Innovating growth model urged for post-pandemic recovery
Illustrative photo. (Source: tuyengiao.vn)
Vietnam must strongly foster the renewal of growth model to accelerate economic recovery post-COVID-19, heard a dialogue held by Vietnam Economics Times on December 4.
It is urgent for Vietnam to innovate growth model at the time of COVID-19 as it will help the country boost recovery after the pandemic crisis, one of the country’s major goals in short term prioritised by the Party and Government in 2022 and the 2022 – 2025 period.
Vietnam’s growth model has revealed multiple weaknesses over the last decade, with the country’s labour productivity only equal to 62 percent of other countries in the same income group, and domestic sector outperformed by foreign-invested sector.
In the past 10 years, total factor productivity and capital contributed 40 percent and 53 percent, respectively, to Vietnam’s Gross Domestic Products (GDP), while labour represented only 7 percent, development economist Dr. Dang Kim Son told the dialogue.
Building Vietnam’s new growth model requires the mobilisation of all resources, from land, workforce, capital to science and technology and digitalisation, according to experts at the event.
Dr. Tran Van Tho from Wasade University in Japansaid provided that the COVID-19 pandemic is kept and the economic growth rebounds to 6 – 7 percent a year, Vietnam can achieve the upper-middle-income country status between 2025 and 2026.
To create breakthroughs for the economy, experts recommended Vietnam to focus on five points of science and technology; transforming from how the country allocates resources from administrative to market mechanism; economic persification based on regional advantages; restructuring of urban spaces; and restructuring of enterprises and economic organisations.
Dr. Nguyen Si Dung, former Vice Chairman of the National Assembly’s Office, stressed the importance of attracting and awarding talents, saying industrialisation first and foremost relies on inventions by Vietnamese people./.
Related News
E-commerce promotes economic recovery after the pandemic
14:15 | 22/05/2022 Import-Export
Hai Phong Customs helps enterprises to recover from post-pandemic
19:34 | 12/04/2022 Customs
Middle East a potential post-pandemic export market for Việt Nam
16:37 | 18/03/2022 Import-Export
Experts propose three phases for post-pandemic economic development
19:44 | 27/09/2021 Headlines
Latest News
Australian Governor-General wraps up State visit to Vietnam
13:53 | 06/04/2023 Headlines
Vietnam active at UN Human Rights Council’s 52nd session
16:11 | 05/04/2023 Headlines
Vietnam commits to building prosperous, fair, healthy Mekong River basin: PM
16:09 | 05/04/2023 Headlines
Việt Nam, US hold 12th political, security, defence dialogue
14:15 | 03/04/2023 Headlines
More News
Private sector remains driving force for economy
14:11 | 03/04/2023 Headlines
State visit to Vietnam by Australian Governor-General to deepen the two’s goodwill, trust: expert
14:10 | 03/04/2023 Headlines
Vietnam"s economy to grow by 6.6% this year: OECD
17:45 | 02/04/2023 Headlines
Bright outlook for Vietnamese tourism in new situation
16:52 | 02/04/2023 Headlines
Vietnam, US hold 12th Political, Security, Defence Dialogue
20:25 | 01/04/2023 Headlines
Vietnam calls for comprehensive, all-society approach to waste management
14:32 | 31/03/2023 Headlines
Many factors support foreign capital flow
13:40 | 30/03/2023 Headlines
Foreign SMEs pour capital into Vietnam
13:37 | 30/03/2023 Headlines
Leaders of aviation firms to be disciplined if employees committed wrongdoings
15:38 | 29/03/2023 Headlines
Your care
The system has not recorded your reading habits.
Please Login/Register so that the system can provide articles according to your reading needs.
Australian Governor-General wraps up State visit to Vietnam
13:53 | 06/04/2023 Headlines
Vietnam active at UN Human Rights Council’s 52nd session
16:11 | 05/04/2023 Headlines
Vietnam commits to building prosperous, fair, healthy Mekong River basin: PM
16:09 | 05/04/2023 Headlines
Việt Nam, US hold 12th political, security, defence dialogue
14:15 | 03/04/2023 Headlines
Private sector remains driving force for economy
14:11 | 03/04/2023 Headlines