Econ
The PM: Vietnam’s ambition to become new Asian economic tiger
Vietnamese Prime Minister Nguyen Xuan Phuc expressed his view about the development of Vietnam’s economy, which set to become a new Asian economic tiger in future.
As such, the government leader called for a continuing pursuit of the productivity-based growth model and innovation in order to realize the goal of prosperity and sustainable development.
2017 is seen as a successful year of Vietnam’s economy with the growth rate of 6.81%, taking Vietnam among the fastest growing countries in Asia and on global scale, said the Prime Minister in the Vietnam Economic Forum (VEF) 2018 held in Hanoi.
Economic reform is then pushed forward, in parallel with the improved business environment, and a fair, transparent competition to build trust among investors and businesses and give fresh impetus to the economy.
“Admittedly, there remain both short-term and long-term challenges to the Vietnam’s economy, in which priorities should be placed on how to achieve rapid and sustainable development and escaping the middle income trap in the coming time”, stressed the Prime Minister.
Mr. Phuc requested related ministries and provinces/cities to surpass the growth target set by the National Assembly, focusing on the improvement of labor productivity, environmental protection, resulting in a strong transformation of the economy and competitiveness of each sector, province and enterprise; Every Vietnamese citizen, even the poorest must have a better living condition in term of both spiritual and material realms.
After 30 years of economic reform, Vietnam has achieved significant progresses and are is highly regarded by investors and international organizations as a dynamic market with high potential for development and qualified human resources. As a result, Vietnam is in the process of integrating in the global economy extensively and fast becoming an attractive destination for investors in the region and international playground.
However, Vietnam should not be satisfied with current achievements and remains steadfast on a growth model based on productivity and innovation, gradually reducing the economy’s dependence on cheap labor force and minerals export, warned the Prime Minister. As such, results obtained in 2017 will lay a solid foundation for the country to step up its effort in economic restructuring and sustainable development.
“The country’s desire for prosperity should be translated into specific action, by grasping opportunities and overcoming challenges, Vietnam must set the target of becoming a new Asian economic tiger. It may be not at present, but why not and we have to constantly ask this question on how to achieve this target”, Mr. Phuc said.
The important issue is how Vietnam’s economy can develop both sustainably and rapidly, which seems contradictory at first, but is attainable, as in case of Korea and Japan. And the answer would be green energy and sustainable development; improving labor productivity in the context of industrialization; creating a transparent and attractive business environment through risk management in trade and investment. As such, growth and development is a long term process and not a short term one.
VEF 2018 was held on January 11 with theme “Fast and sustainable economic growth of Vietnam: challenges and new motivation” attracted 1,500 domestic and international economic experts.
After 30 years of economic reform, Vietnam has achieved significant progresses.
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Economic reform is then pushed forward, in parallel with the improved business environment, and a fair, transparent competition to build trust among investors and businesses and give fresh impetus to the economy.
“Admittedly, there remain both short-term and long-term challenges to the Vietnam’s economy, in which priorities should be placed on how to achieve rapid and sustainable development and escaping the middle income trap in the coming time”, stressed the Prime Minister.
Mr. Phuc requested related ministries and provinces/cities to surpass the growth target set by the National Assembly, focusing on the improvement of labor productivity, environmental protection, resulting in a strong transformation of the economy and competitiveness of each sector, province and enterprise; Every Vietnamese citizen, even the poorest must have a better living condition in term of both spiritual and material realms.
After 30 years of economic reform, Vietnam has achieved significant progresses and are is highly regarded by investors and international organizations as a dynamic market with high potential for development and qualified human resources. As a result, Vietnam is in the process of integrating in the global economy extensively and fast becoming an attractive destination for investors in the region and international playground.
However, Vietnam should not be satisfied with current achievements and remains steadfast on a growth model based on productivity and innovation, gradually reducing the economy’s dependence on cheap labor force and minerals export, warned the Prime Minister. As such, results obtained in 2017 will lay a solid foundation for the country to step up its effort in economic restructuring and sustainable development.
“The country’s desire for prosperity should be translated into specific action, by grasping opportunities and overcoming challenges, Vietnam must set the target of becoming a new Asian economic tiger. It may be not at present, but why not and we have to constantly ask this question on how to achieve this target”, Mr. Phuc said.
The important issue is how Vietnam’s economy can develop both sustainably and rapidly, which seems contradictory at first, but is attainable, as in case of Korea and Japan. And the answer would be green energy and sustainable development; improving labor productivity in the context of industrialization; creating a transparent and attractive business environment through risk management in trade and investment. As such, growth and development is a long term process and not a short term one.
VEF 2018 was held on January 11 with theme “Fast and sustainable economic growth of Vietnam: challenges and new motivation” attracted 1,500 domestic and international economic experts.
