Oil crisis in 2022 and some experiences and policy solutions for Vietnam
On August 11, the University of Social Sciences and Humanities (University of Social Sciences and Humanities) coordinated with the Konrad-Adenauer-Stiftung Foundation (KAS) to organize the Seminar: “Oil shock: Impacts and mitigation strategies Risks – Policy Implications for Vietnam”. Attending the Seminar, on the side of the University of Social Sciences and Humanities, there were Assoc. Prof. Dr. Lai Quoc Khanh (Vice Rector), Prof. Dr. Hoang Khac Nam (Dean of the Faculty of International Studies) and a large number of staff, lecturers and researchers from the Faculty. International Studies and other faculties in the school. On the side of KAS Foundation, there was Mr. Florian Feyerabend, Chief Representative of KAS Foundation in Vietnam.
The seminar attracted the attention, participation in presentations and discussions of experts from the Institute of World Economics and Politics, Vietnam Academy of Social Sciences; German Institute for International and Security Studies; Institute of Strategy and Policy of Industry and Trade (Ministry of Industry and Trade),...
Assoc. Prof. Dr. Lai Quoc Khanh gave a welcome speech: it can be said that in the past few days in the world as well as in Vietnam, the price of oil has increased "gallopingly", creating "shocks" and having a significant impact. to the economies of countries around the world as well as to the lives of individuals. Because until now, oil is still an important source of raw materials, affecting many fields. Vice President Lai Quoc Khanh highly appreciated the idea of organizing this scientific conference because this is really a topical topic, which is interested and participated by experts in many fields; At the same time, thank you for your cooperation,
Mr. Florian Feyerabend, Chief Representative of KAS Fund in Vietnam, shared: The oil crisis is not simply a shortage of a raw material source, pushing the world oil price to a new historical high. profoundly to the global economy, especially the recovery of countries after the Covid pandemic. The symposium of the School of Humanities with the participation of many speakers, experts in economics, policy makers, will share many contents about the impact of this situation in countries around the world, they What policies have been in place to deal with this "shock", as well as what experiences for Vietnam. The Chief Representative of the KAS Foundation in Vietnam also affirmed that: the University of Social Sciences and NV has always accompanied and effectively coordinated with the Fund in the past time and in this event in particular. In the coming time, the two sides will plan to deploy more activities to make the cooperation relationship closer and more effective.
The participants presented 3 presentations: Dr. Bui Ngoc Son (Institute of World Economy and Politics, Vietnam Academy of Social Sciences) with the presentation: Changes in the oil market and forecasts on the oil market. the current oil price shock; Prof. Dr. Heribert Dieter (German Institute for International and Security Studies): Impacts from a series of shocks: High fuel prices and rising interest rates create negative impacts on the micro-economy; Dr. Dr. Vuong Quang Luong made a summary on: Factors affecting oil price fluctuations and some policy recommendations for operating and stabilizing the petroleum market in Vietnam.
Around the topic of the Seminar and after listening to the speakers' presentations, the participants made many comments and exchanged very lively: the world has experienced energy crises, Oil prices set a peak (like in 2013 reaching nearly $ 150 / barrel), but there are times when it drops to very low levels, due to the impact of many factors: politics, economics, science and technology, trade. ... in which the political factor decreases and the economic factor plays an increasingly large role. High energy prices and rising interest rates create very negative effects on the micro-economy, European countries as well as countries are having fierce debates about making policies to deal with this problem. dealing with the oil crisis, especially in areas of high demand during severe winters; Many countries fell into inflation, ..
However, the reality is that the world is changing in the direction of reducing factors that can push prices to continue to set new highs: OPEC reduces monopoly; kerosene is no longer a monopolistic energy; Shale oil and the role of the US, alternative sources of raw materials are used more and more effectively, so the world is gradually less dependent on petroleum raw materials, oil prices will not be able to continue to escalate. , so we don't need to worry too much about the "shock" happening today. Many countries are also having strategies to reduce the rate of oil use: replacing green, clean energy sources, vehicles and machines using energy saving.
"It can be said that the oil crisis has a strong impact, upsetting the economic situation and life of each people, but it can be seen that this is also an "opportunity". Because it makes the world stronger and more aggressive in finding radical solutions to get rid of too much dependence on oil; find many alternative energy sources, green energy; ... And also one of the very valuable lessons for Vietnam: many years without oil reserves, fluctuations in oil will have a great impact on the economy. country people's lives; opportunity to change the structure of the economy, take advantage of this opportunity to change and accelerate the field of innovation and creativity, ... ", Dr. Bui Quang Tuan (Vietnam Institute of Economics) shared.
