Vietnam is at a decisive stage.
Despite recent global upheavals, particularly the outbreak of conflict in the Middle East which has driven up energy prices and impacted global growth, the Party and Government have emphasized that Vietnam must persevere in pursuing its goal of high, sustainable, and substantial growth . In fact, Vietnam is currently facing a golden opportunity to realize this aspiration.
Vietnam is currently presented with an opportunity for high and sustainable economic development.
PHOTO: HOANG TRONG QUYNH
According to Dr. Nguyen Viet Hung, former Head of the Department of Party Building and Ho Chi Minh Thought at the Ho Chi Minh City Academy of Cadres, after 40 years of reform from 1986 to the present, Vietnam has achieved tremendous economic successes, not only escaping socio-economic crises but also becoming one of the most dynamic economies in Asia and the world. Despite periods of severe global economic crisis, Vietnam has consistently maintained positive growth, experiencing periods of continuous high development and sustaining the vitality of its economy.
To date, we have formed an increasingly modern, balanced, and developed industrial, service, and agricultural economy; at the same time, we have begun to develop models linked to modern industry and are making rapid progress in the digital transformation of humanity. These new models, thanks to innovation and new resources, are yielding concrete results. All of the above is the result of a long process of accumulation and development, so that today, as humanity enters a new era, Vietnam is also ready to seize the opportunity.
Dr. Nguyen Viet Hung emphasized: The new era is the era of the Fourth Industrial Revolution, of digitalization, artificial intelligence, smart development models, green growth, circular economy… based on high technology and new fields such as semiconductors. This is the era of a global economy that is very different, very smart, and achieves very high growth efficiency. If an economy can enter early and quickly with humanity's new transformation process, the achievements will be very strong. On the other hand, conflicts between countries around the world, whether political, military, or trade wars, are dominated and pervasive by science and technology (S&T), which is decisive. The country that masters S&T gains an advantage and seizes the upper hand.
Opportunities are numerous, but timing is rare, and timing is a fleeting moment in history, appearing only once every hundred years. If we fail to recognize and seize this opportunity, we may forever fail. This is the crucial moment for Vietnam to transform from quantity to quality, accumulating and accelerating progress over the next two decades to achieve its two centenary goals and become a powerful nation.
Dr. Nguyen Viet Hung, Ho Chi Minh City Academy of Cadres
"Therefore, we shouldn't call this an opportunity, but a moment of opportunity. There are many opportunities, but a moment of opportunity is unique, and a moment of opportunity is a very short, very quick historical event, sometimes appearing only once every hundred years. If we don't discover and seize this opportunity, we may fail forever. This is the crucial moment for Vietnam to transform from quantity to quality, creating accumulation and acceleration for the next two decades to achieve the two centenary goals and become a powerful nation. If we miss this opportunity and fail to achieve the set goals, Vietnam will forever lag behind," Dr. Nguyen Viet Hung further shared.
Sharing the same view, according to Dr. Tran Quang Thang, Director of the Institute of Economics and Management of Ho Chi Minh City, General Secretary To Lam's emphasis at the 2nd Conference of the 14th Central Committee of the Communist Party of Vietnam on the need to persistently pursue high, sustainable, and substantive growth reflects a very clear logic: Vietnam is at a decisive stage. If it misses this opportunity, there will be no second chance to become a prosperous economy. This is a unique opportunity because Vietnam has a golden population. The abundant workforce and high proportion of young people are competitive advantages compared to aging countries like Japan and South Korea. However, the period of this golden population will not last too long. Similarly, the window for global supply chain shifts is only open for a short time. Vietnam has a rare and favorable geopolitical position while regional competition is increasingly fierce. If it does not take advantage of this, other countries will overtake it, and the gap will widen.
Mr. Tran Quang Thang emphasized: High growth is a prerequisite for escaping the middle-income trap. High growth must be sustainable and substantial: increasing labor productivity, innovating technology, developing foundational industries, and greening the economy. History shows that a nation only has one or two opportunities for breakthroughs; if missed, it will take generations to recover. This is the only chance for Vietnam's economy to accelerate.
