On the occasion of National Day September 2, looking back at what Vietnam has achieved and the goals yet to be achieved over nearly 80 years of Independence and nearly 40 years of Renovation, there are many things to ponder.
There are many achievements. In the past three decades alone, Vietnam has ranked 5th in the world in terms of GDP per capita growth rate, 23rd in the world in terms of human development index (HDI) growth rate, and is among the top performers in the world in terms of poverty reduction.
Up to now, Vietnam has reached the high threshold of the lower middle-income group, the group of countries with high HDI index and the poverty rate has decreased from nearly 50% in the early 1990s to less than 1% today.
However, the important goal of basically becoming an industrialized country (simply put, reaching the threshold of a high-income country) by 2020 has not been achieved.
The three-decade target that Vietnam set in the early 1990s is well-founded and well-supported. Japan, South Korea, and Taiwan achieved the goal of becoming rich in a generation. And over the past three decades, China has also come close to reaching that threshold.
Looking back at history, Vietnam failed to take advantage of the first opportunity when the Cold War ended and we opened up. As a result, in 1984, China and Vietnam's GDP per capita at constant 2022 prices were 656 USD and 670 USD respectively; but by 2022, Vietnam had only 4,164 USD, less than 1/3 of China's 12,720 USD.
Vietnam has encountered three problems. First, it hesitated in opening up. Second, it did not prioritize the acceleration of dynamic economic regions to pull the rest of the country along. Third, it was too afraid of new things and the negative impacts of the integration process, making many localities not dare to open up. These are three things that are contrary to what successful East Asian economies have done.
The past is gone and the future is coming. The recent changes in the world context show that new opportunities are coming to Vietnam.
Vietnam needs to avoid past mistakes and apply international experience to its own practice to turn opportunities into reality. We need to accelerate to become a high-income developed country by 2045 - the time when the country celebrates 100 years of Independence. To take advantage of the opportunity, the following issues need to be considered:
First, play an important role and expand relations, especially in economic terms. Independence in foreign relations and maintaining balance with major countries, especially between the US and China, need to be associated with taking advantage of development opportunities.
Second, ensure internal political stability and encourage the team's spirit of daring to think and dare to do. Foreign investors are always concerned about the unexpected impacts of the anti-corruption campaign. Therefore, the country's leaders need to send a clear message with specific actions so that foreign investors can feel secure in choosing Vietnam; civil servants can feel secure in their work, and businesses and people can feel secure in doing business.
Third, attract FDI and foreign investment in a way that creates benefits and convenience for investors, but ensures that domestic enterprises can participate in the global value chain. Vietnam must receive technology transfer as well as learning.
Fourth, develop financial services as well as new business support services associated with prioritizing dynamic economic zones to serve the deeper internationalization process.
Fifth, prudence and risk prevention are based on the principle of taking advantage of new opportunities rather than closing the door when "flies and mosquitoes" are seen.
The above issues should be conveyed with clear messages and the appropriate time is when Vietnam's senior leaders meet with leaders of other countries, especially the US leaders in the near future.
Tuoitre.vn
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