Vietnam needs to focus more on reform
At the seminar on innovation, the Prime Minister emphasized the spirit of entrepreneurship and innovation in Vietnam - Photo: DOAN BAC
Speaking to Tuoi Tre on the occasion of the WEF Dalian 2024, experts all paid attention to the prominent issues of the era, notably the rise of new economies, in the context of many obstacles to globalization, fierce geopolitical competition and the changing world economic order. From there, what should Vietnam do to adapt, integrate and assert its position?
Mr. Andrea Coppola (Chief Economist, Sustainable Growth, Finance and Institutions of the World Bank - WB):
Transforming the model to increase added value
Economics, geopolitics and technology have rapidly transformed global trade and investment flows. Global trade, especially in goods, has slowed compared to a decade ago and supply chains are changing.
Asia is becoming the largest consumer market. In particular, Vietnam has taken advantage of the opportunity to penetrate deeply and gradually become the center of the global supply chain network from the US and China.
Disruptive technologies, artificial intelligence (AI) have created opportunities for stronger development but also threaten the labor market, manufacturing industry, and traditional labor services.
Furthermore, climate change is having a profound impact on global trade and supply chains, even as we work to reduce emissions. This creates opportunities for those who are early to the race of the new economy and risks for those who are late.
In the new context, Vietnam has more opportunities to participate in the global value chain, attract more investment and improve productivity.
However, to take advantage of the opportunities, Vietnam needs to focus on priority reforms. These include improving the quality of its workforce, shifting its export model to high value-added models and service industries; shifting from high-carbon manufacturing and consumption to clean energy supply and green exports; continuing to strengthen trade relations at the regional and global levels; strengthening the linkages between Vietnamese enterprises when participating in the value chain, helping domestic enterprises improve technology and productivity.
Mr. Nguyen Ba Hung (Chief Economist, Resident Representative Office in Vietnam of the Asian Development Bank - ADB):
Transparent policies are needed to attract investment.
The six key issues raised by WEF Dalian 2024 this time are all major issues of the world economy.
These are: building a new global economy; entrepreneurship in the age of AI; pioneering industries; investing in people; connecting natural climate and energy; and China and the world.
To make the most of the advantages in a new global economic order, in addition to the old growth model based on cheap, low-skilled labor and consuming natural resources, Vietnam needs to reform more to shift to a new model, both achieving growth targets and meeting the goals of environmental protection, adapting to climate change and harmonizing interests for the majority of people.
It is necessary to create a fair competitive environment, a transparent and effective policy system. It is necessary to promote factors of the labor market, employment, social welfare, capital market (currency, bonds, stocks). It is necessary to allocate resources more effectively, meeting short-term, medium-term and long-term capital needs.
To promote public-private partnership in the field of high-tech infrastructure, it is necessary to attract more private sector participation in investment projects in airports, seaports, electric trains, and urban railways.
Cooperation with large enterprises that play a leading role is very important through the application of international standards. Therefore, it is necessary to have a healthy, transparent, and harmonious competitive environment with the world market to attract investors to participate.
These are all issues that the Prime Minister mentioned in his speech at WEF, so I hope there will be more positive improvements in the coming time.
Calling on the creative startup community to invest in Vietnam
Within the framework of the WEF in Dalian (China), Prime Minister Pham Minh Chinh attended and spoke at the discussion session with leaders (IGWEL) on "Cooperation towards economic growth".
Sharing lessons learned in macroeconomic management, the Prime Minister said that Vietnam remains a "bright spot" in the global economy with positive growth momentum, among the region's high growth groups.
To cooperate towards economic growth, the Prime Minister emphasized five priority solutions including: building and innovating the global economic governance system towards efficiency, transparency and inclusiveness; building a framework for macro-policy coordination; promoting trade and investment liberalization; strengthening cooperation in mobilizing resources for development; focusing on strongly promoting new growth drivers.
At the discussion with the WEF's startup and innovation business community with the theme "Promoting economic growth based on innovation in developing countries" held on the afternoon of June 25, the Prime Minister said that in the development process, Vietnam always has the right awareness of innovation and entrepreneurship.
Accordingly, Vietnam has taken many practical and effective actions to promote innovation such as building policy mechanisms, strategies, and development programs in areas such as digital economy, green economy, circular economy, sharing economy, knowledge economy, especially industries that bring high added value such as big data, cloud computing, artificial intelligence, semiconductor chips, hydrogen, etc.
"Vietnam always welcomes, encourages and creates conditions for foreign enterprises to invest in all fields of agriculture, industry and services in a green, clean and sustainable direction," the Prime Minister emphasized.
Source: https://tuoitre.vn/viet-nam-trong-nen-kinh-te-toan-cau-moi-20240626082229228.htm
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