Talking about the target of 8% this year and double-digit growth in the coming years, Dr. Tran Du Lich said that this is the only opportunity to reform institutions, do not let Vietnam become a country that is 'not rich yet old'.
Export worries, domestic must innovate
At the first session of the Vietnam Economic Forum 2025 with the theme "Breakthrough solutions to achieve the growth target of over 8%", organized by Nguoi Lao Dong Newspaper on the morning of March 13, Mr. Tran Nhu Tung - Chairman of the Board of Directors of Thanh Cong Group - said that for the economy to grow, each enterprise must develop.
Last year, the textile and garment industry exported 44 billion USD and the target is to increase by 10% by 2025. In the first two months of this year, textile and garment orders have seen slight growth.
Although textile and garment exports are developing positively, there are still risks, especially from the US - a market that accounts for 40% of the industry's export turnover. Textile and garment enterprises are anxiously awaiting the imposition of tariffs by the Donald Trump administration from next April.
According to Mr. Tung, China is the largest textile exporter to the US, with Vietnam ranking second. In theory, if the US increases tariffs on imported textiles, our country will benefit. But in reality, there are potential risks because domestic textile enterprises mainly import raw materials from China.
Chairman of Thanh Cong Group said that in order to respond promptly, businesses in the industry need to closely monitor developments in the international market.
As Chairman of the Vietnam Textile and Apparel Association (VITAS), Mr. Tung recommended that credit institutions implement more preferential credit packages to help textile and garment enterprises boldly transform digitally and greenly. State agencies need to simplify administrative procedures so that enterprises can access the policy of reducing land rent by 30%.
Regarding the relationship between GDP growth rate and domestic consumption, Mr. Nguyen Anh Duc - General Director of Saigon Co.op - analyzed that the growth rate of the trade, service and retail sectors is often 1.5 times higher than GDP growth. Like last year, the national growth rate reached 7.09%, while domestic consumption grew by more than 10%.
In the 2021-2024 period, the trade, service and retail sectors will account for 55-60% of the country's total GDP. This year, the GDP growth target is 8%, and the trade, service and retail sectors need to grow at least 12%.
From the perspective of a retailer, Mr. Duc believes that there needs to be fundamental, motivating and pioneering solutions.
Regarding the fundamental solution, the representative of Saigon Co.op noted that the confidence of domestic consumers is wavering due to issues with personal income, and the lack of a concept of a living wage. In addition, it is necessary to build trust by strengthening the health of businesses through support policies, connecting businesses with each other, and between industries. In particular, it is necessary to select and focus on supporting seed businesses.
Regarding the promotion solution, Mr. Duc suggested that enterprises need to restructure their business activities to reduce costs and increase revenue, especially in the traditional trade sector. At the same time, it is necessary to restructure modern trade such as e-commerce and supply chains.
Regarding pioneering solutions, a representative of Saigon Co.op said that it is necessary to thoroughly implement innovation and creativity. Statistics show that 30% of the revenue of leading enterprises comes from innovation and creativity activities.
"New here means new formulas, finding new markets or new customers," said Mr. Duc.
'There is no second chance for institutional reform'
According to Dr. Nguyen Dinh Cung - former Director of the Central Institute for Economic Management - 8% this year and double-digit growth in the following years is a high target, creating pressure forcing businesses and management agencies to "think differently, do differently".
Appropriate institutions will expand development space, encourage people, businesses and the state apparatus to innovate and create continuously. From there, create a dynamic society, improve the quality of development.
“Over the years, we have not made a real breakthrough, causing the institution to become a bottleneck of bottlenecks. Although the strategy was correct, the implementation method was not suitable, leading to a deadlock. This is a very suitable time for institutional reform,” said Dr. Nguyen Dinh Cung.
Along with the organization, he said it is necessary to streamline and abolish inappropriate legal regulations that hinder development. For example, the conditional business sector should have fewer regulations and switch to post-inspection.
Sharing the same view, economic expert - Dr. Tran Du Lich assessed that never before have businesses and society had such great confidence in the new development stage as they do now. This is the greatest advantage. The target of 8% growth this year and double-digit growth in the coming years creates great pressure.
Citing historical pressure for innovation, Dr. Tran Du Lich said that in 1986, the pressure for innovation was the country's difficult economic situation. The pressure at this time is different, if we do not achieve double-digit growth, by 2045 our country will find it difficult to develop on par with advanced countries in the world.
“In more than ten years, Vietnam will no longer have the golden population to develop. We will fall into the situation of ‘not rich yet old’. Unlike before, the current pressure is the aspiration of the nation to become a developed country, there is no second chance,” he said.
To achieve the above goal, Dr. Tran Du Lich emphasized that, in parallel with the reorganization of the two-level government apparatus, the Central Government needs to expand the decentralization mechanism and delegate power to localities according to the idea of "locality decides, locality acts, locality takes responsibility". Only then can a true institutional revolution be created.
In Ho Chi Minh City alone, Dr. Tran Du Lich said that removing legal obstacles for more than 500 real estate projects will also contribute 1-2% to the country's GDP growth. Most of the investors of these projects have prepared financially but due to legal obstacles, they cannot implement the projects. Ho Chi Minh City can completely resolve these obstacles to stimulate growth and absorb capital sources.
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Source: https://vietnamnet.vn/co-hoi-duy-nhat-de-cai-cach-the-che-dung-de-chua-giau-da-gia-2380316.html
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