We have many paths to reach the above-mentioned destination, but we cannot do without talented entrepreneurs and world-class enterprises. They, with the "launching pad" of the Party and State's determination to innovate and create in the 4th Industrial Revolution, will position the Vietnamese brand globally - a country firmly on the path of Socialism, sustainable economic development, political stability, for the happiness and prosperity of the people.
Aspiration for power
In 2023, we are really "hit" by difficulties and challenges. World politics are unstable, conflicts are breaking out in many regions; interest rates are high, demand is falling... the economies of many countries are falling into recession. Domestically, despite great efforts, as Prime Minister Pham Minh Chinh frankly assessed, along with the achieved results, there are still limitations such as economic growth has not reached the set target; macroeconomic stability is not really solid due to many external pressures; access to credit is still difficult, credit growth is low, bad debt tends to increase; real estate and corporate bond markets still have potential risks; international tourism is recovering slowly...
Mr. Jensen Huang, Chairman and CEO of Nvidia Corporation, visited the National Innovation Center (NIC) in Hanoi
However, thanks to proactive and flexible management, we have achieved some positive results. Many prestigious international organizations highly appreciate the results and prospects of our country's economy and predict that Vietnam will recover quickly in the near future. In particular, the value of Vietnam's national brand reached 431 billion USD, up 1 place to 32/100 strong national brands in the world. Vietnam is also considered one of the 7 middle-income countries that have made the most progress in innovation over the past decade, according to the Global Innovation Index (GII) 2023 report.
The national brand is not only determined by the above indicators, 2023 is a particularly successful year on the foreign affairs front. The visits of US President Joe Biden and General Secretary and President of China Xi Jinping - the two leading powers in the world - have demonstrated that Vietnam's position and prestige in the international arena are increasingly enhanced. In conclusion, as General Secretary Nguyen Phu Trong affirmed: "With all modesty, we can still say that our country has never had such a foundation, potential, position and international prestige as today. Those achievements are the crystallization of creativity, the result of a process of persistent and continuous efforts over many terms of the entire Party, people and army...".
VinSmart Research and Production Company (Hoa Lac Hi-Tech Park, Hanoi)
Innovation is key
The most important issue is what we need to do in 2024 to regain strong growth momentum and looking at the longer term, what solutions are there for sustainable and prosperous development? Considering the current trend in the world, innovation is considered one of the important development indicators, a central factor guiding the development of each country. Among the countries with high determination in innovation, Vietnam has taken many investment measures to improve innovation indicators, such as building national digital technology platforms in various fields from sharing, synthesizing, analyzing data in industries, online meetings, payments, identification to Internet of Things (IoT) devices, AI, virtual assistants, supply chains, etc.
However, our innovation still has many limitations. For example, the promotion of innovative startups has been implemented for 10 years with many programs and projects, but we still have few unicorn enterprises (valued at over 1 billion USD). Therefore, we need to immediately have policies to support and promote technological innovation and innovative startups, focusing on the goals of supporting capital for technological innovation activities; expanding the form of financial support for technological innovation projects; gradually implementing technology loan guarantees for enterprises that can borrow capital from commercial banks...
Laboratory of Ho Chi Minh City Biotechnology Center
In addition, innovation and creativity require quality education for everyone. The open innovation ecosystem must include universities, research institutes, innovative industries, startups, etc. In which, universities play a central role, connecting through activities to form strong research groups with potential for innovation; training new generations of researchers with potential and enthusiasm; linking innovation needs with output products at businesses, rotating human resources between universities and companies and businesses.
Along with that, to participate in the global value chain, the innovation activities of Vietnamese enterprises in the coming time must meet the requirements of digitalization and digital transformation; the requirements of green and sustainable growth. The story of Vinfast will also suggest to us many things about a business that changes strongly and carries national aspirations. We need to have more pioneering businesses that dare to "swim out into the ocean" and face challenges and global competition.
JK Vietnam Industrial Joint Stock Company (Phu Nghia Industrial Park, Chuong My District, Hanoi)
Of course, for a prosperous and powerful country, the state needs to play a role in achieving that goal. The government needs to create an ecosystem that helps the business community thrive. Specifically, it must create a truly transparent, truly beneficial, and truly safe market economy institution for entrepreneurs. It is necessary to accelerate the completion, reform, and improvement of institutional quality as well as effective and efficient law enforcement, which is a prerequisite for promoting national development. Institutional innovation, in which innovation in institutional thinking and state management thinking must come first... that is, innovation in leadership thinking and vision of the team of leaders and managers.
And all innovation and reform must also start from people who have aspirations, dare to think, dare to do and dare to take responsibility. Vietnam is a nation that is studious, hard-working, intelligent and industrious. As long as the policy is correct, the implementation is drastic, the top and bottom are in agreement, the whole is clear, and we unite for the goal of strength and prosperity, we will certainly reach the destination soon.
Bright star in the world economic sky
Vietnam is a bright star in the world economic sky, with a stable economy and positive growth rate in the context of a volatile global economy with many risks and being heavily impacted by the Covid-19 pandemic. Effective socio-economic management policies have helped Vietnam quickly control the Covid-19 pandemic and quickly open up the economy. The Government's implementation of a firm, proactive, flexible, timely and effective monetary policy is very appropriate, helping Vietnam maintain its growth momentum in the recent difficult context. In the coming time, the IMF will continue to have solutions to help member economies increase their resilience to future shocks. Faced with the current fragmentation of the world economy, the IMF hopes that ASEAN in general and Vietnam in particular will promote their role in connecting economies and have a stronger voice in promoting global cooperation, based on the economic growth achievements achieved through the open-door policy and international economic integration.
International Monetary Fund (IMF) Managing Director Kristalina Georgieva
Reuters
Extraordinary opportunity for Vietnam
This is an extraordinary opportunity for Vietnam. Vietnam is well prepared and this is your opportunity. It is an extremely great time for both sides to establish a strategic relationship, AI and chip - both industries are vital for the prosperity of the countries. Vietnam is a partner of Nvidia. We will further expand the existing partnership with Vietnam, of course contributing to Vietnam's AI in the future. We are committed to making Vietnam our second home and establishing a legal entity in Vietnam.
Mr. Jensen Huang , Chairman and CEO of Nvidia Corporation (the world's largest chip manufacturing corporation with a market value of nearly 1,200 billion USD)
Mai Thu (written)
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