Vietnam advised to utilise opportunities to overcome difficulties

An overview of Vietnam's economy in 2024 (Photo: VNA)

Hanoi (VNA) - Vietnam needs to take advantage of opportunities toovercome difficulties and keep up with global trends; and create good, betterquality foundations in terms of institutions, infrastructure and humanresources for breakthrough development, according to an economist.

Addressing a symposium on recovery effortsof Vietnam’s economy in 2024 amidst numerous uncertainties held in Hanoi on April11, Dr. Vo Tri Thanh, Director of the Institute for Brand and CompetitivenessStrategy, noted that although the 5.1% growth rate in 2023 brought Vietnam tothe list of the world’s fastest growing economies, the figure was lower thanthe 6.5% target set by the National Assembly.

To improve this growth rate, Thanh proposedthe Government maintain macro-economic stability, implement prudent monetaryand fiscal policies, stimulate consumption, invest in infrastructuredevelopment, and attract quality foreign direct investment (FDI) by takingadvantage of the upgrade of partnerships with major countries such as the US,Japan, Australia, and the Republic of Korea.

It is also necessary to continue to havespecific policies to support businesses, he stated, adding that institutionalreform and legal framework amendments also need to be implemented to createsustainable development and a firm foundation for new fields such as digitaleconomy and green economy.

Dr. Vo Tri Thanh, Director of the Institute for Brand and Competitiveness Strategy (Photo: VNA)

These will be important measures inshaping the development direction of Vietnam's economy in 2024, stressed theeconomist.

Dau Anh Tuan, Deputy General Secretary andhead of the Legislation Department of the Vietnam Chamber of Commerce andIndustry (VCCI), said that the Government needs to promote the disbursement ofpublic investment, focus on attracting investment sources, and encourageinvestment projects in the form of public-private partnerships (PPP).

Attention should be paid to economicrestructuring associated with growth model reform, and the improvement ofproductivity, quality and competitiveness, said Tuan.

At the symposium, participating experts, scientistsand managers also discussed issues related to the country’s real estate market,the making and implementation of the Government's policies to respond toinstability and boost the economic recovery, and ways to speed up the reform of thebusiness environment to revive and develop Vietnamese enterprises./.

VNA