Many strong development potential
Talking to Lao Dong Newspaper reporter, Dr. Frankwick - Honored Lecturer at the University of Texas in El Paso, USA assessed that Vietnam's development potential is very positive in the current context.
He said this is a promising time, especially for the younger generation, when the country is on the path of rapid development. According to him, Vietnam is entering a new phase, not only focusing on developing production and export infrastructure but also preparing to strongly transform to the digital environment with the support of artificial intelligence (AI).
"I see that many students and young people in Vietnam have solid knowledge of computer technology, so applying AI in the future will be very favorable" - Dr. Frankwick shared.
He also emphasized that Vietnam's economy will gradually shift from an export-export economy to domestic consumption, while expanding development to satellite regions, in addition to the two major cities of Ho Chi Minh City and Hanoi to create even development across the country.
Next, Vietnam will shift from an export economy to a domestic consumer economy. Vietnam still has a lot of room for development. The two major cities, Ho Chi Minh City and Hanoi, are currently the engine of economy and production, but the whole country can expand infrastructure, thereby developing the domestic economy and not dependending too much on the outside world.
Mr. Frankwick "bet" on the double-digit growth target: "Vietnam is in the early stages of an S-shaped biological growth cycle. Initially increasing slowly, then increasing rapidly and gradually saturating. Currently, Vietnam has just passed the first stage, at the bottom of the rapid growth stage, I think in the next 20-30 years the growth rate will be very strong. After that, it will gradually slow down and integrate with the growth rate of developed countries, because it is impossible to develop faster than the world when the economy has stabilized".
Mobilizing resources among the people
From the perspective of those working in education, Associate Professor, Dr. Phan Chi Anh - Director of the Institute of Business Administration, University of Economics, Vietnam National University, Hanoi - commented on the room for Vietnam's economic development and the potential to achieve the double-digit growth target.
According to Associate Professor, Dr. Phan Chi Anh, Vietnam still has many unexplored regions, especially in productivity improvement. "The four main factors for increasing productivity include: Increasing capital, training human resources, improving the management system and innovation" - Mr. Phan Chi Anh pointed out 4 factors.
He noted that there is still a lot of capital among the people, with statistics from the State Bank showing that this capital source is up to thousands of millions of billions of VND.
The Director of the Institute of Business Administration, University of Economics, Vietnam National University, Hanoi, spoke about the difficulties in mobilizing capital from the people: "The challenge is the policy of creating peace of mind, encouraging people to invest in production and business instead of just revolving around real estate or gold. This is a great opportunity to promote economic development".
In order to achieve double-digit growth, based on key national projects in the railway sector such as: Lao Cai - Hanoi - Hai Phong railway project; Hanoi - Lang Son and Hai Phong - Mong Cai railway projects; North - South high-speed railway construction investment project... or completing infrastructure connecting Long Thanh airport, small enterprises need to develop into medium and large enterprises. At the same time, it is necessary to actively open the door for the private economy to participate. This helps form a strong supply chain, large and small enterprises together firmly develop.
In addition, the application of technology, especially digital transformation and artificial intelligence (AI), cannot be delayed. Mr. Phan Chi Anh said that in the next 1-2 years, the application of technology and artificial intelligence will bring results in the production and business activities of enterprises.
According to the State Bank, as of the end of December 2024, the deposit of residents was VND 7.065 million billion. In December alone, banks have mobilized an additional VND65,000 billion. Organized deposits reached VND7.66 million billion, an increase of nearly VND400,000 billion in December 2024. Thus, the total mobilized capital for residents and economic organizations as of the end of December 2024 reached VND 14.732 trillion (in December alone, banks mobilized an additional VND 463,000 billion).
