Vietnam's Deputy PM Advocates Economic Model Reform for Sustainable Growth

Post by : Shakul

During a recent National Assembly session, Deputy Prime Minister Nguyen Van Thang underscored the critical need for Vietnam to reform its economic growth model, highlighting that high growth and sustainability serve as “two wings of a bird” that must operate in unison. These comments come as he discusses Vietnam's economic challenges and strategies for the future.

Thang noted that while the quality of Vietnam's economic growth has seen enhancements recently, various shortcomings persist. These include insufficient productivity growth, inadequate technological advancement, and slow progress in core industries and strategic technologies.

He pointed out that achieving both high and sustainable growth is increasingly challenging in today’s uncertain global landscape, particularly given Vietnam's integration into international markets. Thus, ensuring macroeconomic stability continues to be a primary focus for the government.

The Deputy Prime Minister emphasized that a transformation in the growth model is crucial to escaping the middle-income trap and enhancing Vietnam’s global competitiveness. He advocated for a new model founded on innovation, efficient resource utilization, and modernized development institutions.

To bolster future economic growth, the government will prioritize emerging sectors such as the digital economy, data economy, green economy, and circular economy. The roles of science, technology, and innovation will be vital in cultivating these new growth engines.

Additionally, Vietnam seeks to expand its fiscal policies to foster economic development, which will include raising budget expenditures and increasing investment in development initiatives. The government is also set to enhance capital markets, notably the stock market, to ensure long-term funding is accessible for businesses.

Furthermore, the Deputy Prime Minister highlighted the necessity of cultivating high-quality human resources, particularly in sectors like artificial intelligence, semiconductors, and nuclear energy. Along with economic reforms, the government is advancing efforts to enhance healthcare systems, education, and administrative efficiency for sustainable national progress.

#Economy #Vietnam #China #Policy #Manitoba government