Reforming economic institutions to create new growth drivers

Many speakers, experts and scientists attended the conference. Photo: Anh Minh

The workshop was attended by 300 scientists representing international organizations such as the International Monetary Fund (IMF), World Bank (WB), Asian Development Bank (ADB)... and central agencies, universities, research institutes, and businesses.

The workshop has the theme "Vietnam's economy in 2024 and prospects for 2025: Promoting economic institutional reform in the new context".

Prof. Dr. Pham Hong Chuong, Director of the National Economics University, said that in 2024, Vietnam's economy will transform strongly, with GDP growth reaching 7.09%, exceeding the set target; labor productivity will improve with an increase of 5.14%.

The structure of manufacturing industries continues to shift towards industry and services, in which the manufacturing and processing industry has had a strong recovery, becoming a major driving force contributing to the high growth rate of the economy.

Vietnam continues to integrate more deeply into the world economy, with total import and export turnover of goods reaching more than 786.29 billion USD, equivalent to about 165% of GDP.

However, the economic sector with foreign direct investment (FDI) continues to dominate the domestic sector with 71.7% of total export turnover and 63.2% of total import turnover, but the added value of the FDI sector contributing to the economy is still not commensurate.

Many domestic enterprises still face difficulties and are unable to create links with the FDI sector to participate more deeply in the global production network. This situation shows that the growth target of 8% in 2025 and higher in the following years is very challenging.

At the workshop, speakers and experts discussed and agreed that in the context of Vietnam's high growth target, economic institutional reform is a key task to maintain old growth momentum and create new growth momentum.

In addition to the general overview, delegates focused on analyzing and evaluating the process of economic institutional reform in Vietnam and made policy recommendations to promote economic institutional reform.

According to Dr. Nguyen Minh Son, Deputy Chairman of the National Assembly's Economic and Financial Committee, the solutions and policies proposed at the workshop are important documents for competent authorities to formulate policies in the coming period.

Annual Vietnam Economic Review 2024 publication of National Economics University.

Announcing the 2024 Annual Vietnam Economic Review publication.
Within the framework of the workshop, the National Economics University announced the publication of the 2024 Annual Vietnam Economic Assessment, with the theme "Promoting economic institutional reform in the new context".

The publication consists of 350 pages, including Part I, an overview of Vietnam's economy in 2024, contents on world economic developments in 2024 and impacts on Vietnam's economy; an overview of Vietnam's economy in 2024 through economic sectors (real economic sector, foreign economic sector, monetary and financial sector, budgetary and financial sector).

Part II assesses the current state of Vietnam's economic institutions; the current state of the economic legal system; the current state of the state apparatus supporting the market economy.

Part III: World and Vietnam economic outlook in 2025; general macroeconomic policy recommendations and policies to promote institutional reform in the new context.

Source: https://hanoimoi.vn/cai-cach-the-che-kinh-te-de-tao-dong-luc-tang-truong-moi-698495.html