Unlocking the potential of new economic models

Continuously create growth momentum

According to Ms. Nguyen Bach Diep, Chairman of the Board of Directors of FPT Retail, new economic models such as sharing economy, digital economy, green economy, and circular economy have been playing a positive role, creating growth momentum and sustainable development for economies. This is the general development trend of the world, so when businesses in Vietnam focus on these models, it will contribute to economic growth in a more creative, sustainable and quality way. To support this process, the Government has made great efforts to promptly institutionalize the viewpoints and sustainable development goals set by the Party and the State, both creating a legal corridor for implementing new economic models and creating new growth and development momentum, directly contributing to the goal of growth and sustainable development in the new context and situation.

“This will certainly provide strong support for businesses, create motivation, and help accelerate the process of building and perfecting new economic models in Vietnam,” Ms. Nguyen Bach Diep affirmed.

Sharing the same opinion, Ms. Dinh Thi Thuy, General Director of MISA Joint Stock Company, said that new economic models are becoming an important part of the country's economic development towards the global economic trend. The close connection and cooperation between the Government and the business community is the key to success in sustainable business development. Currently, new economic models are creating momentum for growth and making significant contributions to sustainable development by optimizing resource use, minimizing waste and environmental impact, creating economic value while still protecting the environment. This is not only a trend but also a great opportunity for businesses, bringing many potentials for innovation and flexibility for business development in the coming time.

That is also the reason why MISA develops digital solutions following the trend of green economy, digital economy and sharing economy. In particular, the digital solutions developed by MISA all focus on helping units, organizations and individuals change their working methods to be more productive, smarter and more professional. From there, strongly promoting the development of digital economy, Ms. Dinh Thi Thuy shared.

As one of the first enterprises to invest in new economic models, Mr. Nguyen Doan Ket, Vice Chairman and Deputy General Director of Rang Dong Company, said that the enterprise is developing connected products that contribute to building a green economy and a circular economy. Rang Dong's current strengths are applying digital technology achievements to its products, especially in the three areas of smart homes (Smart Home), smart cities (Smart City), high-tech agriculture and precision agriculture (Smart Farm)... To do this, the enterprise must prepare resources, including high-quality human resources and financial resources.

Despite certain successes in the new economic model, Mr. Nguyen Doan Ket is concerned that in order to have a playground where Vietnamese enterprises can compete in terms of quality, features, intelligence, price and cost, enterprises need the support of state management agencies. The legal corridor plays the role of a "midwife", a source of encouragement and motivation for Vietnamese enterprises to integrate into the world's connected economy.

New economic models are becoming an important part of the country's economic development.

Radical and effective institutional reform

Similarly, the forest carbon credit market has recently emerged as a breakthrough solution, achieving the dual goal of both reducing natural disaster risks and developing a green economy. However, to operate this market, Vietnam needs international support through financial investment, technology and improving the quality of greenhouse gas inventories; and emission reduction appraisal. In reality, the implementation process has many challenges, such as: guiding regulations have not been issued in a timely and complete manner; human resources in both the public and private sectors are lacking and inexperienced. According to Mr. Vu Tan Phuong, Director of the Office of Sustainable Forest Management Certification, the technical requirements of forest carbon projects are completely different from those of conventional forestry development projects. Therefore, in addition to establishing a specific policy framework, management agencies need to ensure transparency, public disclosure of information and data for measurement, reporting and appraisal, benefit sharing, and implementation of measures to ensure social and environmental safety. On the other hand, management agencies need to develop a defined process, have a system for measuring, reporting, assessing and demonstrating the difference in emission reduction or increased carbon absorption from project interventions.

To facilitate new economic models and reform the economic management model in general, Dr. Nguyen Duc Kien, former Head of the Prime Minister's Economic Advisory Group, analyzed that the State is currently making great efforts to reform and streamline the economic management administrative apparatus. However, there are still many things that need to be changed in management thinking, and it is necessary to reform drastically and effectively; ensuring publicity, transparency and openness in the law-making process. Institutional reform in the direction of eliminating unreasonable business regulations and conditions that are not suitable for the market mechanism. Strong decentralization and delegation of power to local authorities, creating a driving force for healthy competition among localities in attracting investment and promoting economic development. In addition, there needs to be close coordination and supervision between the Government and management levels to accelerate the reform process.

Previously, to accelerate, break through, reach the finish line, and successfully achieve the goals in 2025 and the entire 2021-2025 term, Prime Minister Pham Minh Chinh emphasized 5 "pioneers", which are pioneering in innovative thinking, thinking deeply and doing big, looking far and wide, saying is doing, doing must be effective; pioneering in building and perfecting institutions, because institutions are resources and driving forces for development; pioneering in leading and attracting resources; pioneering in innovation, digital transformation, green transformation, developing circular economy, sharing economy, night-time economy and restructuring the economy; pioneering in building a national database to make policies based on national data in a scientific and effective manner. Focusing on restructuring the economy in conjunction with innovating the growth model. Proposing new economic models, promoting new growth drivers, green growth, innovation, startups and business development.

In large cities, especially "megacities" such as Hanoi and Ho Chi Minh City, it is also important to focus on developing modern economic models (green economy, digital economy, circular economy, etc.) to create sustainable development prospects, as well as new opportunities, from producing environmentally friendly products and services, to attracting investment from green businesses; focusing on investing in research and development (R&D), building creative startup centers, training high-quality human resources, to meet the needs of digital transformation and international integration. To solve these problems, there needs to be coordination between the government, businesses and people, as well as a long-term strategic vision based on science, technology and innovation.

Source: https://thoibaonganhang.vn/khai-pha-nguon-luc-cua-cac-mo-hinh-kinh-te-moi-161783.html