Jan 21, 2020 / 14:52

Vietnam PM seeks solutions to “getting old before getting rich”

The Hanoitimes - Amid growing global uncertainties, Vietnam must continue to maintain high economic growth, stressed Prime Minister Nguyen Xuan Phuc.

The Prime Minister’s economic advisory team should work out long-term solutions for Vietnam to escape the middle income trap and avoid “getting old before getting rich”, according to Prime Minister Nguyen Xuan Phuc.

 Prime Minister Nguyen Xuan Phuc at the meeting. Source: VGP. 

Amid growing global uncertainties, Vietnam must continue to maintain high economic growth, which could be achieved by new solutions and ideas in state management, Phuc said in a with the team on January 20.

“Getting old before getting rich” is a phrase that means population ages before the country reaches the high-income status.

Head of the PM’s economic advisory team Nguyen Duc Kien said in 2020, the team would analyze and set up a socio-economic development strategy to support the PM in making the best decisions, aiming to ensure macro-economic stability and boost economic growth both in quantity and quality.

 Overview of the meeting. Source: VGP. 

Additionally, the advisory team expected to continue monitoring the US – China trade war to prepare for any potential shock to the economy; participating in the process of drafting the national strategy for the Fourth Industrial Revolution; working out measures to promote the development of the mechanical engineering industry, particularly automobile manufacturing and processing, as well as supporting industries.

Kien said the team plans to set up a range of indicators evaluating the development of each province/city, while ensuring a balance in electricity generation from hydro, coal and thermal sources and tackling natural disasters in 2020.

Members of the advisory teams suggested solutions to speed up the construction process of priority projects, including the North-South expressway, Long Thanh International Airport, and Tan Son Nhat Airport expansion, among others.

Moreover, it is important to address bottleneck restricting growth engines of the economy. 

Phuc requested the advisory team to closely follow the domestic and international economic situations to timely advise the PM for timely adjustments.

The PM asked the team to focus more on strategy development and take into account the 2021 – 2025 development plan to balance short- and long-term benefits.