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 to overcome difficulties and keep up with global trends; and create good, better quality foundations in terms of institutions, infrastructure and human resources for breakthrough development, according to an economist.

Addressing a symposium on recovery efforts of Vietnam’s economy in 2024 amidst numerous uncertainties held in Hanoi on April 11, Dr. Vo Tri Thanh, Director of the Institute for Brand and Competitiveness Strategy, noted that although the 5.1% growth rate in 2023 brought Vietnam to the list of the world’s fastest growing economies, the figure was lower than the 6.5% target set by the National Assembly.

To improve this growth rate, Thanh proposed the Government maintain macro-economic stability, implement prudent monetary and fiscal policies, stimulate consumption, invest in infrastructure development, and attract quality foreign direct investment (FDI) by taking advantage 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 have specific policies to support businesses, he stated, adding that institutional reform and legal framework amendments also need to be implemented to create sustainable development and a firm foundation for new fields such as digital economy and green economy.

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

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

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

Attention should be paid to economic restructuring associated with growth model reform, and the improvement of productivity, quality and competitiveness, said Tuan.

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

VNA