Aspirations from double-digit growth

Double-digit growth simply means that in the next 20 years we must create wealth and accumulate more so that by 2045 Vietnamese people can have the standard of living of a high-income country.

Processing seafood for export at Go Dang Joint Stock Company ( Ben Tre ) - Photo: TRUC PHUONG

If double-digit growth can be maintained, by 2045 Vietnam's economic size will be four times larger than it is today.

Achieving double-digit growth for many years is a major step for the country to "enter the era of national growth" carried out in the context of aspiration - unanimity - consensus.

What do people and businesses get from double-digit growth? More jobs, better income, expanded business opportunities, and more projects and constructions being implemented to make our country more beautiful as Uncle Ho's last wish...

Looking back, starting from a poor, low-income country, the 40-year renovation process has brought people's lives better and better.

We have crossed the threshold of low-middle income, reaching middle income by 2025 to move towards two milestones: high-middle income by 2030, and high income by 2045.

Everyone wants Vietnam to be strong and its people to have a prosperous and happy life. That is the aspiration of all people. It is this aspiration and consensus that will create trust to together realize the goal of "New Era - the era of national development".

Over 40 years of renovation, we have never had a high double-digit growth rate. The best period was 1992 - 1997 when GDP growth rate was 8.8 - 9%, including one year when it reached 9.4%.

Double-digit average growth always requires higher requirements to ensure people have a good life and minimize unfavorable factors such as inflation.

The innovation process has helped us accumulate a lot of resources and initial infrastructure for the country's new development stage.

Especially the experience of achieving high economic growth targets while still stabilizing the macro economy, inflation under control, national public debt at a low level compared to the public debt ceiling, and stable purchasing power of VND.

So what does double-digit growth depend on? In the coming years, we must create new growth drivers such as science and technology, innovation, digital transformation, high technology, artificial intelligence, green growth, etc.

But first, we must renew, improve the quality and increase the motivation for the three pillars of national growth: investment, consumption and export.

To renew the consumption motivation, we must ease the people's burden and immediately amend the personal income tax because consumption contributes about 50% of the country's GDP growth.

Then we must attract more international tourists to "export on the spot" - adding strength to the pillar of consumption growth. To renew investment motivation, we must expand fiscal policy within control to have more capital for investment.

State investment will lead private investment, attract foreign capital, and open more businesses.

It is necessary to amend the Law on State Capital Management to encourage the effective exploitation of the trillions of dong in assets that state-owned enterprises are holding. It is necessary to remove obstacles and restart shelved projects, especially real estate projects.

It is to decentralize more power to the country's economic locomotives, to the 10 localities with the largest GDP in the country, including Hanoi and Ho Chi Minh City. It is to streamline the apparatus to serve socio-economic development...

To achieve double-digit growth, many strategies are also needed to achieve sustainable, quality growth because after double digits is the process of national development.

Source: https://tuoitre.vn/khat-vong-tu-tang-truong-2-chu-so-20241231082700863.htm