Summarizing the seminar, Prof. Hoang Khac Nam very much thanks for the enthusiastic participation in the exchange, giving many interesting ideas of the speakers and researchers. Through the discussion, it was shown that: The story of oil and oil prices is a world problem, it affects the whole world, affects the lives of each people, affects all fields and aspects of the economy. economic and social influences. The consequences behind are huge: inflation, employment, political stability. Oil is sometimes not only a commodity but also a political tool. In 2022, the story of the oil crisis appeared at a time when the world was suffering from the consequences of the epidemic, the Russian-Ukrainian war, etc., making it heavier and more impactful. In the comments, the forecast of oil prices in the medium and long term was given, and at the same time, some overall solutions were mentioned: less dependence on oil sources; economical and efficient use; institutional and policy stories; encourage and invest in science and technology; oil reserves. There are some comments that give interesting suggestions and assessments: the oil price crisis also created some lessons and opportunities for Vietnam. From the unexpected success of this seminar, Prof. Hoang Khac Nam once again thanks the KAS Foundation and looks forward to continuing to receive the support and closer cooperation of the Foundation to be able to carry out many research activities. scientific research, seminars, and talks in the coming time. At the same time, some overall solutions were mentioned: less dependence on oil sources; economical and efficient use; institutional and policy stories; encourage and invest in science and technology; oil reserves. There are some comments that give interesting suggestions and assessments: the oil price crisis also created some lessons and opportunities for Vietnam. From the unexpected success of this seminar, Prof. Hoang Khac Nam once again thanks the KAS Foundation and looks forward to continuing to receive the support and closer cooperation of the Foundation to be able to carry out many research activities. scientific research, seminars, and talks in the coming time. At the same time, some overall solutions were mentioned: less dependence on oil sources; economical and efficient use; institutional and policy stories; encourage and invest in science and technology; oil reserves. There are some comments that give interesting suggestions and assessments: the oil price crisis also created some lessons and opportunities for Vietnam. From the unexpected success of this seminar, Prof. Hoang Khac Nam once again thanks the KAS Foundation and looks forward to continuing to receive the support and closer cooperation of the Foundation to be able to carry out many research activities. scientific research, seminars, and talks in the coming time. encourage and invest in science and technology; oil reserves. There are some comments that give interesting suggestions and assessments: the oil price crisis also created some lessons and opportunities for Vietnam. From the unexpected success of this seminar, Prof. Hoang Khac Nam once again thanks the KAS Foundation and looks forward to continuing to receive the support and closer cooperation of the Foundation to be able to carry out many research activities. scientific research, seminars, and talks in the coming time. encourage and invest in science and technology; oil reserves. There are some comments that give interesting suggestions and assessments: the oil price crisis also created some lessons and opportunities for Vietnam. From the unexpected success of this seminar, Prof. Hoang Khac Nam once again thanks the KAS Foundation and looks forward to continuing to receive the support and closer cooperation of the Foundation to be able to carry out many research activities. scientific research, seminars, and talks in the coming time.
Assoc. Prof. Dr. Lai Quoc Khanh gave a welcome speech: it can be said that in the past few days in the world as well as in Vietnam, the price of oil has increased "gallopingly", creating "shocks" and having a significant impact. to the economies of countries around the world as well as to the lives of individuals. Because until now, oil is still an important source of raw materials, affecting many fields. Vice President Lai Quoc Khanh highly appreciated the idea of organizing this scientific conference because this is really a topical topic, which is interested and participated by experts in many fields; At the same time, thank you for your cooperation,
Mr. Florian Feyerabend, Chief Representative of KAS Fund in Vietnam, shared: The oil crisis is not simply a shortage of a raw material source, pushing the world oil price to a new historical high. profoundly to the global economy, especially the recovery of countries after the Covid pandemic. The symposium of the School of Humanities with the participation of many speakers, experts in economics, policy makers, will share many contents about the impact of this situation in countries around the world, they What policies have been in place to deal with this "shock", as well as what experiences for Vietnam. The Chief Representative of the KAS Foundation in Vietnam also affirmed that: the University of Social Sciences and NV has always accompanied and effectively coordinated with the Fund in the past time and in this event in particular. In the coming time, the two sides will plan to deploy more activities to make the cooperation relationship closer and more effective.
The participants presented 3 presentations: Dr. Bui Ngoc Son (Institute of World Economy and Politics, Vietnam Academy of Social Sciences) with the presentation: Changes in the oil market and forecasts on the oil market. the current oil price shock; Prof. Dr. Heribert Dieter (German Institute for International and Security Studies): Impacts from a series of shocks: High fuel prices and rising interest rates create negative impacts on the micro-economy; Dr. Dr. Vuong Quang Luong made a summary on: Factors affecting oil price fluctuations and some policy recommendations for operating and stabilizing the petroleum market in Vietnam.
