Thousands of people with warm hearts turn to the country's important holiday - Photo: NAM TRAN
Vietnam is among the few countries with high growth rates in the region and the world and is highly regarded by international organizations. In a report published late last year, HSBC called Vietnam a "growth star" in Southeast Asia.
Impressive things about Vietnam's economy after 50 years
Emphasizing with Tuoi Tre , Associate Professor Dr. Vu Minh Khuong, Lee Kuan Yew School of Public Policy, National University of Singapore, saw many impressive points when looking back at Vietnam's economy after 50 years.
* Mr. Khuong said:
- What is deeply impressive about Vietnam is the level of global integration, focus on developing the manufacturing industry, grasping digital technology , making great strides in development thinking and efforts to enter the take-off era.
Vietnam has emerged as a country with a high position not only in terms of potential but also in terms of "potential and kinetic energy".
Potential energy shows our position in transactions with major economies; Kinetic energy shows our attractiveness to foreign investors and the strong efforts of Vietnamese enterprises to rise.
The focus on developing the manufacturing sector and embracing digital technology in recent decades of reform has helped Vietnam, from being far behind its peers in the early years of reform, now surpass Indonesia and the Philippines and approach Thailand in indicators such as manufacturing value added and exports per capita, Internet penetration and speed.
Mr. Vu Minh Khuong
The impression is in the new mindset of the country: Vietnamese people - from leaders to people - have become open, confident and full of aspirations for a strong Vietnam.
The apparatus becomes streamlined and decisive: The merger of provinces and cities and the reform of the public apparatus create a great leap forward in space and vision for future development.
* But it will be difficult to avoid regrets when looking back, sir?
- Although Vietnam has made impressive progress, it has not yet reached the level of a 'miracle'. The progress has been achieved thanks to the clear-sighted grasp of global trends, the strong exploitation of existing potential, and the courageous dynamism in untying and breaking barriers.
However, these strengths are not enough for Vietnam to reach the level of a miracle economy because we have not really risen.
One of the obstacles is our bias and lack of vision in applying development principles.
For example, the bias towards management and the disregard for governance make the whole society, we are too busy to solve and manage; it loses the energy and opportunity to create value, urges the synergy to create resonance power to reach the future vision.
Furthermore, our economy is fast but vulnerable to global fluctuations. For example, from 2010 to 2022, on a per capita basis, the value of our manufactured exports increased more than 9 times, while the corresponding added value increased only 2.5 times.
It shows that we grow fast but very slowly at the rate of growth.
Another bias worth considering, especially with private enterprises, is focusing more on accumulating assets than leaving a legacy. Shocking cases like FLC, Van Thinh Phat... are worth considering.
How can Vietnam have more 50-year-old businesses?
* What recommendations do you have for the future, even 50 years from now?
- To overcome the above challenges, I believe it is necessary to complete a breakthrough system consisting of five components.
First, establish a clear and compelling vision of the future - 2045. This vision needs to be concrete in terms of governance foundations, management institutions, and core indicators of development: labor productivity, urban and industrial modernization, and global position in innovation and value chains.
Second, promote deep, comprehensive and proactive international integration. Integration does not stop at attracting FDI to create jobs and boost exports as in previous stages, but also places special emphasis on learning from international best practices.
Third, reform institutions and build an elite public administration apparatus that effectively meets development requirements in the new era.
In this content, it is especially necessary to strongly shift the "management" model from focusing on procedural regulations to "governance", aiming at the goal of quickly moving towards a future vision, creating value, and making a total effort to rise up.
Fourth, invest in developing strategic infrastructure, especially energy infrastructure, transportation, logistics, key routes and digital infrastructure.
Fifth, train and develop high-quality human resources to promptly meet the needs of innovation and rapid upgrading of the economy.
* Throughout the development process, the driving force comes from private enterprises. But what is still of concern is that the number of Vietnamese enterprises that have existed for 50 years can be "counted on the fingers", what is needed to promote it, sir?
- A strong national governance reflects five major points. First, a vision for the future and a strategy for action. Second, the institutional system and apparatus structure must be transparent for coordinated efforts, quick decisions and mobilization of total strength.
Third, choose leaders of ministries and sectors that support businesses who have three core qualities: vision; dedication, and practicality. They can inspire trust and have a high level of motivation with businesses.
Fourth, it is the incentive and treatment mechanism for businesses as well as state officials.
Fifth, it is a culture of development. How society rewards and values investment more than speculation; breakthrough innovation more than seeking profit relationships.
Source: https://tuoitre.vn/kinh-te-viet-nam-50-nam-tu-ngheo-nan-vuon-len-nen-kinh-te-tang-truong-cao-2025043008373598.htm
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