Internal strength creates premise for Vietnam's strong economic growth

Delegates attending the seminar "Vietnam's socio -economic situation 2021-2025: Resilience and breakthrough". *Photo: Giang Thanh*

On the afternoon of November 12 in Hanoi, the Government Electronic Information Portal organized a discussion on "Vietnam's Socio-Economic Situation 2021-2025: Resilience and Breakthrough" to summarize the most impressive points about the socio-economic situation over the past 5 years, compared to previous years, as well as to the region and the world to see the whole picture more clearly.

A term with many problems beyond prediction

Experts believe that the 2021-2025 period, with its many difficulties and challenges, is gradually coming to an end. The difficulties and challenges in this term are assessed to be more numerous and greater than the opportunities and advantages. This is a term with too many differences and many problems beyond forecast.

Mr. Phan Duc Hieu, member of the National Assembly 's Economic and Budget Committee (left) speaks. Photo: Giang Thanh

According to Mr. Phan Duc Hieu, member of the National Assembly's Economic and Budget Committee, the economy's internal capacity has improved significantly in the 2021-2025 period. Despite facing many difficulties and challenges compared to previous years, the average GDP growth rate in this period - if it reaches 8% in 2025 - will reach 6.3%, higher than the previous period.

“The size of the economy has increased and since the beginning of the year it has increased from 364 billion USD to about 510 billion USD. Total import-export turnover and trade surplus have improved significantly compared to previous periods. Foreign exchange reserves, import-export of goods... some basic macroeconomic indicators are under control,” Mr. Phan Duc Hieu analyzed.

Sharing the same view, Dr. Nguyen Si Dung, former Deputy Head of the National Assembly Office, affirmed that this is a period of reduced public debt and expanded fiscal policy space. This creates the premise for growth in the next term. Along with that, infrastructure has made a breakthrough, not only for this term but also as a foundation for the following terms.

Many experts share the opinion that in the context of more difficulties and challenges than opportunities and advantages, the Government and the Prime Minister have been very flexible and agile but also very determined in directing and implementing tasks, as well as making the most of opportunities and advantages for development, and have achieved comprehensive socio-economic results in the 2021-2025 period.

UNDP Representative in Vietnam Ramla Khalidi said that Vietnam's outstanding achievement during this period was economic growth of more than 7%. Another achievement that UNDP particularly recognized was the high Human Development Index (HDI) which is continuing to improve.

“What is most impressive is the strong leadership and strategic vision that helps Vietnam effectively implement economic development policies,” Ms. Ramla Khalidi emphasized.

Prof. Dr. Vu Minh Khuong, lecturer at the Lee Kuan Yew School of Public Policy - Singapore (online from Singapore). *Photo: Giang Thanh*

Prof. Dr. Vu Minh Khuong, lecturer at the Lee Kuan Yew School of Public Policy - Singapore (online from Singapore) said that Vietnam has done a lot of things in the past term.

There are three outstanding characteristics of this period that Prof. Dr. Vu Minh Khuong noted from the Government and summarized with three Qs: One is courage; two is determination to do things thoroughly; three is selflessness. These three precious qualities make him truly grateful and proud when sharing with international friends that we have a team of determined leaders, worthy of the development of the nation in the current period.

Towards Vietnam's vision of sustainable development

UNDP Vietnam Representative Ramla Khalidi said that Vietnam is entering a new era, focusing on innovation and comprehensive transformation towards a circular, green and inclusive economy.

“I welcome Vietnam’s vision for sustainable development and believe that we need to continue to focus on that. I believe that Vietnam will continue to focus on people – developing people, developing the country and the future of the country,” Ms. Ramla Khalidi emphasized.

Ms. Ramla Khalidi said that climate change is a reality that is causing Vietnam to lose billions of dollars every year. Therefore, there needs to be an appropriate response - not only in mitigation, but also in strong investment in adaptation. Therefore, Ms. Ramla Khalidi made recommendations that Vietnam should focus on in the coming time.

UNDP Vietnam Representative Ramla Khalidi speaks. *Photo: Giang Thanh*

Specifically, continue to promote innovation and green transformation, develop clean energy, as this will be the driving force to bring Vietnam into a new era of sustainable growth. At the same time, continue to invest in human capital, put people at the center and address all remaining inequalities, so that everyone can benefit from the country's development.

At the same time, it is necessary to maintain the focus on institutional and administrative reforms, strengthen coordination between ministries, between the public and private sectors, between the government and development partners to build alliances to support Vietnam's aspirations.

“I believe that Vietnam has done very well in implementing the Sustainable Development Goals and is now in a good position to continue moving forward towards achieving all of these goals,” said Ms. Ramla Khalidi.

Mr. Phan Duc Hieu believes that maintaining the reform momentum is a key factor in the coming period. Along with that is the transformation from "management" to "governance" thinking. This means that people are no longer mere beneficiaries but become an indispensable part, a force participating in the development process. This is the nature of the transformation process from a state-managed model to a national governance, development governance.

From practical experience, Prof. Dr. Vu Minh Khuong believes that Vietnam can progress very quickly in the coming time if we accumulate international lessons and experiences. According to him, there are two major lessons that we need to pay attention to. That is, we need to have strategic shifts in key priorities. Next, we shift from focusing on bottlenecks to focusing on the system's weak points.

“This creates a breakthrough, a new trajectory. On the contrary, if we only focus on the bottleneck, it will still be the old trajectory, just faster, very hard and often does not create the results we expect,” emphasized Prof. Dr. Vu Minh Khuong.

Source: https://hanoimoi.vn/suc-manh-noi-tai-tao-tien-de-de-viet-nam-tang-truong-kinh-te-manh-me-723048.html