Prime Minister Pham Minh Chinh speaks at a seminar with professors, economic experts, and leading researchers from Harvard, Columbia, and Yale universities - Photo: VGP/Nhat Bac
These are educational and policy research institutions with long traditions, influence, and reputations both in the United States and around the world.
Attending the discussion were representatives from Harvard Kennedy School including Prof. Anthony Saich, Director of the Rajawali Institute for Asian Studies; Mr. Thomas Vallely, Director of the Vietnam Program; Prof. David Dapice, Chief Economist, Vietnam Program; Dr. Nguyen Xuan Thanh, Senior Research Fellow at Harvard Kennedy School, Senior Lecturer at Fulbright University; Columbia University including Prof. Shang Jin-Wei, Prof. Nguyen Thi Lien Hang; Yale University including Prof. Erik Harms, Head of the Southeast Asia Department...
The Prime Minister affirmed that Vietnam always attaches importance to enhancing dialogue, exchange, and policy consultation on economic and development issues with the world's leading research centers - Photo: VGP/Nhat Bac
Concretizing the Joint Statement on Upgrading Relations
In his opening remarks, Prime Minister Pham Minh Chinh emphasized that President Joe Biden's State visit to Vietnam on September 10-11 was a historic milestone, elevating the Vietnam-US relationship to a Comprehensive Strategic Partnership for peace, cooperation and sustainable development, for the prosperity of the two countries, for the happiness and well-being of the two peoples. In particular, economic-trade-investment cooperation is the foundation, focus and driving force; science-technology cooperation and innovation are breakthroughs.
Vietnam highly appreciates and values the US's affirmation: Respect for Vietnam's political regime, independence, sovereignty and territorial integrity; support for a "strong, independent, self-reliant and prosperous" Vietnam.
The Prime Minister stated that this visit to the United States also aims to concretize the Joint Statement on upgrading the Comprehensive Strategic Partnership for Peace, Cooperation and Sustainable Development and the Action Plan for implementation; including cooperation in the fields of science and technology, innovation, education, training and policy consultation.
The Prime Minister affirmed that Vietnam always attaches importance to enhancing dialogue, exchange, and policy consultation on economic and development issues with the world's leading research centers.
The Prime Minister asked delegates to discuss further measures to promote Vietnam's sustainable growth and development - Photo: VGP/Nhat Bac
The Head of Government recalled that more than a year ago, in Boston, he and professors and economic experts discussed the topic of building an independent and self-reliant Vietnamese economy associated with proactive, active, deep, substantive and effective international integration, thereby understanding each other better and sharing more about Vietnam's development policies and guidelines.
The Prime Minister suggested that the seminar focus on concretizing and deepening this issue; at the same time, discuss in depth measures to promote Vietnam's growth and sustainable development, towards the strategic goal according to the Resolution of the 13th National Party Congress: by 2030, Vietnam will become a developing country with modern industry and high average income; by 2045, it will become a developed country with high income.
Sharing some information and thoughts for delegates to discuss, exchange and contribute ideas, the Prime Minister said that the world situation continues to develop rapidly, complicatedly, unpredictably, with many issues being unprecedented and beyond forecast.
Faced with a very difficult international situation, Vietnam has made efforts to focus on implementing drastic, synchronous and flexible solutions to promote socio-economic recovery and development, especially removing difficulties for production and business, creating all favorable conditions for people, businesses and investors.
Vietnam's most outstanding results are: The macroeconomic foundation is maintained stable; growth is promoted; inflation is controlled; major balances of the economy are ensured; state budget deficit and public debt, government debt, and national foreign debt are well controlled.
Many prestigious international organizations highly appreciate the situation and prospects of the Vietnamese economy. The Heritage Foundation ranked Vietnam's Economic Freedom Index in 2023 at 61.8 points, up 12 points compared to 2022. Vietnam's national brand grew the fastest in the world in the 2019-2022 period (reaching 431 billion USD in 2022). The Financial Times magazine commented that Vietnam is "one of the 7 outstanding economies in a volatile world". The purchasing managers' index (PMI) of the manufacturing industry in August (published by S&P Global) reached 50.5 points compared to 48.7 points in July 2023.
In addition, Vietnam's economy still faces many difficulties such as slow industrial growth, declining demand in major markets, inflation, although controlled at a low level, is still under a lot of pressure, monetary policy management continues to face difficulties, corporate bond and real estate markets still face many difficulties and obstacles, the production and business sector continues to face difficulties, and orders decrease.
