The Vietnam Economic Growth Forum on July 8 in Hanoi recorded many opinions from experts, representatives of management agencies as well as the business community on highly feasible initiatives and solutions to promote high and sustainable economic growth in the new context.
Drawing on practical experience from his own business, Mr. Nguyen Trung Chinh - Chairman of the Board of Directors of CMC Technology Group believes that the two key keywords that can create a breakthrough for Vietnam's economic growth are artificial intelligence transformation (AIX) and Go Global (globalization). Besides digital transformation, AI transformation is the new growth driver that Vietnam needs to grasp.
"AI transformation is not just for technology companies, but for all people, businesses and governments to apply AI to their operations," Mr. Chinh explained.
Citing research from Gartner and other prestigious organizations around the world, the Chairman of CMC's Board of Directors said that widespread application of AI can create an additional GDP growth of 1.5-2%.
"Assuming Vietnam is growing at 8%, if we are determined to implement AI transformation, we can absolutely achieve a growth rate of 10% to 12%. This has been proven through successful models in Korea, the US and China," Mr. Chinh explained.
Meanwhile, expanding into the international market is the decisive factor for the group's remarkable growth in the past 5 years.
"In the past, we entered the international market in a tentative manner, going and coming back, but in the past 5 years, the globalization strategy has helped CMC achieve an average growth rate of 20-25%/year. This year alone, our profit increased by 40% compared to last year. If we only relied on the domestic market, we would certainly never have achieved this result," Mr. Chinh affirmed.
The head of CMC Group affirmed that science, technology and innovation are effective tools to achieve double-digit growth. However, this driving force must come not only from research institutes and universities but also from businesses themselves.
"Each business's awareness and application of science and technology will determine their own growth rate," said Mr. Chinh.
Citing CMC, he said that after 10 years of investing in research institutes, most of the group's core technologies were developed by its own team and have reached world-class standards. CMC's facial recognition technology has entered the world's top 12. The group can provide technology services to Japan and Korea. This creates an inspiration that Vietnamese people can completely master technology and reach out globally.
From the above analysis, Mr. Chinh made 5 specific recommendations to promote high growth.
First, change the approach to science and technology policy. Accordingly, we must go in the opposite direction, starting from the needs of the market and businesses, instead of starting from institutes and schools. Let's give businesses opportunities and support them to apply technology to increase productivity and enhance competitiveness.
Second, learn from the Korean model by assigning leading companies in each industry the task of leading the development of the entire industry. The Korean government assigned a leading cosmetics company the task of developing the entire national cosmetics industry. This is a very effective way of doing things.
Third, promoting AI Government, AI transformation needs to be spread to all ministries, branches and localities. CMC has been participating in this process by providing AI solutions for VNeID applications and supporting the law amendment process.
Fourth, effectively implement the two-level government. This is an important issue that needs to be clarified for the apparatus to operate effectively.
Fifth, build a data-driven smart government. Government decision-making needs to be based on scientific and transparent data analysis.
From an expert perspective, regarding industrial policy, Dr. Vo Tri Thanh made three breakthrough recommendations. First, do not focus on industry, but focus on technology and diffusion. According to him, this approach helps new technology to be widely applied while avoiding barriers from international commitments.
Second, policy should not “pick winners” but “support participants” by creating a level playing field.
Third, successful businesses are those that go global. Therefore, policies must encourage and support businesses to participate in global competition.
Finally, Dr. Vo Tri Thanh believes that Vietnam needs a real revolution in education, especially at the university level. It is necessary to replicate the “startup university” model, where schools not only train and research but also contribute directly to economic growth through the commercialization of technology and innovation.
Taking note of the opinions at the forum, Mr. Tran Luu Quang - Secretary of the Party Central Committee, Head of the Central Policy and Strategy Committee, stated that the double-digit growth target is completely feasible if there is consensus and close coordination between the Government, businesses and localities.
According to Mr. Quang, one of the four prerequisites to realize the growth target is to have the right development strategy and model, taking science and technology, innovation and digital transformation as the core driving force. Along with that, there needs to be consensus and cooperation from the Government, businesses and the whole society. Timely remove difficulties, especially institutional problems as well as be ready to respond to external shocks when the openness of the economy is increasingly large.
“Vietnam’s current opportunities are much greater than before. Belief in reform, especially institutional reform with revolutionary innovation thinking, is the foundation for us to make a breakthrough. The Government will absorb and select practical recommendations to incorporate into specific policies and action programs in the coming time,” Mr. Tran Luu Quang affirmed.
Source: https://doanhnghiepvn.vn/cong-nghe/trao-co-hoi-cong-nghe-cho-doanh-nghiep-de-tang-truong-2-con-so-kha-thi/20250709094903876
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