Around the topic of the Seminar and after listening to the speakers' presentations, the participants made many comments and exchanged very lively: the world has experienced energy crises, Oil prices set a peak (like in 2013 reaching nearly $ 150 / barrel), but there are times when it drops to very low levels, due to the impact of many factors: politics, economics, science and technology, trade. ... in which the political factor decreases and the economic factor plays an increasingly large role. High energy prices and rising interest rates create very negative effects on the micro-economy, European countries as well as countries are having fierce debates about making policies to deal with this problem. dealing with the oil crisis, especially in areas of high demand during severe winters; Many countries fell into inflation, ..
However, the reality is that the world is changing in the direction of reducing factors that can push prices to continue to set new highs: OPEC reduces monopoly; kerosene is no longer a monopolistic energy; Shale oil and the role of the US, alternative sources of raw materials are used more and more effectively, so the world is gradually less dependent on petroleum raw materials, oil prices will not be able to continue to escalate. , so we don't need to worry too much about the "shock" happening today. Many countries are also having strategies to reduce the rate of oil use: replacing green, clean energy sources, vehicles and machines using energy saving.
"It can be said that the oil crisis has a strong impact, upsetting the economic situation and life of each people, but it can be seen that this is also an "opportunity". Because it makes the world stronger and more aggressive in finding radical solutions to get rid of too much dependence on oil; find many alternative energy sources, green energy; ... And also one of the very valuable lessons for Vietnam: many years without oil reserves, fluctuations in oil will have a great impact on the economy. country people's lives; opportunity to change the structure of the economy, take advantage of this opportunity to change and accelerate the field of innovation and creativity, ... ", Dr. Bui Quang Tuan (Vietnam Institute of Economics) shared.
Summarizing the seminar, Prof. Hoang Khac Nam very much thanks for the enthusiastic participation in the exchange, giving many interesting ideas of the speakers and researchers. Through the discussion, it was shown that: The story of oil and oil prices is a world problem, it affects the whole world, affects the lives of each people, affects all fields and aspects of the economy. economic and social influences. The consequences behind are huge: inflation, employment, political stability. Oil is sometimes not only a commodity but also a political tool. In 2022, the story of the oil crisis appeared at a time when the world was suffering from the consequences of the epidemic, the Russian-Ukrainian war, etc., making it heavier and more impactful. In the comments, the forecast of oil prices in the medium and long term was given, and at the same time, some overall solutions were mentioned: less dependence on oil sources; economical and efficient use; institutional and policy stories; encourage and invest in science and technology; oil reserves. There are some comments that give interesting suggestions and assessments: the oil price crisis also created some lessons and opportunities for Vietnam. From the unexpected success of this seminar, Prof. Hoang Khac Nam once again thanks the KAS Foundation and looks forward to continuing to receive the support and closer cooperation of the Foundation to be able to carry out many research activities. scientific research, seminars, and talks in the coming time. At the same time, some overall solutions were mentioned: less dependence on oil sources; economical and efficient use; institutional and policy stories; encourage and invest in science and technology; oil reserves. There are some comments that give interesting suggestions and assessments: the oil price crisis also created some lessons and opportunities for Vietnam. From the unexpected success of this seminar, Prof. Hoang Khac Nam once again thanks the KAS Foundation and looks forward to continuing to receive the support and closer cooperation of the Foundation to be able to carry out many research activities. scientific research, seminars, and talks in the coming time. At the same time, some overall solutions were mentioned: less dependence on oil sources; economical and efficient use; institutional and policy stories; encourage and invest in science and technology; oil reserves. There are some comments that give interesting suggestions and assessments: the oil price crisis also created some lessons and opportunities for Vietnam. From the unexpected success of this seminar, Prof. Hoang Khac Nam once again thanks the KAS Foundation and looks forward to continuing to receive the support and closer cooperation of the Foundation to be able to carry out many research activities. scientific research, seminars, and talks in the coming time. encourage and invest in science and technology; oil reserves. There are some comments that give interesting suggestions and assessments: the oil price crisis also created some lessons and opportunities for Vietnam. From the unexpected success of this seminar, Prof. Hoang Khac Nam once again thanks the KAS Foundation and looks forward to continuing to receive the support and closer cooperation of the Foundation to be able to carry out many research activities. scientific research, seminars, and talks in the coming time. encourage and invest in science and technology; oil reserves. There are some comments that give interesting suggestions and assessments: the oil price crisis also created some lessons and opportunities for Vietnam. From the unexpected success of this seminar, Prof. Hoang Khac Nam once again thanks the KAS Foundation and looks forward to continuing to receive the support and closer cooperation of the Foundation to be able to carry out many research activities. scientific research, seminars, and talks in the coming time.
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