was a need to increase State investments, together with boosting public consumption and reducing difficulties for businesses to adjust to related policies.

Direct support

He said that it would be pivotal to select specific disadvantaged sectors to effectively generate jobs and to avoid massive support programmes.

The State should directly support businesses by supporting workers, effectively implementing administrative reform-related policies and cutting down on expenses for businesses, he said.

It should also adjust the economic structure, increase investments for the education and health sectors and adopt policies supporting farmers through the provision of credits to help promote rural technology, Tu added.

He said it would be essential to increase inspections and supervision of these measures and policies.

Analysing Viet Nam’s economy amid the 2008-09 financial storm, Dr Vuong Hoang Quan said that resolute direction from high-ranking leaders, co-operation between relevant ministries and agencies and active support of the media were key factors to help stabilise the market.

Dr Nguyen Xuan Kien said that it was necessary to renew management methods to raise the competitiveness of the country’s economy.

Together with other countries in the region, Viet Nam has suffered many impacts from the global economic crisis, particularly in the fields of commerce, foreign investment, currency, social security and jobs, said chief of the PCC’s Office Ngo Van Du.

To deal with these impacts, the Party, Government and National Assembly had issued a resolution on drastic measures to prevent economic decline, keep economic growth and ensure social security, he said.

These measures focused on boosting production and exports, promoting investment and consumption, adopting flexible monetary policies and actively managing forecasts and analytical tasks.

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