Deputy Prime Minister Nguyen Van Thang of Vietnam has urgently called for a shift in the nation's growth strategy, likening sustainable growth to the “two wings of a bird” that are essential for progress. His comments came during a discussion at the National Assembly, where he tackled significant economic hurdles and outlined future paths.
Thang pointed out that while the quality of Vietnam’s economic expansion has seen improvements recently, challenges persist. Key issues include disappointing productivity growth, limited technological advancements, and a sluggish evolution of core industries and strategic tech sectors.
He noted that it is becoming harder to achieve robust and sustainable growth amid global economic instability. As such, ensuring macroeconomic stability is a top government priority.
The Deputy PM underscored the necessity of evolving the growth model to circumvent the middle-income trap, enabling Vietnam to enhance its global competitiveness. The revamped model should foster innovation, efficient resource use, and modern institutional frameworks.
To spearhead future growth, the government intends to spotlight burgeoning sectors, like the digital and green economies. Central to this strategy will be science, technology, and innovation, which are seen as the bedrock of these new economic engines.
Moreover, Vietnam plans to broaden fiscal policies to bolster economic growth, focusing on heightened budget allocations and more investments in development initiatives. The government is also set to enhance capital markets, particularly the stock market, to ensure long-term financial support for enterprises.
Additionally, Thang emphasized the need for cultivating high-quality human capital, especially in emerging fields such as artificial intelligence, semiconductors, and nuclear energy. Alongside these economic reforms, there are concurrent efforts to strengthen healthcare, education, and administrative efficiency, all aimed at fostering sustainable national growth.
