Update: 04:59 | 13/01/2018
How to develop in a rapid and sustainable way in order to escape the middle-income trap remains a major challenge facing Vietnam’s economy, said Prime Minister Nguyen Xuan Phuc, while addressing the second Vietnam Economic Forum in Hanoi, on January 11.
The Prime Minister Nguyen Xuan Phuc.
The PM showed his approval for the proposals presented at the event to help Vietnam achieve the target, including developing green energy, increasing productivity in the context of industrialization, and improving the investment and business climate through the reform of risk management, particularly in credit, trade and investment.
In the time ahead, Vietnam needs to consistently pursue the new growth model based on productivity, reform and innovation, he said.
The government leader also emphasized the need to ease the reliance on traditional competitive advantages such as natural resources or low-cost labor, especially in the context that the country’s golden population structure will not last for longer than two decades and international pressures are becoming more fierce.
With a growth rate of 6.81%, Vietnam is among the countries with the highest growth in Asia and the world, he said, highlighting the country’s efforts in pushing economic reform and combating corruption.
PM Nguyen Xuan Phuc addresses the second Vietnam Economic Forum in Hanoi on January 11. (Credit: VGP).
The PM said the goal for this year is a growth rate at 6.7%, and the growth quality and competitiveness of the economy as well as each sector, locality and business must be enhanced, in order to help the economy become better resistant to major downturns.
Growth and development is a marathon race, not a sprint, PM Phuc said, stressing that achievements should be considered as the foundation for stronger restructuring and the shift of the growth model.
Under the theme “Fast and sustainable development: new challenges and momentums,” the second Vietnam Economic Forum brought together nearly 1,500 domestic and international economic experts and scholars.
Following his address, PM Phuc had a dialogue with the participating delegates, during which he again noted the need to enhance productivity, especially total factor productivity (TFP) along with a range of solutions to enhance the economy’s resistance against adverse external impacts.