Scientific foundation for innovation of Vietnam's economic growth model in the new period

The Resolution of the 13th National Party Congress affirmed the urgent need to strongly innovate the growth model when the economy still faces many limitations in productivity, quality and competitiveness. In the 2021-2030 period, the Party aims to perfect institutions, restructure the economy, promote industrialization, modernization and develop the digital economy on the basis of science, technology and innovation, while ensuring macroeconomic stability to create a driving force for sustainable growth.

In the Socio -Economic Development Strategy 2021 - 2030, the general goal is set: By 2030, Vietnam will become a developing country with modern industry, high average income, dynamic, efficient, independent and self-reliant economy on the basis of science, technology and innovation; by 2045, it will become a developed country with high income. To achieve that goal, the strategy emphasizes the need to promote industrialization and modernization associated with growth model innovation; develop the digital economy; improve labor productivity and promote rapid and sustainable growth.

In the context of the need for strong innovation of the growth model being more urgent than ever, researching, interpreting and proposing a growth model suitable for the new context has become an important scientific task. That is also the reason why the National Social Sciences and Humanities Program KX.01/21-30: "Research on innovation of economic growth models in the new context" was approved by the Ministry of Science and Technology under Decision No. 1031/QD-BKHCN dated June 20, 2022.

Prof. Dr. Pham Hong Chuong, Program Director, emphasized that the highest goal of KX.01/21-30 is to provide scientific and practical arguments to serve the process of planning socio-economic development policies, directly contributing to the implementation of the Resolution of the 13th National Congress and the Socio-Economic Development Strategy to 2030. At the same time, the program must aim to solve long-term, cross-cutting issues to contribute to sustainable development, enhancing the country's social science and humanities foundation.

The program focuses on researching key national issues directly related to the growth model: from assessing the current state of the growth model in the previous period, analyzing bottlenecks, to proposing a new model suitable for international trends and specific conditions of Vietnam. The research contents are implemented in a comprehensive manner, covering both urgent and long-term strategic issues; both general theoretical contents and specific issues in macroeconomic management practice.

Prof. Dr. Pham Hong Chuong, Program Manager.

In terms of approach, the scientific tasks of the Program are designed around three main pillars. The first pillar is research on aggregate demand, including solutions to regulate and manage aggregate demand to maintain reasonable and stable growth, avoiding hot growth or sudden decline. The second pillar is research on aggregate supply, focusing on improving the economy's production capacity, human resource quality, technology level and labor productivity, factors that determine long-term growth potential. The third pillar focuses on macroeconomic stability, including issues related to fiscal and monetary policies, public debt, inflation and financial market stability to create a solid foundation for rapid and sustainable growth.

A notable point is that the Program requires research to serve the target of stronger growth in the coming period, especially the target of high GDP growth in the period 2026 - 2030. This requires not only in-depth theoretical analysis but also models, tools and policy proposals that can be applied in economic management practice.

The results of the Program are expected to make important contributions in two aspects. On the one hand, the research will directly provide scientific arguments for socio-economic management and administration and policy making at the national level. The recommendations from the Program can help identify new growth drivers more clearly, propose effective resource allocation methods, and orient growth models in a volatile period of the world economy. On the other hand, the Program will contribute to consolidating and enriching the theoretical foundation of social sciences and humanities in Vietnam, creating a basis for further in-depth research on important issues such as digital transformation, green economy, knowledge economy, national competitiveness, or economic institutional reform.

Innovation of Vietnam's economic growth model in the new period.

The management mechanism of the Program is implemented according to regulations for national science and technology programs; scientific tasks within the framework of the Program are implemented by many research institutes, universities and professional agencies, ensuring objectivity, multidisciplinary and scientific quality. All are aimed at ensuring that research results are not only of academic value but also feasible when applied to policy.

In the context of many changes in the world, from supply chain shifts, strategic competition, climate change to breakthrough trends of digital economy and artificial intelligence, researching a new growth model is a long-term, complex and challenging task. However, it is also an opportunity for Vietnam to strongly restructure, create new development momentum and make a breakthrough in the coming period.

With that spirit, the KX.01/21-30 Program is expected to become one of the important scientific foundations, supporting the socio-economic policy-making process, helping Vietnam realize the goal of rapid and sustainable development, towards a modern industrial country by 2030 and a developed, high-income country by 2045. The program is not only a simple scientific research effort, but also a demonstration of the close connection between social sciences and the country's development requirements in the new period.

Center for Science and Technology Communication

Source: https://mst.gov.vn/nen-tang-khoa-hoc-cho-doi-moi-mo-hinh-tang-truong-kinh-te-viet-nam-trong-giai-doan-moi-197251116132923475.htm