On the afternoon of October 2, the Vietnam New Economy Forum (VNEF) was held, co-led by the Central Committee for Policy and Strategy and the Vietnam Economic Science Association, and assigned units under the two agencies (Vietnam Economic Magazine, Institute for Policy and Strategy Research, General Economic Department) to co-chair.
Need to build a new growth model
Speaking at the opening of the forum, Mr. Nguyen Thanh Nghi - Head of the Central Committee for Policy and Strategy - stated that after nearly 40 years of renovation, Vietnam has achieved many great achievements of historical significance. From a poor, low-income country, Vietnam has become one of the dynamic, fast-growing economies, with a strong increase in GDP and per capita income.
Vietnam has entered the middle-income country group since 2008 and is expected to reach the high middle-income group by the end of this year. GDP in 2025 is estimated to be fourth in ASEAN, in the group of 20 countries with the largest trade globally. The material and spiritual life of the people is increasingly improved.
However, according to Mr. Nguyen Thanh Nghi, our country's economic growth is still mainly scale-based, gradually reaching the potential threshold, the growth model shows many limitations. Meanwhile, the international context is changing: Trade competition, technology are fierce, new international standards on environment and trade are increasingly strict, directly affecting a large-scale economy like Vietnam.
Faced with this reality, Mr. Nguyen Thanh Nghi also said that the urgent requirement is to build a new growth model, both innovating traditional motivation and opening motivation based on knowledge, technology, innovation and endogenous strength. It is necessary to maximize the potential of regions, sectors, and economic spaces, focusing on both the supply and demand sides of the economy.
Determined to change the growth model
Speaking at the forum, Deputy Prime Minister Ho Duc Phoc emphasized that after 39 years of renovation, Vietnam has achieved important results. Vietnam is on the threshold of a major goal of becoming a high-income developed country by 2045 and achieving net emissions of 0 by 2050.
"To realize the set goals, Vietnam needs to be determined to transform the growth model, not only in breadth but also in depth, development based on science and technology platforms, innovation, improving labor productivity and efficiency in resource use" - Deputy Prime Minister Ho Duc Phoc emphasized.
According to Deputy Prime Minister Ho Duc Phoc, the new economic model is not only a choice, but also a requirement of practice and an order of the times. The goal is to create new growth momentum, build each dynamic economic cell with high resilience, sustainable development in the face of global economic and political fluctuations.
"Recently, the Politburo has issued 4 very important Resolutions, creating a foundation and momentum for development. These resolutions are a guideline for developing the country in the new era, the era of national growth, building a rapidly developing, independent, self-reliant economy, creating and proactively integrating widely into the international community.
To achieve this goal, we must master raw materials, master technology, train high-quality human resources, diversify and expand markets, especially participate closely in the global value chain, move towards a modern governance model, effectively using the potential of domestic resources" - the Deputy Prime Minister affirmed.
The Deputy Prime Minister stated that in the context of the world changing rapidly, increasingly fierce competition, the emergence of unilateralism, increasing protectionist trends increase the risk of traditional value chains breaking; the development of complex armed conflicts has affected the development of the global economy.
Therefore, proactively integrating, promoting internal strength, position and value in the global value chain to increase the strength of the Vietnamese economy is extremely important at the present stage.
