Vietnam aims to become new economic tiger in Asia


Vietnam needs to consistently pursue the productivity-based growth model and innovation to become a new economic tiger in Asia, said Prime Minister Nguyen Xuan Phuc at a dialogue with delegates attending the Vietnam Economic Forum 2018 in Hanoi on January 11.

na_FOHUThemed “Fast and sustainable economic growth of Vietnam: challenges and new motivation”, the 2nd Vietnam Economic Forum held by the Party Central Committee’s Commission for Economic Affairs saw the attendance of approximately 1,500 domestic and international economic experts and scholars.

In his speech, Prime Minister Nguyen Xuan Phuc said that with a 6.81% growth rate, Vietnam is among the highest growth groups in Asia and the world. The country has also accelerated economic reform, and promoted transparency and anti-corruption.

Significantly improved business environment, healthy and fair competition have helped consolidate the confidence of investors and the business community, creating a new vitality for the national economy.

“Although Vietnam has recorded positive socio-economic development achievements after more than 30 years of pursuing the Doi Moi (renovation) process, we should not be satisfied with obtained results. Vietnam should continue to persist with the new growth model based on productivity and innovation.” PM Phuc emphasized.

A huge challenge for the Vietnamese economy is how to ensure rapid and sustainable development, thus escaping the middle income trap, Phuc said while calling for greater efforts by ministries, sectors and localities to achieve this year’s 6.7% growth target through improving the quality of growth and sharpening competitiveness of the national economy.

Phuc pointed out challenges facing Vietnam’s economy saying that the country needs to take specific actions, seize opportunities, and exploit economic potential to achieve this goal.

The government leader described the event as an opportune occasion for delegates to discuss and share views on macroeconomic developments and Vietnam’s economic situation, and propose measures to help the government tackle bottlenecks and accelerate growth drivers to reach set targets.

In response to delegates’ questions on the government’s measures to increase the Vietnamese economy’s resistance against external shocks, Prime Minister Nguyen Xuan Phuc said, “We need to improve productivity, particularly the Total Factor Productivity or TFP, apply science and technology, and take advantage of the 4th industrial revolution. We need to strengthen economic restructuring at all levels, sectors, and enterprises to improve national, local, and product competitiveness.”

The government leader also underscored the need to ease the rely on traditional competitive advantages like natural resources or low-cost labour, especially in the context that the country’s golden population structure will last for no longer than two decades and international pressures are getting tougher.

The first edition of this kind last year with the theme of “Unleashing the potential for sustainable economic growth.” covered a host of useful and significant discussions and recommendations, evaluated Vietnam’s economic situation, and proposed medium- and long-term solutions for the Vietnamese economy.

The same day, a workshop on technology, green energy, and sustainable growth” was held in Hanoi as part of the Vietnam Economic Forum 2018.

In his address, Head of the Party Central Committee’s Commission for Economic Affairs Nguyen Van Binh said research and use of green technology such as wind power, solar power, and bio-energy is an obvious trend.

“The development of green energy has become more popular and has changed the energy package. Many countries are rapidly devising and implementing strategies and policies with long term visions on green growth and focus on human resources, science, technology, and finance aiming to develop a low-carbon, sustainable and environmentally friendly economy.”

Participants also discussed Vietnam’s energy landscape in the context of extensive international integration.

A seminar on improving productivity in the context of industrialization was also held as part of the event.