Scholar suggests measures for Viet Nam’s sustainable economic growth

Illustrative image. (Photo: AP)

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 Viet Nam’s 35-year Doi Moi (renewal) cause.

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

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

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

Regarding the 13th National Party Congress, Tho stressed that as Viet Nam 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 Viet Nam’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 per cent of the labour force still working in agriculture with low productivity, he proposed channelling 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 unstable structure of foreign trade. He suggested in the next five years, Viet Nam should hasten industrialisation to ease its reliance on imports from China and the Republic of Korea, and diversify export markets.

He said Viet Nam 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.

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