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Thursday, July 8, 2021 15:22

Workshop: "Market developments, prices in Vietnam in the first 6 months and forecast for the whole year 2021"
On the morning of July 2, 2021, in Hanoi, the Institute of Economics and Finance - Academy of Finance held a scientific conference with the theme: “Market developments, prices in Vietnam in the first 6 months and forecast for the whole year 2021”.

At the opening of the seminar, Assoc. Prof. Truong Thi Thuy - Deputy Director of the Academy of Finance said: The world economic situation in the first 6 months of 2021 took place in the context of the economy gradually recovering, some countries has stepped up the vaccination against Covid-19 and has achieved initial results, developed countries gradually reopened ... Global GDP in 2021 is forecasted to grow well compared to the previous year 2020 (according to reports published in April and May 2021, the International Monetary Fund - IMF forecasts to grow by 6.0%, the World Bank - WB  forecasts to increase by 5.6%, the Organization for Economic Cooperation and Development - OECD forecasts to increase by 5.8%...). Global trade continues to recover (WTO's May 28, 2021 report forecasts global trade to increase by 8.3% in 2021 and 6.3% in 2022), world commodity prices tend to increase, inflation, financial risks increase in some major economies, affecting investment, production, import and export, etc…

Assoc. Prof. Truong Thi Thuy - speaking at the opening of the seminar

In that context, the Vietnamese Party and Government promptly issued many important Directives and Resolutions and directed departments and levels to implement drastically such as: Resolution No. 01/NQ-CP dated 01 January 2021 on the main tasks and solutions to implement the socio-economic development plan and the State budget estimate in 2021; Resolution No. 02/NQ-CP dated January 1, 2021 on continuing to perform the main tasks and solutions to improve the business environment and enhance national competitiveness in 202; Decree No. 52/2021/ND-CP dated April 19, 2021 of the Government on extending the deadline for payment of value-added tax, corporate income tax, personal income tax and land rent in 2021... These timely solutions have made an important contribution to creating a positive change in the country's economic development: GDP in the first 6 months of 2021 is estimated to increase by 5.64% compared to the same period in 2020 (higher than the growth rate of 1.82% of the first 6 months of 2021 but lower than the growth rate of 7.05% and 6.77% of the same period in 2018 and 2019); Average CPI in the first 6 months of 2021 increased by 1.47% compared to the average of the same period in 2020, this is an increase only higher than the average of the same period in 2015, but much lower than the average CPI increase of 6 months of the remaining years in the period from 2011 to 2020; Average core inflation in the first 6 months of 2021 increased by 0.87% compared to the average of the same period in 2020 (much lower than this target of the years 2017 - 2020).

The whole of the workshop

Under the chairmanship of Assoc. Prof. Nguyen Ba Minh - Director of Institute of Economics and Finance, Mr. Dang Cong Khoi - Deputy Director of Department of Price Management, Ministry of Finance. The conference focused on discussing key issues such as:

1. Market movements, prices during the previous time, especially the complicated impact of the Covid-19 pandemic and forecast in the up-coming time.

2. Hot issues that have changed the market and prices of Vietnam in the first 6 months of 2021 such as: Price fluctuations of many types of raw materials, fuels and materials on the world market; Food price fluctuations in Vietnam in the context of social distancing to combat Covid-19 and African swine fever continue: The problem of Vietnam's consumption of goods in the face of unpredictable international market movements (Rice, Coffee, Rubber, Steel, Petrol...)

3. Proposing solutions to manage, operate and stabilize prices, organize the market in accordance with current conditions of Vietnam.

The presentation of Assoc. Prof. Nguyen Ba Minh - Director of Institute of Economics and Finance

Mr. Vu Vinh Phu - Economic expert - presented at the workshop

Assoc. Prof. Dr. Ngo Tri Long - Economic expert - Presenting via Zoom meeting software

The workshop received 35 papers published in the conference proceedings and many opinions discussed directly at the workshop. Speaking at the closing of the Conference, Assoc. Prof. Nguyen Ba Minh highly appreciated the presentations and comments at the Conference as solid scientific and practical bases for forecasting and proposing solutions to contribute to controlling inflation and stabilizing the market, promoting economic growth in the coming years.

The reports and comments at the Conference are compiled and stored at the Science and Training Department, Institute of Economics - Finance.

The conference ended at 12.00pm on the same day.

Source: Institute of Economics and Finance

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