Vietnam still has plenty of room to find drivers for growth

	Drivers for economic growth promoted
	Repositioning the role of growth drivers of economic sectors
	Vietnam's economy needs new drivers for growth

How do you assess the changes in Vietnam's economic growth model in the future?

Many studies show that the world economy will slow down in the next 10 years. This is an irreversible trend because of its historical cycle. However, not every deceleration is detrimental. If Vietnam has wise responses, it will be less affected by the deceleration. So, this period requires Vietnam to take advantage of opportunities, while undertaking restructuring and reforms. The Vietnamese government has also identified this problem and has taken the right steps.

Accordingly, we have signed many free trade agreements, increasing the openness of the economy. These have helped Vietnam build a more autonomous economy that is better adapting to external movements. Therefore, in the future, we must build a more autonomous foundation. The first task is perfecting institutions, making more efforts in comprehensive innovation and reform. The second one is human resources. Our human resources are great but we haven't mobilized them all. The third is to take advantage of the fourth industrial revolution, which is considered the best opportunity to accelerate the economy on the basis of sustainability and stability, shortening the development gap, overcoming the middle income trap and pushing towards modern development. Therefore, the Government has strongly supported the establishment of the National Innovation Centre, attracting human resources, taking advantage of opportunities to promote science and technology and innovation.

In your opinion, what are the drivers for Vietnam's economic growth in the future?

In the future, the economy will grow very fast. It can be said that Vietnam has the stature and position to review and consider carefully future decisions as well as be proactive in its development path. Therefore, Vietnam still has plenty of room to find drivers for growth, but there is a lot of work to do, requiring more efforts, more proactivity and stronger and more comprehensive reforms. In particular, the reform of the modern market economy requires increasing competitiveness, making the private sector a driver for growth.

Vietnam is a country with a large population, young and well-educated workers, so it needs the driver from mobilizing national human resources to accelerate development. In addition, we must renew the growth model, restructure the economy, maintain and seek new growth drivers, especially in three issues: institution, infrastructure and high-quality human resources. In addition, we also propose two new breakthroughs after consulting international experts, they are science and technology innovation and Vietnamese human and cultural values which are drivers for the goal of economic acceleration.

Would you please speak about the directions for these two new breakthroughs?

Regarding science and technology, after many visits to global innovation centres, on the basis of learning and drawing experience to build the best model, we have proposed to set up a Vietnam National Innovation Centre. Accordingly, the Prime Minister will issue an establishment decision. This is a policy promoted by the Party and the State. This will be a good ecosystem to promote basic research and the application of science and technology innovations.

Regarding human and cultural values, this is a very new issue and is in the process of research and development for how to concretize human and cultural values ​​into drivers, how to raise national pride and the self-reliance of Vietnamese people to create a more powerful society, promoting people to freely make contributions, creativity and devotion.

Most importantly, from these issues, we will build a network of innovation as a great resource to gather the Vietnamese talents in many big countries, who have made a lot of contributions to multinational corporations. There are more than 100 people joining this network, many of them hold important positions at large corporations. If these talents return to their homeland, they will be invaluable assets.

With the above goals, what have the Ministry of Planning and Investment and the Government done?

The Government has issued resolutions every year to promote administration reform, reduce business conditions and improve competitiveness to support business development. The Ministry of Planning and Investment is an advisor to develop these resolutions. In addition, the Ministry is also the agency to develop projects of restructuring the economy, renewing the growth model and building laws on supporting small and medium-sized enterprises, and promoting the private sector.

Financial reforms, towards restructuring Vietnam's economy VCN - On September 19, the Ministry of Finance held the Vietnam Financial Forum 2019 with the ...

The Ministry of Planning and Investment will submit many revised laws, such as the revised Enterprise Law which aims to synchronize with other laws and comply with the recent Government Resolution, to solve many problems and help businesses develop. In addition, the Ministry is also drafting a revised Investment Law in the direction of removing obstacles, opening up domestic resources, offering orientations to attract foreign investment in an efficient, environmentally-friendly manner, ensuring the possibility of linking between FDI enterprises and domestic enterprises.

Thank you Sir!