Vietnam gears towards quality growth model

HCM City (VNA) – Vietnam is gearing towards renewing its growth model by enhancing productivity, and adopting technological advances to create new competitive edges and driving forces for economic growth, Deputy Prime Minister and Foreign Minister Pham Binh Minh told the Vietnam Summit 2016 held in Ho Chi Minh City on November 3.

He said the government advocates pushing forward free trade, export, domestic production and consumption while making reform in the fields of agriculture, industry, and finance.

In agriculture, the rate of workforce is expected to fall to 40 percent from 60 percent, and a majority of them will switch to the service industry.

In order to improve economic growth quality, the government set the education reform as one of the breakthroughs, with a focus on vocational training, aiming to deal with unemployment in the face of the fourth science-technology revolution.

Vice President of the Asian Development Bank for East Asia, Southeast Asia and Pacific Stephen Groff said in the next five years, Vietnam will meet challenges in workforce training and retention in the context of global free trade.

In order to attract foreign direct investment, experts suggested developing not only labour-intensive but also breakthrough areas, seeking to join global value chain, reduce the manufacture of goods reliant on imported materials, as well as settling remaining issues to avoid stalled capital attraction.

Deputy Minister of Industry and Trade Do Thang Hai said the government, ministries and agencies have offered incentives to industry until 2025, especially the processing industry.

In the near future, Vietnam will offer conditions to ensure investment attraction in tandem with environment protection while increasing connectivity among regions and localities.

The government is also determined to accelerate the restructuring of State-owned enterprises, equitisation and strengthen governance, he said.-VNA