Sharing about the major orientations in Vietnam's socio-economic development policy, the Prime Minister said that Vietnam will continue to be steadfast and persistent in its goals of stabilizing the macro economy, controlling inflation, promoting growth, and ensuring major balances of the economy. However, in the context of difficult production and business, while the fundamental macro factors are stable, Vietnam gives more priority to promoting economic growth; thereby creating jobs, livelihoods, and income for the people, while also creating a foundation to maintain macro stability.
At the same time, Vietnam also focuses on promoting and creating a solid foundation and breakthrough factors for sustainable socio-economic growth and development in the medium and long term; consistently implementing the policy of building an independent and self-reliant economy associated with proactive and active international economic integration, comprehensively, substantially and effectively.
Accordingly, promote the implementation of strategic breakthroughs in institutions, human resources, and infrastructure systems. Create substantial changes in economic restructuring (both between sectors and within sectors) associated with transforming the growth model towards improving productivity, quality, efficiency, competitiveness, and resilience of the economy.
Focus on consolidating and enhancing the role of the state economy; improving the efficiency of the collective economy; strongly developing the private economy as a driving force of the economy; selectively attracting foreign investment; focusing on promoting close and effective links between economic sectors, participating more deeply in regional and global supply chains and value chains.
Promote national digital transformation, green growth, digital economic development, circular economy, sharing economy, etc. Focus on developing emerging industries (such as semiconductor chips, artificial intelligence (AI), big data, green energy conversion, e-commerce, etc.).
Promoting marine economic development, strengthening regional connectivity, developing smart cities associated with environmental protection, adapting to climate change... associated with doing a good job of planning.
Prof. Thomas Vallely, Director of the Vietnam Program, Harvard Kennedy University, speaks - Photo: VGP/Nhat Bac
Vietnam's favorable location
Following the Prime Minister's suggestion, the delegates focused on discussing and assessing the forecast of the world economic outlook, identifying opportunities and challenges, especially opportunities in export, investment, tourism, science and technology, new growth drivers, etc., especially the impacts and influences on Vietnam. Issues that need to be noted and recommendations for Vietnam in the direction and administration, especially in implementing the priority goal of promoting growth associated with ensuring macroeconomic stability in the current context. Necessary solutions and policies for sustainable development in the medium and long term.
Delegates also discussed solutions, mechanisms and policies that need to be implemented to continue improving the business investment environment, enhancing the self-reliance, competitiveness and resilience of the economy, so that Vietnam can better attract external resources and have a higher and more solid position in supply chains, value chains and attract investment capital moving in the region and internationally.
At the same time, propose and recommend policies and solutions to promote industrial development, especially the processing and manufacturing industry; determine the roadmap and specific steps in implementing the country's industrialization and modernization in new conditions associated with green transformation, digital transformation, sustainable development, etc.; propose measures to promote and realize the Comprehensive Strategic Partnership for peace, cooperation and sustainable development between Vietnam and the United States, promoting the advantages of each country, especially in key areas and driving forces of the bilateral relationship.
According to Professor Thomas Vallely, Vietnam has done a very good job of identifying and analyzing its problems, as well as finding ways to solve them. As a result, Vietnam has made very correct decisions when dealing with crisis situations, such as the recent COVID-19 pandemic, especially in the issue of vaccination, when the Government promptly shifted its direction in epidemic prevention and control and mobilized vaccine sources from around the world.
He also appreciated that right after President Joe Biden's visit, the Vietnamese Government and the US Government developed an action plan to concretize the comprehensive strategic partnership between the two countries, especially in developing emerging industries.
Prof. David Dapice, Chief Economist, Vietnam Program, Harvard Kennedy School, assessed that Vietnam's economy is very open, therefore, in the coming time, it will continue to be strongly affected by the difficulties of the world economy. On the other hand, Vietnam must also try harder in economic self-reliance, when the economy has many bright spots but also many difficulties.
Prof. David Dapice, Chief Economist, Vietnam Program, Harvard Kennedy School: Vietnam must also try harder in economic self-reliance, when the economy has many bright spots but also many difficulties - Photo: VGP/Nhat Bac
However, Vietnam has a favorable position and high potential to attract shifting investment sources. Professor David Dapice and Professor Shang Jin-Wei, Columbia University, believe that in order for Vietnam to improve the efficiency of its economy and move up to higher positions in the supply and production chain, it is necessary to continue to focus on training high-quality human resources with good skills; continue to improve institutions; encourage investment in high-tech fields; ensure energy supply; diversify export products; strengthen the social security network, etc.
