Business

Vietnam’s economic growth quality improves: Minister

The quality of Vietnam’s economic growth in 2011-2017 has improved in many aspects with high expansion of gross domestic product (GDP) and increasing labour productivity and incremental capital output ratio (ICOR).
Vietnam’s economic growth quality improves: Minister ảnh 1Minister of Planning and Investment Nguyen Chi Dung  (Photo: VNA)

Hanoi (VNA) – The quality of Vietnam’s economic growth in 2011-2017 hasimproved in many aspects with high expansion of gross domestic product (GDP)and increasing labour productivity and incremental capital output ratio (ICOR).

Minister of Planning and Investment Nguyen Chi Dung affirmed the positiveoutcomes at the May 25 debate during the fifth session of the 14th NationalAssembly in Hanoi.

He said the business environment and the national competitiveness have also seena lot of progress in recent time.

The average per capita income reached 2,385 USD, approximately doubling that of2010.

The human development index of Vietnam has also significantly increased, headded.

Responding to deputies’ concern over problems related to foreign investmentsuch as environment pollution, transfer pricing, trade frauds or slowtechnology transfer, Minister Dung stressed that the FDI sector is anindispensible part of Vietnam’s economy, especially in the light of extensiveand intensive global integration.

The important matter at present is helping the domestic private economic sectorto join the global value chain and creating a strong link with the FDI sector,he said.

The Government will put out new orientations to attract foreign investment inthe coming time, focusing on hi-tech projects using less land and naturalresources, he added.

Priority will be given to investors who are able to transfer technology to andembrace connectivity with domestic enterprises, according to the minister.

Dung also underlined labour productivity as one of the core factors to improvegrowth quality and push reforms of growth models.

He referred to optimising opportunities from the fourth industrial revolution(Industry 4.0) as one of the most effective measures to increase labourproductivity and help developing countries like Vietnam to accelerate growthand narrow development gaps with developed nations in the world.

The labour productivity in Vietnam is on the upward trend in recent years,expanding by nearly 6 percent in 2017 and an average 4.7 percent in the2011-2017 period.

“This is a good sign, but we cannot be satisfied,” he said, adding thatVeitnam’s labour productivity remains at the low level in the region.

He noted that the Government is directing the Ministry of Planning andInvestment and relevant ministries and departments to devise measures to reformgrowth models, increase growth quality, labour productivity and competitivenessof the economy in the context of the 4.0 industrial revolution.-VNA
VNA
#quality #economic growth #gross domestic product (GDP) #increasing labour productivitym #incremental capital output ratio (ICOR) #14th National Assembly #business environment #national competitiveness #average per capita income #vietnamplus #vietnam news agency Vietnam
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