Vietnam's Deputy PM Advocates for Economic Growth Reforms

In a recent session of the National Assembly, Vietnam’s Deputy Prime Minister Nguyen Van Thang highlighted the critical need for reforms in the country’s growth model. He likened high growth and sustainability to the “two wings of a bird” that must work in tandem to foster economic development.

Thang noted that while there has been an improvement in the quality of Vietnam’s economic growth, significant challenges persist. These challenges include disappointing productivity increases, insufficient technological advancements, and sluggish progress in core industries and strategic technologies.

He pointed out that under current global conditions, achieving high and sustainable growth is becoming increasingly challenging due to economic uncertainties and the nation's openness to global markets. Thus, ensuring macroeconomic stability has become a top priority for the administration.

The Deputy Prime Minister asserted that a shift in the growth model is crucial to escaping the middle-income trap and enhancing Vietnam’s competitive edge internationally. He emphasized that the new model should prioritize innovation, effective resource distribution, and modernized development institutions.

To fuel future development, the government intends to concentrate on burgeoning sectors such as the digital economy, data economy, green economy, and circular economy. He underscored the importance of science, technology, and innovation in cultivating these future growth engines.

Moreover, Vietnam plans to broaden its fiscal policies to bolster economic advancement, which includes increasing budget allocations and investing in more development initiatives. The government also intends to enhance capital markets, particularly the stock market, to secure long-term funding for enterprises.

The Deputy Prime Minister further stressed the necessity of cultivating a skilled workforce, especially in advanced fields like artificial intelligence, semiconductors, and nuclear energy. Alongside economic reforms, efforts are being made to enhance healthcare systems, education, and administrative efficiency to promote sustainable national development.