2023 is forecast to see many difficulties and challenges but businesses can still access opportunities if they can grasp new trends, tap into new development drivers from the green economy and digital transformation, and attract new investment resources, Standing Deputy Minister of Foreign Affairs Nguyen Minh Vu said in his address to the Vietnam Economic Scenario Forum 2023, co-organized by VnEconomy / Vietnam Economic Times and the Ministry of Foreign Affairs in Hanoi on January 11.

He noted that the global and regional economic environment is forecast to remain complex in 2023, with many unexpected changes, risks, difficulties, and challenges.

The global economy is losing its growth momentum and facing the risk of technical recession, he said, with the International Monetary Fund forecasting that one-third of economies around the world will experience recession this year. Growth drivers such as exports, investment, and consumption are predicted to decline.

Structural transformation will continue to create “impacts” and “restructuring” and shape new principles and new rules in global economic governance.

In addition, the Asia-Pacific region, including Southeast Asia, is assessed as being a center of the global economy and a growth driver as well as a center of connections and new initiatives from many countries.

Deputy Minister Vu said 2023 is viewed as a pivotal year for Vietnam’s five-year 2021-2025 plan and a year to create momentum to fulfill socio-economic development goals by 2030.

He therefore recommended a focus on three matters. Firstly, keeping strategic stability, in which maintaining and strengthening the internal strengths of the economy is important.

Secondly, resolutely maintaining independence and self-reliance in regard to proactive and active international integration on the basis of mastering science and technology and promoting digital transformation. Businesses need to invest more in research and development in market demand and train and retrain workers to improve their position in the global value chain.

Thirdly, it is essential to retain the goal of sustainable development. Policies and plans will be adjusted to reflect the uncertainties in 2023. It is necessary, however, to ensure balance and conformity with short-term and long-term roadmaps.

On that basis, he hopes that participants at the forum will clarify the nature of the global economy in 2023, assess its impact on the local economy and business community, and propose measures to promote new growth drivers, particularly in industrialization and modernization, green transformation, energy transformation, and digital transformation, as well as solutions for businesses.