Experts at the 7th International Conference on Contemporary Issues in Economics, Management and Business argue that Vietnam's long-term sustainable and accelerated economic growth requires relying on supply-side drivers combined with new factors such as green and digital transformations.

The conference, jointly organized by the National Economics University (NEU) and Australian National University (ANU) in Hanoi on October 17-18, Vietnam, aims to foster exchange and research presentations among scholars from various academic fields in economics, business, and management.

Outlining key features of the global economy, Prof. Peter J. Morgan from the Asian Development Bank Institute (ABDI) highlights the relatively strong US economy, while the European economy appears to be growing slightly slower. China's economy, meanwhile, faces challenges related to land and real estate, leading to relatively low consumer demand. While discussions on a Chinese economic stimulus package exist, there are differing opinions on its effectiveness.

In this context, the ABDI representative suggests that Vietnam can maintain relatively stable economic development by implementing necessary and appropriate reforms. In the short term, Vietnam needs to prioritize changes and increased investment in infrastructure to facilitate stronger economic growth.

Furthermore, the rapid development of the digital economy poses a challenge for Vietnam to keep pace. Addressing this requires a strong educational foundation to enhance workforce quality, improve labor specialization, and strengthen financial and digital literacy. This is crucial for increasing Vietnam's average income levels.

Speaking at the conference, Prof. Dr. To Trung Thanh, from the National Economics University, notes that while aggregate demand components have shown better growth than last year, they remain significantly lower compared to the pre-COVID period.

"Perhaps this is the time to focus on supply-side policies and strategies for green economic development, circular economy, digital economy, and digital transformation. These are vital foundations for long-term aggregate supply growth and ensuring better economic growth in the future," he emphasizes.

Alongside digital transformation, speakers underscore the importance of global trends toward green transformation and circular economy in overcoming short-term and long-term economic challenges. Vietnam is currently actively implementing numerous strategies for digital and green economic development.

Prof. Paul Burke from the Australian National University believes that clean energy holds immense potential in the Asia-Pacific region, including Vietnam. Vietnam possesses strong offshore resources for wind energy. However, transitioning to solar and wind energy is only just beginning, he said.