Professor Shang Jin-Wei, Columbia University shared - Photo: VGP/Nhat Bac
Vietnamese-American billionaire Chinh Chu assessed that Vietnam's economy has a bright future with a favorable position and this is the time for Vietnam to accelerate its development process. Suggesting some more specific policies, he said that it is necessary to strengthen cooperation with the United States in high-value industries such as technology and semiconductors, as well as attract foreign investment in priority areas, aiming for a leading position in the supply chain. He also suggested establishing investment funds similar to Singapore's Temasek model...
Professor Nguyen Thi Lien Hang, Columbia University, believes that Vietnam has the opportunity to become a strong country at the regional and global levels; she hopes that more and more Vietnamese students will study at Columbia University. She considers the university's cooperation program with Vietnam to be one of the best programs she knows.
The Prime Minister highly appreciated the heartfelt, profound, intellectual and very responsible speeches, showing understanding, affection and sincerity for Vietnam - Photo: VGP/Nhat Bac
Priority selection and implementation must be appropriate to Vietnam's conditions and circumstances.
Listening to the opinions, the Prime Minister highly appreciated the enthusiastic, profound, intellectual and very responsible statements, showing the understanding, affection and sincerity of the delegates for Vietnam, with the spirit of frank, open, sincere exchange, looking straight at the problem, multi-dimensional criticism, very practical and useful.
The Prime Minister basically agreed with the opinions of the delegates analyzing the situation in Vietnam and the world, giving comments on the Vietnam-US relationship, the situation of supply chain shifts, and ways for Vietnam to seize opportunities and advantages, and resolve difficulties and challenges.
The Prime Minister highly appreciated the opinions proposing options and priorities in Vietnam's policies such as emerging industries, digital transformation, green growth, circular economy, sharing economy; focusing on infrastructure development; taking appropriate steps given that Vietnam is a developing country, an economy in transition, in line with the trend of the times, the trend of supply chain shift and the support capacity of countries, including the United States.
The Prime Minister thanked the opinions of professors, economic experts and researchers at the seminar - Photo: VGP/Nhat Bac
The Prime Minister also agreed with the delegates on the assessment that the final issue is the human factor, which is the decisive factor; therefore, it is necessary to focus on training to improve the quality of human resources, with training methods and content appropriate to the situation, meeting the development requirements of each industry and priority field of each period.
Along with that, it is necessary to organize production and participate in the supply chain in a way that meets Vietnam's conditions, makes the most of Vietnam's advantages, especially the potential and advantages of Vietnamese human resources such as having a young, hard-working, inquisitive, open-minded, listening population, with great potential in fields such as mathematics and information technology; at the same time, not separating from world trends, thereby combining national strength and the strength of the times, internal strength and external strength.
The Prime Minister shared that Vietnam identifies internal resources as fundamental, strategic, long-term, and decisive, including people, nature, and cultural and historical traditions; external resources are important and breakthrough, including financial resources, technology, management, and human resource training, etc.
The Prime Minister emphasized the view that "resources come from thinking and awareness, motivation comes from creativity and innovation, strength comes from people and businesses".
Based on the discussion results, the Prime Minister assigned relevant agencies to study, filter and absorb the exchanged opinions to serve the advisory work with the Government, the Prime Minister and in the direction and administration in various fields, especially in terms of prioritizing growth promotion associated with macroeconomic stability, controlling inflation and solutions to remove bottlenecks and bottlenecks in mechanisms and policies to promote rapid and sustainable development, building an independent and self-reliant Vietnamese economy associated with proactive and active international integration.
The Prime Minister took a souvenir photo with delegates - Photo: VGP/Nhat Bac
The Prime Minister hopes that in the coming time, there will be opportunities to continue to exchange and discuss in depth and specifically each content in policy dialogues, thematic studies... to continue to serve increasingly practically and effectively the development process of Vietnam.
Throughout the 35-year journey of innovation and development, Vietnam has always highly appreciated the valuable cooperation and support of international partners, including the United States. The Prime Minister expressed his gratitude and looked forward to continuing to receive support and cooperation from Harvard University, Columbia University and other US educational institutions, especially in the fields of education, training and policy advice. This is also a very important content of the Comprehensive Strategic Partnership for Peace, Cooperation and Sustainable Development between Vietnam and the United States.
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