Innovation should be stepped up to achieve high economic growth: experts

Promoting the development of science and technology as well as digital economy is a wise choice for Vietnam to achieve an annual average economic growth rate of 7 percent during 2021-2030, according to experts.

Wednesday, November 11, 2020 10:40

Innovation should be stepped up to achieve high economic growth: experts ảnh 1

The proportion of manufacturing and processing is expected to reach 30 percent of the GDP by 2030. (Photo: VNA)

Hanoi (VNA) – Promoting thedevelopment of science and technology as well as digital economy is a wisechoice for Vietnam to achieve an annual average economic growth rate of 7percent during 2021-2030, according to experts.

At a consultation workshop held in Hanoi onNovember 10 to collecting feedback on Vietnam’s draft socio-economic developmentstrategy for 2021-2030, Dr Bui Tat Thang stressed the need to continue acceleratingreforms, saying it is necessary to integrate economic development withrestructuring and changing the growth model.

“Vietnam should work towards fast andsustainable development in combination with environmental protection and enhancingresilience to natural disasters and diseases”, said Thang, who is formerDirector of the Vietnam Institute for Development Strategies under the Ministryof Planning and Investment, which co-hosted the forum together with the WorldBank (WB).

Meanwhile, Operations Manager for the World Bankin Vietnam Stefanie Stallmeister suggested Vietnam focus on environmentalprotection activities, resilience to climate change, economic development inharmony with social stability and security, as well as effective management ofnatural resources.

Under the strategy, Vietnam expects to have percapita GDP of 7,500 USD and annual labour productivity growth of over 6.5percent by 2030.

The proportion of manufacturing and processingis expected to reach 30 percent of the GDP while the digital economy isenvisioned to contribute 30 percent to the GDP.

Thanks to breakthrough strategies during2011-2020, Vietnam has attained outstanding achievements in institutionalreforms, human resources development and infrastructure development.

Several large power projects which have greatcontributions to production and business activities were completed, such asVinh Tan 2 and 4 thermal power plants, Vung Ang 1 thermal plant, and Mong Duong1 & 2 thermal power plants.

However, the strategy did not work out well forthe nation to achieve its GDP growth of 7-8 percent, and improve its growthquality as well as national competitive capacity./.

VNA

#science and technology #digital economy #economic growth rate #consultation workshop #socio-economic development strategy #World Bank #Vietnam News Agency #Vietnamplus

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