AmCham President Important prerequisites to help Vietnam's economy rebound strongly

DNHN - The recovery of tourism, the promotion of exports, and the construction of significant infrastructure... are crucial mechanisms that will help the Vietnamese economy recover rapidly shortly.

According to John Rockhold, President of the American Chamber of Commerce (AmCham) Vietnam and President of AmCham Hanoi, Vietnam's economy faced numerous challenges in the first quarter of the past year, including rising inflation and a decline in trade with major partners such as Europe, China, and the United States.

The projected GDP growth rate for Vietnam in 2023 is 6.5%, which is lower than in 2022. However, in comparison to other nations, this development rate is relatively rapid.

The Vietnamese government has made significant efforts and achieved success in maintaining low petroleum prices, regulating inflation, preventing pandemics, and restoring normalcy to all activities.

During the first quarter of the previous year, tourism was a particular shining point in Vietnam's economic recovery. In the first quarter of 2023, roughly 2.7 million international visitors visited Vietnam, a 29.7-fold increase over the same period in 2022.

Additionally, the opening of China, Vietnam's greatest tourist supply market before COVID-19, will be a "spike" for Vietnam's tourism development in particular and the Vietnamese economy as a whole.

Mr. John Rockhold stated, about Vietnam's exports in the final months of the year and the years to come, that the export of agricultural products remains Vietnam's strength, including major export items such as seafood, prawns, and citrus. In recent years, textile and footwear exports have also shown evidence of improvement.

While waiting for the global economy to recover, Vietnam should implement measures to promote the growth of the high-tech industry, which is regarded as the engine and core of socioeconomic development.

Mr. John Rockhold expressed his optimism that several significant infrastructure projects and the export of agro-forestry-fishery products will be implemented in the second half of 2023 when the global economy will exhibit positive signals. A high growth rate will assist Vietnam in achieving the expected 6.5% GDP growth rate.

Promoting a green economy: A fundamental strategy for attracting new-generation FDI

Mr. John Rockhold admired the government's emphasis on the implementation of infrastructure projects, including the upgrading of infrastructure at wharves, roads, and energy supply. Vietnam will receive a significant amount of foreign direct investment (FDI) as a result.

Vietnam requires 146 billion USD by 2030 to develop renewable and sustainable energy in the energy sector. The majority of this source of funding originates from foreign direct investment. Therefore, Vietnam must still exert considerable effort to assure readiness to promote the efficacy of investment projects, including FDI, in the direction of a green economy and green growth.

In recent years, the Vietnamese government has issued numerous mechanisms and policies to encourage the development of renewable energy sources, through the development of a sustainable green economy and international commitments.

Recently, at the Vietnam Business Forum (VBF), the Government listened to solutions and suggestions from foreign enterprises, including AmCham. Specifically, the government was determined to reduce costs and create the most favorable conditions for businesses to contribute to green economic development while rejecting unsustainable growth.

To attract more FDI in the future, it will be even more essential for the provincial government to comprehend foreign investors' requirements and desires, particularly the demand for energy sources. Green and pristine.

According to Mr. John Rockhold, Vietnam must develop green economic zones and industrial zones, manage pollution in the direction of a green circular economy, and construct green buildings. The Vietnamese government acted swiftly and decisively, permitting these economic and industrial zones to establish their own renewable energy and green energy programs to attract capital. Fresh FDI.

In addition to developing renewable energy, Vietnam must concentrate on educating its personnel in solar energy, wind energy, and energy storage technologies.

"Recently, the Prime Minister issued an order to eliminate obstacles and advance the piloting of the direct electricity purchase and sale mechanism, which includes the IPP (independent power source project) power project. This has a significant impact. This is the ideal policy and regulation to help Vietnam attract significant foreign investment in the electricity sector "the AmCham Chairman emphasized.

According to the Government Electronic Publication Thuy Dung