According to the advice of American economic experts, Vietnam needs to take advantage of the Comprehensive Strategic Partnership with the US in high-value industries, becoming a leading factor in the high-tech supply chain.
Promoting sustainable growth and development in a volatile global economic environment was the main topic of a policy discussion in New York (USA) between Prime Minister Pham Minh Chinh and leading professors, economists and researchers from Harvard, Columbia and Yale universities.
"Vietnam always attaches importance to enhancing dialogue, exchange, and policy advice on economic and development issues with the world's leading research centers, according to the Prime Minister.
Increase high-quality human resources to develop high-tech industry
Professor Thomas Vallely (Director of the Vietnam Program, Harvard Kennedy School) assessed that Vietnam has done a very good job of identifying and analyzing its problems, as well as finding solutions. Thanks to that, Vietnam has made very correct decisions when dealing with crisis situations, such as the recent Covid-19 pandemic.
Prof. Thomas Vallely, Director of the Vietnam Program, Harvard Kennedy University (Photo: Doan Bac).
He especially appreciated the Vietnamese Government's timely shift in epidemic prevention and control work and its ability to mobilize vaccine sources around the world to serve the vaccination strategy.
Professor David Dapice (Harvard Kennedy School) pointed out that Vietnam is one of the countries with the fastest economic integration rate in the world, and certainly, Vietnam's growth is influenced by growth in the world as well as the region.
Forecasting a slowdown in world economic growth next year due to many factors, Mr. David Dapice said this will affect Vietnam's economic growth.
Analyzing the advantages, he said that Vietnam has a high potential to attract FDI, but the production of leather, footwear and textile exports still has low technology content, not helping to bring added value.
Therefore, Vietnam needs to increase domestic content in export goods, promote the scale of export activities, increase the value of export products to have a higher position in the supply chain.
Prof. David Dapice, Harvard Kennedy School (Photo: Doan Bac).
"Vietnam needs to make more efforts to ensure economic self-reliance. Only by improving workers' skills can it catch up with and surpass other countries in the region," the professor said.
Referring to the key point in human resource training, Harvard Kennedy School professor said that Vietnam cannot do it alone, but needs to cooperate in training available high-quality human resources.
In its efforts to combat corruption, Mr. David Dapice suggested that Vietnam needs to make efforts to clearly define what is acceptable and what is not acceptable. "Many businesses in Vietnam are willing to take risks to get things done. This is also a cause for concern," he said.
Vietnamese-American billionaire Chinh Chu believes that Vietnam needs to strengthen cooperation with the US in high-value industries such as technology and semiconductors, attract foreign investment in priority areas, and aim for a leading position in the supply chain.
"Vietnam does not need to produce machinery such as televisions and dishwashers, but needs to cooperate with the US to produce semiconductor chips," he suggested and advised Vietnam to choose to invest in high-tech chips and expand cooperation with EU countries such as the UK, Germany, and France.
Prime Minister Pham Minh Chinh thanked experts for their contributions to Vietnam's economic development orientation (Photo: Doan Bac).
Referring to the lesson of Singapore establishing large government funds to promote investment, Mr. Chinh Chu said that Vietnam should learn from Singapore's model such as establishing the Temasek fund, which not only helps increase domestic investment in production but also brings good profits to the people.
In addition, billionaire Chinh Chu suggested that Vietnam needs to strengthen education and training activities and "may need to increase the number of highly skilled engineers 10 times to develop the high-tech industry".
He emphasized that the pillar of high-tech industry development must have high-quality human resources. Vietnam has favorable conditions, so it is necessary to speed up this process.
Preferred but suitable choice
Concluding the discussion, Prime Minister Pham Minh Chinh highly appreciated the frank exchanges of American professors and economic experts.
With the guidance from experts, the head of the Vietnamese Government said that "priority should be selected", mainly focusing on emerging industries such as digital economy, green transformation, circular economy, and sharing economy. This should be accompanied by investment in information, energy, and social infrastructure.
The Prime Minister emphasized that Vietnam must take steps appropriate to the conditions of a country with a transitional economy, moderate economic scale, high economic openness, and limited adaptability.
"Among all the beautiful flowers, we must choose which one to honor our beauty. That is Vietnam's choice," said the Prime Minister.
Prime Minister Pham Minh Chinh speaks at the seminar (Photo: Doan Bac).
According to the Prime Minister, Vietnam needs to focus on vocational skills, which used to be footwear, electronics, and textiles, but now must be improved to include design and semiconductor chip manufacturing...
Another issue is the organization of production and supply chains to meet Vietnam's conditions and participate in the global supply chain. Therefore, it is necessary to choose FDI that is suitable for Vietnam's circumstances.
To achieve the goals, the Prime Minister emphasized that the decisive factor is human resources, so we must focus on training and improving 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.
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