Prime Minister Nguyen Xuan Phuc speaks at Vietnam Economic Forum in Hanoi. (Source: VNA) Hanoi (VNA)– How to develop in a rapid andsustainable way in order to escape the middle-income trap remains a majorchallenge facing Vietnam’s economy, said Prime MinisterNguyen Xuan Phuc while addressing the second Vietnam Economic Forum in Hanoi onJanuary 11.
The PM showed his approval for proposals presented at the event to help Vietnamachieve the target, including developing green energy, increasing productivity inthe context of industrialisation, and improving investment and business climatethrough the reform of risk management, particularly in credit, trade andinvestment.
In the coming time, Vietnam needs to consistently pursue thenew growth model based on productivity, reform and innovation, he said.
The government leader also emphasised the need to ease therely on traditional competitive advantages like natural resources or low-costlabour, especially in the context that the country’s golden population structurewill last for no longer than two decades and international pressures are getting fiercer.
With a growth rate of 6.81 percent, Vietnam is amongcountries with the highest growth in Asia and the world, he said, highlightingthe country’s efforts in pushing economic reform and combating corruption.
The PM said the goal for this year is a growth rate at 6.7percent, and the growth quality and competitiveness of the economy as well aseach sector, locality and business must be enhanced, to help the economy becomebetter resistant to major downturns.
Growth and development is a marathon race, not a sprint, PMPhuc said, stressing that achievements should be considered the foundation forstronger restructuring and shift of growth model.
Under the theme “Fast and sustainable development: newchallenges and momentums,” the second Vietnam Economic Forum brought togethernearly 1,500 domestic and international economic experts and scholars.
Following his address, PM Phuc had a dialogue with the participatingdelegates, during which he again noted the need to enhance productivity,especially total factor productivity (TFP) along with a range of solutions toenhance the economy’s resistance against external adverse impacts.-VNA
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