From the orientation at the 14th Party Congress, the Vietnamese economy not only needs high growth but also needs to improve quality, efficiency and sustainability based on productivity and innovation.
In an exchange with Lao Dong Newspaper, Director of the Statistics Department (Ministry of Finance) Nguyen Thi Huong made many recommendations to realize this goal.
First of all, maintaining macroeconomic stability is a prerequisite. Controlling inflation, ensuring public debt safety, maintaining major balances of the economy and managing fiscal and monetary policies in a flexible and cautious direction will contribute to creating a favorable environment for investment, production and business activities, increasing the economy's resilience, thereby supporting sustainable economic growth.
Mobilizing and effectively using resources for growth plays a key role. Public investment needs to continue to promote its leading role, focusing on key infrastructure sectors, strengthening disbursement of public investment capital on schedule, especially key national projects, improving capital allocation efficiency, avoiding spreading investment and wastefulness. At the same time, it is necessary to create favorable conditions for the private investment sector to develop and become an important driving force for growth.
FDI attraction needs to be implemented in a selective direction, associated with technology transfer, environmental protection and strengthening links with the domestic economic sector.
Especially in the coming period, it is necessary to improve the quality and efficiency of growth. Economic growth needs to gradually shift from a model based heavily on capital and labor to a model based on improving productivity, efficiency of resource allocation and economic restructuring towards modernity and sustainability.
Creating breakthroughs in labor productivity and improving the efficiency of investment capital use through promoting the application of science and technology and digital transformation, especially in industries and fields with high technology content, thereby increasing value and improving growth quality; strengthening training associated with market demand, especially in the private economic sector and high-value industries, to create a foundation for sustainable growth.
Finally, to improve institutions and enhance the effectiveness and efficiency of state management. Continuing to improve the market economy institution, ensuring the transparency, stability and consistency of policies, along with close coordination between macroeconomic policies, will create a foundation for growth drivers to be effective.
