The "crazy" "innovative" guy

(Baonghean) -Hanoi is entering spring, the north wind is still fierce. We went to the dormitory of the National Economics University to meet Professor Cao Cu Boi, a leading expert on macroeconomics. What could be more interesting than hearing his life and career stories? A crazy "Nghe" with a "brand" has been present in the pioneering group "raising the flag of innovation" since the 80s of the last century.

Mr. "Nghe" does macroeconomics

Professor Cao Cu Boi was born in the year of Binh Ty 1936, his father's hometown was in the old Xuan Vien village, now Dien Binh commune, Dien Chau district, his mother's hometown was in Phi Cam village, Vinh Thanh commune, Yen Thanh district. Far from home, he traveled to many places, many countries, stood in many lecture halls, guided many doctors, masters, sat on many councils related to education, but thinking about his hometown, he still remembers and still feels interesting and strange about the people in his village, although hungry and lacking clothes, almost everyone knows and can write a few sentences in Chinese and French, that is, "know foreign languages", everyone can use folk songs, proverbs, read Kieu in daily speech. According to researcher Ngo Duc Thinh, people of Nghe An, although with a life of "poor but not inferior". Those are the basic steps to carve the very Nghe temperament in him.

Professor Cao Cu Boi. Photo: Ngo Kien

The character and the essence of Nghe An have been so deeply ingrained in him that, through many ups and downs of life, he is still known as a person who "talks strangely" on many issues of "national welfare and people's livelihood". Traveling to many places, integrating with many viewpoints, yet quietly having a "crazy" character, but it is a "crazy" that has been refined and cultivated to contribute to life many things worthy of gratitude. It is also strange that from the poor homeland of Dien Chau, struggling to earn rice grains and sweet potatoes to warm the heart in March and August was difficult, but then "karma" came to him or vice versa, making him leave his hometown at the age of 17 to study a "sky-high" profession: foreign exchange. A profession that was inherently strange to the mostly conservative way of teaching, revolving around Han Nom in a barren countryside but full of passion for learning. Working "straight" through the State Bank of Lang Son, Nghe An, and then passing the Central Bank, he still carries the pure Nghe quality and "sits" in the field of vague concepts of currency, surplus, and inflation. The profession of studying is full of concepts and qualitative factors, and the place to compete is the capital "with horses and carriages like water", but he still creates and affirms his own voice, which is also an example of learning.

Since being sent by the Central Bank to study at the National Economics University in 1960, and then being retained to teach, research, and work as a graduate student and senior trainee in the fields of finance and currency, he has become an active consultant in the specialized fields that he has worked hard to research. From here, among many "hidden dragons and lying tigers", he quietly received and listened to the bustling changes of the times with the ears of a conservative Nghe scholar, but analyzed with the mind of a scholar who knew how to adapt to the times and was sensitive to the world to calmly put forward ideas that were difficult to shake. The story of "raising the flag of innovation" in those years is just one such example.

Returning to this story, it seems that in the heart of the respected economics professor, the enthusiasm to the point of "extremism" has not yet subsided. Explaining the word "extremism", he laughed and said: "It is also a quality of "people's choa". Nowadays, when mentioning the Renovation period, we often mention "Contract 10", which means Resolution 10/NQ-TW on innovation in agricultural economic management. But "Contract 10" was not issued and put into implementation until April 5, 1988. However, one of the pioneering fields to operate according to the market mechanism was the field of seafood export. Even before 1986, a research group surveyed the situation of seafood production in the northern coastal provinces and realized that the need to "break the fence" of fishermen had reached a climax, and he was fortunate to be in that research group. The research team realized the necessity of a self-accounting mechanism for seafood import and export activities, and persistently proposed implementing a mechanism for people to convert themselves from 1985 to 1986 with the motto "using the land to feed the sea, using the sea to feed the land, not waiting for the state".

This proposal was accepted and the opening of the market economy mechanism in seafood export quickly solved the deadlock, swept away all the accumulated debts, resolved difficulties, and brought about economic efficiency beyond imagination. Members of this group continued to be invited to consult for other fields and activities, from specific to macro, becoming "market flag-wavers", "innovation flag-wavers"... It should also be mentioned that, at that time, the concept of "innovation" was still something quite "luxurious" in the conservative and stagnant business mindset. Therefore, to protect it, one had to be extreme, if not "crazy". It must be understood that the crazy here is not the usual crazy but a special form to protect dignity, to protect political opinions. Through that, Professor Cao Cu Boi is considered one of the initiators of the process of innovation of the Financial - Monetary system in Vietnam with the implementation of the Two-tier Banking System in the early 90s of the 20th century.

