The workshop 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 for Strategic Research and Industry and Trade Policy (Ministry of Industry and Trade),...
Assoc. Prof. Dr. Lai Quoc Khanh delivered a welcome speech: It can be said that in the context of recent days in the world as well as in Vietnam, the price of oil has increased "skyrocketingly", creating "shocks" and significantly affecting the economies of countries around the world as well as the lives of individuals. Because up to 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 discussion because this is truly a topical topic, attracting the attention and participation of experts in many fields; at the same time, he expressed his gratitude for the companionship and support of the Konrad-Adenauer-Stiftung Foundation (KAS) not only in this event but also in many other activities with the University of Social Sciences and Humanities.
Vice Principal Lai Quoc Khanh delivered a welcoming speech
Mr. Florian Feyerabend, Chief Representative of KAS Fund in Vietnam, shared: The oil crisis is not simply a shortage of raw materials, pushing world oil prices to a new peak in history, having a very profound impact on the global economy, especially the recovery of countries after the Covid pandemic. The joint discussion of the University of Social Sciences and Humanities with the participation of many speakers, experts in economics and policy making, will share many contents about the impact of this situation in countries around the world, what policies they have had to deal with this "shock", as well as what experiences for Vietnam. The Chief Representative of KAS Fund in Vietnam also affirmed that: the University of Social Sciences and Humanities has always accompanied and coordinated effectively with the Fund in the past and in this event in particular. In the coming time, the two sides will plan to implement more activities to make the cooperative relationship increasingly closer and more effective.
Mr. Florian Feyerabend (Chief Representative of KAS Foundation in Vietnam) congratulated the effective cooperation between the School and KAS Foundation in the past time.
In his opening speech, Prof. Dr. Hoang Khac Nam (Head of the Faculty of International Studies) shared: 2022 will be an important historical moment, countries around the world will have to focus on solving the serious consequences in all aspects after the Covid pandemic. In recent days, we have witnessed the skyrocketing oil prices having a profound impact on all aspects of social life in the world, affecting each individual. Vietnam is no exception. Therefore, today in this discussion, we look forward to receiving many presentations, comments, and discussions from experts in order to provide general, in-depth views and suggested measures for Vietnam.
Prof. Dr. Hoang Khac Nam and Dr. Le Lena (Faculty of International Studies, University of Social Sciences and Humanities) moderated the discussion.
The delegates presented 3 papers: Dr. Bui Ngoc Son (Institute of World Economics and Politics, Vietnam Academy of Social Sciences) with his paper: Changes in the oil market and forecasts of 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. Vuong Quang Luong gave a summary of: Factors affecting oil price fluctuations and some policy recommendations for managing and stabilizing Vietnam's petroleum market.
Around the topic of the Seminar and after listening to the speakers' presentations, the delegates made many comments and had very lively discussions: the world has experienced energy crises, oil prices peaked (like in 2013, reaching nearly 150$/barrel), but there were times when they fell to very low levels, due to the impact of many factors: politics, economics, science and technology, trade... in which political factors gradually decreased and economic factors played an increasingly large role. High energy prices and rising interest rates created very negative impacts on the micro-economy, European countries as well as other countries are having fierce debates about policies to deal with the oil crisis, especially when demand increased during the harsh winter; many countries fell into a state of inflation,...
The seminar attracted the attention of many researchers and managers in many fields. Speakers presented, commented, and discussed directly in the Hall and via Zoom software.
However, in reality, the world is changing in the direction of gradually reducing the factors that can push prices to continue to set new peaks: OPEC is reducing its monopoly; oil is no longer a monopoly energy; shale oil and the role of the US, alternative sources of raw materials are increasingly used more effectively so the world is gradually less dependent on oil resources, oil prices will not be able to continue to escalate, so we do not need to worry too much about the "shock" that is happening today. Many countries are also having strategies to reduce the rate of oil use: replacing green, clean energy sources, vehicles, and machinery that use energy efficiently.
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It can be said that although the oil crisis has had a strong impact, disrupting the economic situation and the lives of each person, it can also be seen as an "opportunity". Because it makes the world stronger and more determined in finding a fundamental solution to escape from over-dependence on oil; finding many alternative energy sources, green energy;... And it is also a very valuable lesson for Vietnam: for many years there has been no oil reserves, so when oil fluctuates, it will have a huge impact on the country's economy and the lives of the people; an opportunity to change the economic structure, take advantage of this opportunity to change, accelerate the field of innovation, creativity,...", Dr. Bui Quang Tuan (Vietnam Economic Institute) shared.
Summing up the discussion, Professor Hoang Khac Nam was very grateful for the enthusiastic participation and many interesting opinions of the speakers and researchers. Through the discussion, it was shown that: The story of oil and oil prices is a world issue, it affects the whole world, affects the lives of every citizen, affects all fields and aspects of the economy and affects politics and society. 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 the right time when the world was suffering the consequences of the epidemic, the Russia-Ukraine war, ... making it heavier and more impactful. In the opinions, forecasts were made about oil prices in the medium and long term, and some overall solutions were also proposed: reducing dependence on oil sources; using economically and effectively; institutional and policy stories; encouragement and investment in science and technology; oil reserves. There were some opinions that gave quite interesting suggestions and assessments: the oil price crisis also created some lessons and opportunities for Vietnam. From the unexpected success of this discussion, Professor Hoang Khac Nam once again thanked the KAS Foundation and hoped to continue to receive support and closer cooperation from the Foundation to be able to carry out many scientific research activities, seminars and discussions in the future.
