NA Chairman Vuong Dinh Hue speaks at the forum.

The NA also issued a Resolution to decide on the framework of policies and plans for economic and social development, finance, budget, public debt borrowing and repayment, public investment, and the economic restructuring plan for the 2021-2025 period, he said.

The top legislator also underscored that the Vietnam Business Forum 2021 is expected to provide an opportunity for the NA, along with relevant agencies and organisations, to listen to the opinions of domestic and foreign experts and scientists, Vietnam's development partners, NA deputies from over the years, people, voters, and business communities throughout the country and devise overall solutions for economic recovery and sustainable development.

The forum is set to contribute to institutionalising the Resolution issued at the 13th National Party Congress, the 2021-2030 socio-economic development strategy, and other resolutions of the legislature.

At the event’s plenary session, participants gained an overview of the global economic situation amid the pandemic and put forth several policy recommendations for Vietnam to boost recovery and sustainable development.

Dr Can Van Luc, Chief Economist at the Joint Stock Commercial Bank for Investment and Development of Vietnam (BIDV) and member of the National Financial and Monetary Policy Advisory Council, pointed out that the pandemic has taken a heavy toll on the country’s economy and society, especially in 2021. Without special aid programmes and packages, Vietnam may miss opportunities and lag behind.

Meanwhile, Nguyen Minh Cuong, Chief Economist at the Asian Development Bank (ADB) in Vietnam, said the country posted the fastest growth rate in Southeast Asia in 2020, but the fourth wave of COVID-19 outbreaks has severely affected its economic growth, and the economy is forecast to contract sharpy this year.