Hanoi (VNA) – Assisting people who lost their jobs in both formal and informal sectors should be the top priority in helping the nation to overcome COVID-19 impacts, experts said at a workshop held in Hanoi on March 31 to discuss solutions to post-pandemic recovery.
They said cost assistance to affected firms should come next, while incompatible support policies should be redesigned.
According to the experts, it is cautious to take a loosening monetary policy in terms of scale and duration, especially when economic activities are bustling again, while the fiscal policy should be efficient and support those in need.
They recommended Vietnam to persevere with its long-term reforms to improve the foundation of its macro-economy, in addition to the current short-term policies to mitigate COVID-19 impacts.
Jacques Morisset, World Bank Lead Economist and Program Leader for Vietnam, said the country has so far placed the COVID-19 pandemic under control and turned it into opportunities.
The country has increased its presence in the global trade, pushed for faster digital transformation, and better pursued green technologies, among others.
However, he noted the pandemic has caused new risks of damage for the nation.
Associate Prof. Dr. To Trung Thanh , from the Vietnam Economics University (NEU), said although the Government has promptly issued policies in launching its first support package to rescue some economic sectors and those most severely affected, recent complicated developments of the pandemic will have a comprehensive and severe impact on the economy.
It requires the Government to consider a new package with a larger scale and broader coverage this year and even beyond to sustain economic development and prepare for the recovery phase, he added.
The workshop was co-organised by the NEU, the National Assembly’s Economic Committee, and the Vietnamese-based startup and innovation network V-startup. It offered an overall review of the Vietnamese economy last year, assessed the Government’s policies in response to the pandemic, and recommended suitable solutions for post-pandemic recovery.
On the occasion, the NEU introduced its publication on the annual economic assessment for Vietnam in 2020./.