Quang Ninh, November 29, 2024 – Two hundred delegates from central and local agencies, international organizations, businesses, and financial and economic experts from Vietnam and abroad participated in the 7th Vietnam Finance Forum to discuss and share ideas on boosting aggregate demand, improving the investment environment, and supporting the sustainable development of enterprises in Viet Nam.

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 Viet Nam, co-funded by European Union (EU) and German Government. The forum provides a platform for policymakers, managers, and experts to share ideas for 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, advising 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 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 supported 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 Viet Nam 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 forum's success will contribute to improving the national financial policy framework and address pressing economic and financial issues.

Additional information for journalist:
This year’s finance forum is held in the context of ongoing global economic uncertainties. While there are signs of global economic recovery in 2024, it remains uneven and fraught with risks such as volatile USD, gold, crude oil, and commodity prices; inflation levels not yet meeting targets in many countries; and persistent high unemployment rates in major economies. Despite these challenges, Vietnam's economy continues to recover, thanks to the concerted efforts of the government, local authorities, the business community, and citizens. In the first nine months of 2024, Viet Nam achieved a growth rate of 6.82%, with the Consumer Price Index (CPI) increasing by 3.88% year-on-year.

However, Vietnam's open economy remains vulnerable to global economic developments, impacting aggregate demand through exports, investments, and consumption. Challenges persist in production and business activities, with high production costs and a slowdown in domestic purchasing power. For instance, the General Statistics Office reported a trade surplus of $23.31 billion for the first 10 months of 2024, down from $24.8 billion in the same period in 2023. Realized foreign direct investment reached $19.58 billion, an increase of just $1.58 billion year-on-year. Retail sales of goods and services totaled approximately VND 5,246.2 trillion, up 8.5% from the previous year but slower than the 9.8% growth in 2023. Meanwhile, 173,200 businesses exited the market, an 18.4% increase compared to the previous year, averaging 17,300 businesses per month.

For more information, please contact:
Ministry of Finance
Mr. Ngô Xuân Thanh, Deputy Head of Financial Information Department, 
Institute of Financial Strategy and Policy
Email: ngoxuanthanh@mof.gov.vn Mob: 0986223356

UNDP Viet Nam
Ms. Phan Hương Giang, Media and Communications Analyst, Climate Change and Environment, 
Email: phan.huong.giang@undp.org Mob: 0948466688

EU Delegation in Viet Nam 
Ms. Viên Ngọc Bích, Press and Communications Officer 
Email: bich.vien@eeas.europa.eu Mob: 024-39461783

GIZ
Ms. Nguyễn Ngọc Anh, Communications Officer
Email: anh.nguyenthi3@giz.de Mob: 0917816988