Scholar suggests measures for Vietnam’s sustainable economic growth

Prof. Tran Van Tho, a former lecturer at Japan’s Waseda University suggested several measures for Vietnam to achieve sustainable economic development in the next period in an interview recently granted to a Vietnam News Agency reporter in Tokyo.
Scholar suggests measures for Vietnam’s sustainable economic growth hinh anh 1Illustrative image (Photo: VNA)
 
Tokyo (VNA) - Prof. Tran Van Tho, a former lecturer at Japan’s Waseda University suggested several measures for Vietnam to achieve sustainable economic development in the next period in an interview recently granted to a Vietnam News Agency reporter in Tokyo.

Tho, who is also a member of the Prime Minister’s economic advisory group, said the past five years could be said to be the best period during Vietnam’s 35-year Doi Moi (renewal) cause.

He cited an average growth of nearly 7 percent each year, along with stable macro-economic indicators such as inflation, public debt and unemployment rate.

Last year alone, Vietnam still posted a positive growth while others reported negative economic expansion amid the COVID-19 pandemic.

According to the scholar, Vietnam’s most impressive achievement was in external economy with rapid export growth. The country has become the second largest exporter in ASEAN, leading to improved trade balance.

Regarding the 13th National Party Congress, Tho stressed that as Vietnam is going to enter a new development period with major changes in growth quality, social resources should be further tapped to meet development requirements.

In the face of great opportunities and challenges ahead, he said Vietnam’s new leadership should catch up with the new national and global developments, and take sound policies, especially in attracting and using talents.

About sustainable economic growth goals for the next five years, Tho described restructuring and related policies as the most important, especially labour and business restructuring.

In labour, with 35 percent of the labour force still working in agriculture with low productivity, he proposed channeling labour from agriculture to industry and services through stepping up industrialization.

As for the structure of businesses, SMEs and households businesses still account for a large proportion in the economy, so there should be policies to improve capital and land market, and actively help small and medium-sized enterprises to grow in size.

The scholar also pointed to the instable structure of foreign trade. He suggested in the next five years, Vietnam should hasten industrialisation to ease its reliance on imports from China and the Republic of Korea, and diversify export markets.

He said Vietnam needs a wiser strategy in attracting foreign investment and technology. According to him, domestic enterprises should be stronger so as to be able to become partners of foreign firms, especially those working in high technology./.







News

Historical places recall capital’s Liberation Day 67 years ago

The capital city of Hanoi was liberated from the French colonial rule on October 10, 1954. Over the past 67 years, the Party organisation, authority and people of Hanoi have so far been proactive, creative to build an increasingly prosperous, civilised and modern capital city.

Revenue to state budget increases over 10 percent

The revenue to the state budget in the first 9 months of this year amounted to 1,084.7 trillion VND, representing 80.75 percent of the projection and an increase of 10.75 percent over the figure recorded in the same period last year, according to the Finance Ministry.

Party official meets newly-accredited ambassadors

Politburo member, Secretary of the Party Central Committee and head of its Organisation Commission Truong Thi Mai on October 16 met newly-accredited ambassadors and consul generals before they take office.