Digital transformation is an inevitable trend that will keep the economy going forward, Prime Minister Nguyen Xuan Phuc has said.
What is awaiting the economy in its future development process is not only the expressway but also a lot of bumps that any mishaps could drag down the upward trend, Prime Minister Nguyen Xuan Phuc has said.
Prime Minister Nguyen Xuan Phuc at the meeting. Photo: Quang Hieu. |
The government leader was speaking at a meeting with the National Financial and Monetary Policy Consultation Council and the Prime Minister’s Economic Advisory Group in Hanoi on January 19.
Vietnam has set target to become a middle-income country by 2025, marking its development with a certain level of modernization and industrialization.
Five years later, in 2030, as the country marks the 100th founding anniversary of the Communist Party of Vietnam, it aims to be an upper middle-income country and when celebrates the 100th Independence Day anniversary by 2045, it is expected to become a developed and high-income country.
Economist Tran Dinh Thien suggested that Vietnam is able to stabilize the economy and steer it back to the upward path was thanks to a strong economic base built up in the previous three years.
“As the world enters a new normal, it is the time for Vietnam to move to a digital economy,” Mr. Thien said, adding the government should allocate a part of its state resources for innovation.
“It is the time for countries to compete in terms of institutional capabilities, which requires Vietnam to continue reforming its legal framework,” noted Mr. Thien.
Prime Minister Nguyen Xuan Phuc and delegates at the sideline of the meeting. Photo: Quang Hieu. |
Digital transformation is inevitable
While the global economy in 2021 is highly dependent on the likelihood of containing the Covid-19 pandemic, experts said that Vietnam should continue staying alert against the pandemic, while boosting exports, domestic consumption and public investment.
Director of the Academy of Policy and Development Dao Van Hung said the government made the right decision in gearing up public investment to offset a weakening private investment capital. “This is essential to ensure economic growth,” said Mr. Hung, but pointing to a possible high inflationary pressure.
Economist from Fulbright University Nguyen Xuan Thanh attributed Vietnam’s positive economic growth in 2020 to improved productivity from the digitalization process and operation optimization of enterprises.
Referring concern of high inflation rate, Mr. Thanh expected the government to keep maintaining a stable macro-economic environment, while further providing more supporting policies for the business community to speed up the recovery process of household consumption and private investment.
Sharing Mr. Thanh’s view, banking export Can Van Luc urged the government to continue providing stimulus packages for the economy.
“This is a golden opportunity for Vietnam to restructure its economy towards innovation and a digital economy for greater efficiency in utilization of state resources,” Mr. Luc suggested.
Acknowledging suggestions from experts, PM Phuc said more works needed to be done in the coming time, especially in creating strategic breakthroughs for development.
Mr. Phuc identified administrative reform, revising growth model, developing enterprises, improving business environment, pushing up digital transformation and resources for sustainable development are key priorities.
“However, digital transformation is an inevitable trend,” stressed Mr. Phuc, expecting government agencies to propose policies to ensure the dual target of both containing the pandemic and boosting economic growth this year.
Other News
- IT training urged to focus on semiconductors
- Hanoi Great Souvenir Fair 2024 to take place next week
- As orders rise, Vietnamese textile firms see better prospects in 2024
- C.bank to auction nearly 17,000 gold taels on April 22
- Trade ministry proposes purchasing renewable electricity mechanisms without EVN’s involvement
- Australia and Vietnam develop competitive electricity markets
- Vietnam, Thailand advance realization of “Three Connections” strategy
- Vietnamese Gov’t to expand list of electricity buyers under direct power agreement scheme
- Viettel opens largest data center in Vietnam to support AI development
- Vietnam’s economy expected to grow at solid pace in 2024-2025: ADB
Trending
-
Vietnam, Indonesia eye lifting relations
-
Vietnam news in brief - April 25
-
Vietnamese contemporary ballet celebrates Europe Day
-
IT training urged to focus on semiconductors
-
Voluntary social security should cover larger part of informal sector: Experts
-
ASEAN Future Forum 2024: Promoting regional centrality
-
Central bank moves gold auction to tomorrow
-
[Video]Hanoi beauty spots featured in saxophone legend Kenny G's music video
-
Colorful stage shows in Hoan Kiem Lake pedestrian area