Vietnam remains committed to achieving high, substantive, and sustainable growth. Pictured: The Robotics - IoT Club of the University of Science (Vietnam National University Ho Chi Minh City) - a place that inspires and promotes innovation among students.
PHOTO: NHAT THINH
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Assessing the potential for seizing opportunities and accelerating progress, Dr. Nguyen Viet Hung believes that we currently possess all the necessary elements to achieve our goals. Firstly, the Party is at the forefront, keeping pace with the new era of humanity, pioneering in knowledge and intellect, pioneering in political ideology, principles, and policies, and anticipating and seizing the opportunities of the times and of humanity.
The second factor is promoting the internal strength of national unity. The Party and the Politburo have emphasized the importance of gathering forces both domestically and internationally in terms of knowledge, experience, and management skills; thereby consolidating a strong and powerful workforce, fostering robust internal strength.
The final element is seizing the opportunity. We have identified a once-in-a-lifetime "diamond" opportunity and are resolutely pursuing the nation's grand goals. If these three pillars continue to be promoted and developed through specific and clear mechanisms and policies, nothing can stop Vietnam from entering an era of great strength.
Furthermore, Dr. Nguyen Viet Hung observed that Vietnam possesses many advantages in this new era. We have prepared institutionally, with seven resolutions related to innovation, science and technology, private sector , energy, social security, and breakthroughs in education and training. Among these, the emphasized element is the development of all sectors of the economy, strongly promoting the private sector, which also means developing internal strengths and putting the people first. Regardless of how the world changes, Vietnam remains steadfast in its commitment to economic independence and self-reliance, building its own growth model. This is a correct viewpoint and also has a solid foundation.
Dr. Nguyen Viet Hung analyzed: The world is developing modern, green, and circular agriculture. Vietnam already has a traditional green, diversified, intensive, and diverse agricultural system, rooted in the circular economy from ancient times. Based on this foundation, Vietnam only needs to learn and update further to complete the modern agricultural model.
High, substantial economic growth must ensure that it serves the interests and improves the material and spiritual lives of the people.
PHOTO: TUAN MINH
Similarly, with regard to the maritime economy, countries are increasingly focusing on the sea, making logistics the lifeblood of the entire world. If the Strait of Hormuz – a shipping route for approximately 20% of the global oil and liquefied natural gas supply – were officially closed, the world's oil resources would shift priority to countries with very high positions and leading growth in North Asia. Vietnam already possesses geopolitical advantages for maritime development, and is now concentrating its efforts on expanding and upgrading its maritime and island infrastructure, further enhancing its logistics capabilities. We have many advantages for developing this service. Furthermore, in the context of increasingly tense relations between the US and China, Vietnam is gradually becoming the world's factory, and is further upgrading to a factory for high technology and the digital economy, deeply involved in supply chains such as semiconductors and rare earth elements.
Professor Tran Quang Thang also believes that the "Four Pillars" of the Politburo's Resolution are not just guiding documents but also create new growth drivers, helping Vietnam's economy grow higher and more substantially through very specific mechanisms. High and substantial growth comes from the new impetus created by institutional reforms. For example, Politburo Resolution 68 marks a significant shift in thinking about the private economy, as it for the first time emphasizes the role of entrepreneurs in national governance. This can have profound impacts on the development of the private economic sector. This new thinking can create a strong impetus to help this sector develop faster, more sustainably, and contribute more to the national economy. Only when businesses become stronger will they lead to increased investment, increased productivity, and increased exports.
Simultaneously, digital transformation helps reduce costs, increase efficiency, and create new industries. Meanwhile, green transformation facilitates attracting high-quality foreign direct investment (FDI) and maintaining export markets. When Vietnam perfects its market economy institutions and creates a healthy competitive environment, it will not only strongly attract domestic and foreign investment but also promote strong growth in all economic sectors, contributing to high, substantial, and sustainable economic growth in Vietnam.
