Illustrative photo. (Source: tuyengiao.vn)It is urgent for Vietnam to innovate growth model at thetime of COVID-19 as it will help the country boost recovery after the pandemiccrisis, one of the country’s major goals in short term prioritised by the Partyand Government in 2022 and the 2022 – 2025 period.
Vietnam’s growth model has revealed multiple weaknesses overthe last decade, with the country’s labour productivity only equal to 62percent of other countries in the same income group, and domestic sectoroutperformed by foreign-invested sector.
In the past 10 years, total factor productivity and capitalcontributed 40 percent and 53 percent, respectively, to Vietnam’s GrossDomestic Products (GDP), while labour represented only 7 percent, developmenteconomist Dr. Dang Kim Son told the dialogue.
Building Vietnam’s new growth model requires the mobilisationof all resources, from land, workforce, capital to science and technology and digitalisation,according to experts at the event.
Dr. Tran Van Tho from Wasade University in Japansaidprovided that the COVID-19 pandemic is kept and the economic growthrebounds to 6 – 7 percent a year, Vietnam can achieve the upper-middle-incomecountry status between 2025 and 2026.
To create breakthroughs for the economy, experts recommendedVietnam to focus on five points of science and technology; transformingfrom how the country allocates resources from administrative to marketmechanism; economic diversification based on regional advantages; restructuringof urban spaces; and restructuring of enterprises and economic organisations.
Dr. Nguyen Si Dung, former Vice Chairman of the NationalAssembly’s Office, stressed the importance of attracting and awarding talents,saying industrialisation first and foremost relies on inventions by Vietnamesepeople./.
VNA
