(VOVWORLD) - The just-concluded Vietnam Economic Forum (VEF) 2019 was viewed as an appeal for solutions to Vietnam’s fast and sustainable development. At the event on Wednesday and Thursday organized by the Vietnamese government and the Party Central Committee’s Economic Commission, Prime Minister Nguyen Xuan Phuc renewed commitments to economic reform, fostering trust in national advancement.
 (Photo: VNA) |
Last year, for the first time in 11 years, Vietnam’s economic growth exceeded 7%. Greater efforts are needed to achieve higher growth as Vietnam recorded a growth rate between 7.3% and 8.5% in the 2003-2007 period.
Institutional reform prioritized
Economists say Vietnam needs a policy breakthrough, including flexible financial measures to become an upper middle-income country. They suggest Vietnam strengthen institutional reform to achieve sustainable development. Acknowledging experts’ advices, Prime Minister Nguyen Xuan Phuc underscored Vietnam’s prioritized institutional reform: “First, we‘ll continue to build a socialist-oriented market economy towards a wealthy people, strong country, and fair, democratic, and civilized society. Our institutional reform embraces inclusive growth so that nobody is left behind. Second, a socialist state governed by law is being built by improving the efficiency of state governance, which should be closer to the people and serve the people. Third, a more favorable business environment continues to be created to boost production capacity and sustainable development of all economic sectors.”
Unswerving goal of fast, sustainable development
Prime Minister Phuc said that “fast and sustainable” are the key words and the motto for the overarching strategy and action of the Government. It is also a fundamental principle of the socialist-oriented market economy in Vietnam. The Prime Minister added the government will reassess major economic sectors to create leverage for development, in which the digital economy will be the locomotive: “At this forum, the Vietnamese government once again reiterates that Vietnam can achieve fast and sustainable economic growth without having to choose between growth quality and speed. This is not only a motto but also a determination to take action because of our great potential. It’s more important that nearly 100 million Vietnamese at home and abroad have an earnest desire that Vietnam will become an independent, self-reliant, and prosperous country.”
Prime Minister Phuc emphasized Vietnam’s determination to sustain political and social stability and consolidate economic foundation to capitalize on Vietnam’s competitive edge amid global uncertainty.