Belief, action, and aspiration will shape the future.
According to Associate Professor Vo Dai Luoc, former Director of the Institute of World Economics and Politics, in addition to advantages and opportunities, Vietnam also has enormous growth potential. For example, boosting infrastructure investment will create breakthroughs and have a long-term impact on the economy. In particular, Vietnam has acknowledged that the biggest bottleneck for breakthroughs in recent times has been the institutional framework. With the innovative and proactive thinking of General Secretary To Lam, Vietnam has a great opportunity to strongly reform its institutions. When we remove all barriers, all economic sectors will have even more opportunities to develop. This is the most important area for the economy to achieve high growth rates for many years.
Historically, many countries, from Japan to South Korea and Singapore, have experienced tremendous breakthroughs when their leaders demonstrated a determination to bring about change, especially when institutions were freed from barriers and bureaucratic systems. Within a few decades, they became developed nations. Therefore, the crucial question is how to effectively implement measures to remove barriers to business for citizens and enterprises.
"Institutional reform and modernization, or promoting the development of science and technology, innovation, and the development of both the private and state-owned economies... are crucial mindsets, arguably the lifeblood and foundation for Vietnam's economic breakthrough. This creates confidence and motivation for the people in general and businesses in particular. However, implementation must be thorough and concrete. For example, promoting innovation and digital transformation requires policies that prioritize talent. This will not only attract and develop domestic talent but also draw talent from abroad to Vietnam," Associate Professor Dr. Vo Dai Luoc further shared.
Vietnam encourages US businesses to expand investment in high technology.On the morning of June 26th, at the Government Headquarters, Deputy Prime Minister Ho Quoc Dung received Mr. Jeff Place, Supply Chain Director of Coherent Group (USA). During the meeting, the Deputy Prime Minister affirmed that Vietnam encourages US businesses to expand investment, especially in high-tech, innovation, and semiconductor industries. Professor Tran Quang Thang emphasized that the steadfastness of the leadership creates great driving forces for the entire country in general and the economy in particular. These include national aspirations that foster a spirit of striving forward and refusing to fall behind; belief in development that promotes investment, consumption, and innovation ; belief in action that drives stronger reforms and healthier competition; and social consensus that maximizes the mobilization of resources for common goals. When these four elements truly converge, the goals of high growth, sustainable development, and becoming a high-income country are no longer just slogans, but powerful intrinsic driving forces for the entire nation.
Mr. Tran Quang Thang affirmed: The future is built on belief, action, and aspiration. With its current position and rapidly transforming resources, Vietnam can and will enter a new era with the mindset of a developed, confident, and capable nation.
Maintaining double-digit growth
In his closing remarks at the 2nd Conference of the 14th Central Committee of the Communist Party of Vietnam, General Secretary To Lam emphasized: We do not accept low growth. We must persistently pursue the goal of high, sustainable, and substantive growth. Therefore, ministries, departments, localities, the people, and businesses need to thoroughly understand the four core principles: substantive growth; steadfast adherence to the principle of macroeconomic stability, inflation control, and ensuring major balances; effective utilization of all available resources, prioritizing key projects and promoting public-private partnerships to increase investment efficiency and enhance national competitiveness; and high economic growth must ensure that it serves the interests and improves the material and spiritual lives of the people and social justice.
The strong determination of the business community.
We have the strong determination of the business community, especially those entrepreneurs who have risen to the ranks of the world's elite. The Party has resolutions, the Government has determination, and the people have expectations; all we need to do now is build strong economic groups managed by entrepreneurs with integrity and vision, large enough to keep pace with the new era of the nation. This is the time when the strength of national unity is most needed to create national brands. The transformation in the new era is like a "childbirth" for the nation, so we must have very high determination to overcome the difficulties and challenges.
Dr. Nguyen Viet Hung, Ho Chi Minh City Academy of Cadres
Source: https://thanhnien.vn/thoi-co-lich-su-cua-kinh-te-viet-nam-185260330232357684.htm
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