It is time for the economy to make big changes in line with new developmental requirements to anticipate opportunities brought by extensively and deeply international integration, Deputy Minister of Planning and Investment Nguyen Chi Dung said on October 10.

Speaking at a Hanoi workshop exploring challenges and chances for the national economy, Dung stressed that maintaining macro-economic stability and speeding up economic growth continue to be Vietnam’s top priority in the next five years in order to achieve a more sustainable development.

Economists predicted that the world economy may face numerous difficulties and challenges in the coming time. The Vietnamese Government was, therefore, suggested maintaining its target of containing inflation and keeping growth at a reasonable rate in line with both domestic and international situations.

Associate Professor, Doctor Nguyen Van Thanh from the National Centre for Socio-economic Information and Forecast presented two scenarios for the Vietnamese economy in the next five years.

In the first scenario, with growth model changing slowly and State management improving inconsiderably, Vietnam may maintain its growth rate at 6.5 percent and inflation at 6.7 percent, while investment/GDP ratio may reach 13.14 percent.

Meanwhile, in case the growth model is bettered, the country takes full advantage of bilateral and multilateral free trade agreements and State management is improved, the growth rate is forecast to reach 7.1 percent, inflation 7.21 percent and investment/GDP ratio 15.3 percent.

To realise these targets, Deputy Minister Dung highlighted the importance of speeding up the shift of economic structure and growth model and increasing the quality and efficiency of the economy’s competitiveness.

Delegates also proposed increasing scientific and technological applications into production and training high-quality human resources.-VNA