According to domestic and foreign economic experts, Vietnam is going against the world trend as Vietnam maintains a strong growth momentum in the context of the global economy facing many difficulties.
According to Mr. Dang Duc Anh - Deputy Director of the Vietnam Institute for Policy and Strategy Research (IPS), there are currently a number of key driving forces to achieve the growth target of 10% or more in the next 5 years, a level that our country has not achieved during the 40 years of renovation.
Mr. Dang Duc Anh said that the first driving force comes from the industrial and construction sectors. In particular, the processing and manufacturing industry can play a very important role in growth if Vietnam creates a strong change in technology and upgrades products in the value chain. In this group of industries, supporting industry is the sector with the largest room.
For some other industries, if we can take advantage of the achievements of the 4.0 revolution, apply automation, digital transformation, and upgrade raw material spare parts, then we can also create a transformation. An example is the renewable energy industry. This is a huge "gold mine" of Vietnam if institutional bottlenecks are resolved. Construction is also a field with potential for breakthrough growth with key projects of the State on expanding the expressway system, seaports and building and the airport system," Mr. Dang Duc Anh emphasized.
In further analysis, Mr. Dang Duc Anh said that the second driving force is services, which have great growth potential, especially for the tourism, e-commerce, transportation of warehouses and financial services industries. Agriculture is also considered the pillar of the economy. However, there are still many opportunities to develop this industry, both in the manufacturing and export sectors.
The third driving force is to take advantage of development space from growth poles. In many localities, development potential still exists, especially in areas with advantages in infrastructure, human resources and resources. This factor becomes even more prominent when the Party and the Government are going through an institutional revolution, streamlining the apparatus, and rearranging localities to expand development space" - Mr. Dang Duc Anh emphasized.
Although there is a driving force for double-digit growth, to ensure this process takes place in the long term, Mr. Dang Duc Anh recommended that the State should ensure that the growth process goes hand in hand with the transformation of the development model, avoiding relying too much on capital growth while other factors such as productivity and innovation are forgotten.
"Vietnam also needs to be cautious in loosening monetary and fiscal policies to ensure that credit flows do not enter high-risk zones, creating an economic bubble," Mr. Dang Duc Anh recommended.
