The Prime Minister said that since 1990, only 34 economies have escaped the middle-income trap to become high-income countries, requiring Vietnam to have high growth in the coming period.
Government conference with localities - Photo: VGP
On the morning of February 21, the Government Conference with localities to implement the Central Committee's conclusions and the National Assembly and Government's resolutions on economic growth was held online, chaired by Prime Minister Pham Minh Chinh.
This is the first conference between the Government and localities after the Government was reorganized following the 9th extraordinary session of the 15th National Assembly. At this session, the National Assembly voted to pass a resolution of the National Assembly supplementing the socio-economic development plan for 2025 with a growth target of 8% or more. The GDP scale in 2025 will reach over 500 billion USD.
Double-digit growth to realize aspirations
Speaking, Prime Minister Pham Minh Chinh stated that 2025 is a very important year, with major events of the country taking place, along with the need to continue to perfect the arrangement and streamlining of the apparatus in the spirit of Resolution 18, and effectively and successfully organize Party Congresses at all levels.
Especially the implementation of growth targets, an important factor in determining the size of the economy, per capita income, and ranking of the Vietnamese economy in the world.
"There is no other way, we must maintain high and sustainable growth continuously from now until 2045, only then can we overcome the middle-income trap and rise up, achieve strategic goals, realize aspirations in the new era, develop richly, civilized, prosperous, people are increasingly prosperous and happy", the Prime Minister emphasized.
Therefore, on the basis of the Government's proposal to the Central Committee and the Politburo to achieve a growth rate of 8% in 2025, preparing for double-digit growth in the coming years, with the agreement of the Central Committee and the National Assembly, the Prime Minister said that "The Party has directed, the Government has agreed, the National Assembly has agreed, the people support, the Fatherland expects, then we only discuss doing, not retreating".
Citing international experience and the latest statistics from the World Bank (WB), the Prime Minister said that since 1990, only 34 economies have escaped the middle-income trap to become high-income countries, while 108 countries have not yet overcome it.
How to overcome the middle income trap?
For Vietnam, by the end of 2024, the size of the Vietnamese economy will only reach more than 470 billion USD; per capita income will only reach more than 4,700 USD; if the average growth rate is only 7%/year, Vietnam will find it difficult to achieve the above target.
Meanwhile, the economies that became high-income countries all maintained a growth rate of around 10% for about 30 years. Specifically, Japan grew at 11.5% per year from 1951 to 1973; South Korea grew at over 9.6% per year from 1963 to 1996.
China grew about 10%/year in the period 1978-2011; Taiwan (China) grew 8.9%/year in the period 1952-1989; Singapore grew 8.5%/year in the period 1961-1997. These evidences show that the road ahead for Vietnam is still full of difficulties and hardships.
According to calculations, Vietnam has achieved an average growth rate of 6.4% in nearly 40 years of Doi Moi (from 1986 to present), so the coming period must accelerate further to achieve the strategic goal set for 2045, which is an important task, requiring drastic and synchronous participation.
Because if we want the whole country to grow at over 8%, all ministries, sectors, localities, domestic and foreign enterprises, collective economy, and private economy must achieve growth of over 8%, not just a few ministries, sectors, and enterprises.
Along with promoting high growth, it is necessary to maintain macroeconomic stability, control inflation, ensure social security, progress, social justice, leave no one behind, maintain a sustainable environment "bright, green, clean, beautiful" for development; do not sacrifice progress and social justice, the environment to pursue purely economic growth.
With the viewpoint of high determination, great effort, drastic action, focus, and finishing each task, he hopes to reduce the ICOR index when the current level is still high, investment efficiency is still low; improve the disbursement rate of public investment capital because the achieved level is quite low.
In the context of a rapidly changing situation, with opportunities and challenges intertwined, the Prime Minister requested that there must be resources in terms of institutions, capital, technology, and human resources. Accordingly, it is necessary to "think" and "suggest" to exploit driving forces, identify key tasks, fulcrums, and levers for growth.
Source: https://tuoitre.vn/thu-tuong-chu-tri-hoi-nghi-voi-cac-dia-phuong-neu-quyet-tam-vuot-bay-thu-nhap-trung-binh-20250221093430863.htm
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