Hanoi (VNA) – Vietnam should push reformand development at the same time so as not to lag behind in the new era,Minister of Planning and Investment Nguyen Chi Dung said at the first VietnamReform and Development Forum (VRDF) in Hanoi.

Addressing the forum which opened in Hanoi onDecember 5 under the theme “New vision, new drivers of economic growth in thenew era”, the minister explained that the fourth Industrial Revolution is makingwide and deep impacts on all socio-economic aspects of all countries worldwide.

The revolution has also created marked changes inproduction organisation, service supply, business methods as well asconsumption habits and human behaviours, Dung added.

In such context, Vietnam is required to make strongand fundamental reforms in order to continue advancing forward.

The minister pointed out that Vietnam is enjoying a“golden” period with a high rate of working-age population and an increasing numberof skilled labourers, along with greater opportunities for integration and accessto the fourth Industrial Revolution as well as investment inflows fromdeveloped economies and multi-national and trans-national groups.

Although Vietnam’s economy is projected to grow 6.85percent between 2018 and 2020 in some scenarios, the Vietnamese Government has alwaysbeen aware of challenges and difficulties facing the national economy, he said.

Dung stressed the need to identify bothopportunities and adverse impacts of the fourth Industrial Revolution forsuitable response, while working harder to improve the country’s innovativecapacity, especially in such aspects as the legal and business environment,infrastructure, and information and communications technology (ICT).

The official noted the importance of maximiseresources for development, particularly those from the private sector andhigh-quality human resources.

The private economic sector must become an importantdriver of the national economy, he said, suggesting stronger connectivity betweenstate and foreign enterprises.

Other tasks include effectively coping with adverseimpacts of climate change, handling social issues, ensuring sustainabledevelopment and easing challenges and negative impacts of the revolution,especially the widespread use of robots to replace humans, the official added.

In particular, the fundamental driving force forVietnam’s economy is institutional reform in combination with the improvementof productivity and corporate competitiveness, he said.

Ousmane Dione, World Bank Country Director toVietnam, said Vietnam has emerged as a strong exporter, with inclusive growthand poverty rate dropping to below 7 percent as compared with 60 percent in thelate 1980s.

However, Vietnam’s journey to become a modernizedand industrialised economy has just begun, he said, stressing challenges facingthe country such as rapid population aging, low growth in productivity andinvestment, and increasing environmental costs during development.

Therefore, Vietnam should select its own path in thecontext of the changing world, he suggested.

Organised by the Ministry of Planning andInvestment, the annual VRDF aims to strengthen cooperation between Governmentagencies and development partners, domestic and foreign experts, andorganisations, individuals and private sector in order to seek both short- andlong-term solutions for Vietnam to push ahead with economic reform anddevelopment. -VNA