Advise two heads of state at the same time

As the head of the Finance - Banking - Accounting Department, editor and co-editor of the specialized teaching textbooks on macroeconomics of the National Economics University, along with the results of participating in practical research and bold proposals that brought great success at the grassroots level, Professor Cao Cu Boi was trusted and invited to be a member of the advisory team (period 1988 - 1990) for comrade Do Muoi - Chairman of the Council of Ministers.

In August 1988, Professor Cao Cu Boi was invited to attend a meeting of the Standing Committee of the Council of Ministers. When it came to solving the problem of financial transformation, everyone was tense. The professor was invited to speak, and his opinion made the participants even more tense. At that time, with his knowledge, experience, and research in the world and his own research, he pointed out that we were having difficulty in financial transformation because our economy was still facing difficulties. The key problem at that time was that we were still under embargo and had not solved the problem of hyperinflation. What we could do right now was to solve the problem of fighting inflation by implementing super high interest rates. If we implemented the measure of super high interest rates, inflation would be quickly lowered, ensuring stability for the transformation, but it would cause damage to some activities, fields, and economic organizations. This could be considered as using pesticides. That means eliminating "inflation worms" but will also have certain effects and damage to the "body" and "health" of the economy.

At that time, Comrade Do Muoi listened silently but did not have any opinion or conclusion. Everyone was worried about him because he had dared to "speak strangely". He himself felt relieved because he had somewhat expressed his thoughts. However, in April 1989, our government implemented a policy of super high interest rates, up to 18%/year. With that approach, the macro economy was gradually stabilized, our country controlled hyperinflation from 774% in 1986 to 34.7% in 1989, 14% in 1992 without any outside assistance. Accordingly, on some other issues regarding budget structure, banking conversion, fiscal policy... when asked for his opinion, he always gave sharp advice, full of opinions and courage. Once, Comrade Do Muoi met him and pointed his finger and jokingly said that this was "a person who likes to make up stories".

Also in 1988, Professor Cao Cu Boi was invited by President Kaysone Phomvihane to advise on macroeconomics. Realizing that Laos's socio-economic conditions had many unique characteristics, Professor Cao Cu Boi provided advice based on the specific context. The most impressive mark that President Kaysone "admired" him was his successful advice on the transformation of banking activities into a two-level market economy: State Bank and Commercial Bank. Considering the characteristics of the financial market being regional rather than administrative boundaries or government, at that time the professor advised Laos to implement regional state banks. In addition, there was specific advice on building tax regimes, budgets, and budget structures.

Pure "crazy"

Carrying "life's baggage" on both ends of the shoulder pole, one side is heavy with "Nghe's goods", the other side is books, new knowledge that has been carefully selected and evaluated by a researcher, he has had many ideas and works that are breakthrough and new. We can talk about him in a figurative way, that is a tree with village roots but the flowers and leaves enjoy the wind from many directions so it bears many fruits, not necessarily sweet at first, but the aftertaste lingers later.

A story that sounds like a joke at first is that although Professor Cao Cu Boi is a leading expert in finance, especially currency, a member of the Board of Directors of the State Bank (1988-1989), and a person who writes books and teaches people how to do economics and make money, it was not until his wife retired early from her hometown that she borrowed money and managed to make ends meet to have enough money to buy a house in the dormitory of the National Economics University. That means that he "directly outsourced" the "family" finances to his wife.

As for Professor Cao Cu Boi, he always considered himself a teacher, and he was attached to the National Economics University until his retirement. He only considered other jobs as part-time jobs. When working part-time, according to him, if you want to be yourself and speak your mind, don't care about fame or profit. On the other hand, when leaving your hometown, think about preserving the honor of your hometown. When stepping onto the podium, think about preserving the honor of a teacher. When working outside the school, think about preserving the honor of the school. When going abroad, think about preserving the honor of the nation. Just do it happily, think freely, and don't have to submit to any "power".

Professor Cao Cu Boi believes that the Nghe scholars are respected by the world not only because of their talent, but also because of their virtue. Talent is not limited to Nghe scholars, many places have produced many talented and great people. However, people respect Nghe scholars more because Nghe scholars have virtue and always know how to maintain their virtue. He confided that his generation has only one remarkable thing: the spirit of dedication, even devotion. To be devoted, one must constantly study and research. He is very happy when others consider him a Nghe scholar, he also admits that he has the stubbornness of a Nghe person.

Ngo Kien - Tran Hai