Seminar talks Vietnam’s economic growth model

Hanoi (VNA) – Deputy Prime Minister Vuong Dinh Hue highlighted the close links between growth models and economic restructuring during a seminar in Hanoi on March 20.

The seminar on Vietnam’s economic growth model for 2021-2030 with a vision towards 2045 was jointly held by the Vietnam Academy of Social Sciences (VASS), the PM’s Economic Advisory Group, the Ho Chi Minh National Academy of Politics, the World Bank, and the Australian Embassy in Vietnam.

Attention should be paid to macro factors and restructuring focuses during the process of policy planning, Hue said.

The official said that at the 11th National Party Congress in 2011, the growth model was expanded in scale, with importance placed on growth, quality and efficiency. Meanwhile, at the 12th National Party Congress in 2016, the growth model was set towards both quality and quantity, focusing on in-depth development and sustainability.

Prof. Dr. Nguyen Quang Thuan, VASS President, also pointed out positive economic changes over the past three years, with a rapid increase in the number of equitised State-owned enterprises (SOE) and more firms divesting capital from unnecessary sectors.

He stressed progress made in the restructuring of SOEs, the banking sector and public investment.

The Fourth Industrial Revolution and international economic integration through new-generation free trade agreements have generated both opportunities and challenges for Vietnam’s economic growth model. How to optimise the opportunities and ease the challenges to promote economic growth model reform towards higher quality for 2021-2030 with a vision towards 2045 has drawn the attention of scientists, researchers and policymakers, he said.

Associate Prof. Dr. Bui Thang Tuan, head of the Vietnam Institute of Economics, said that although Vietnam’s economy is growing at a high rate of 6.3 percent, the country has failed to reach the annual target of 7-8 percent set under the 2011-2020 strategy.

He, therefore, proposed shifting the growth model towards quality, changing the ratio of resources contributing to the growth, prioritising science-technology and innovation, and utilising opportunities offered by the Fourth Industrial Revolution and the national golden population structure to make rapid and quality growth.-VNA