Hanoi (VNA) – The annual Vietnam Finance Forum 2019 was held in thenorthern province of Quang Ninh on September 19 by the Ministry of Finance,focusing its discussion on the theme of “Fiscal and Financial Policy Reforms as Drivers for Renewing the GrowthModel and Restructuring the Economy in Vietnam”.

In his openingremarks, Deputy Minister of Finance Do Hoang Anh Tuan said Vietnam’s 10 yearsof renewing the growth model and restructuring the economy as well as national finance have shown initial success, but huge challenges are lying ahead.

Though thecountry’s annual economic growth averaged 6.35 percent over the past fiveyears, the quality of growth and growth model renewing has remained limited, hesaid, emphasizing that economicgrowth must be effective, sustainable and inclusive.

It isnecessary to develop financial and budgetary policies with social issues,particularly poverty reduction, taken into account, the official noted, adding that public services must be also developed to meet regionaland international standards, and sustainably developing financial policies must be in line with addressingenvironmental issues as Vietnam is among 10 countries most vulnerable toclimate change.

Head ofDevelopment Cooperation section of the Embassy of Germany Sebastian Paust said 2019 is the year for Vietnam toprepare for the socio-economic development strategy for 2021 – 2030 which willcontribute to shaping financial reforms, as Vietnam is moving towards an active digital transformation.

The modernreform framework, espeicially improving the management efficiency in public finance, is crucial to that upcominglong-term reform process, the diplomat said.

He also highlyspoke of the Vietnamese Government’sapproach towards a financial policy that drives the growth model and itsefforts to restructure national financial policies.

At the forum, participants discussed the current status ofVietnam’s growth model and economic structure, and recommended solutions to renew the country’sgrowth model and restructure the economy for 2021 – 2030 with a vision towars2045.

They alsoreviewed the current financial policies as contributors to the fast andsustainable growth, and pointed out the limitations of those policies.

According toProf. PhD Ngo Thang Loi from the National Economics University, the biggestobstables to the country’s growth model renewing lies in the lack of quality manpower and advanced techologies, ineffective policies inhigh-tech investment and weaknesses of the private sector.

It is criticalto see the private sector as not only an important but also a fundamentaldriving force and a main pillar to create breakthroughs in developing theeconomy, he said.

The scholar urgedpolicymakers to provide better environment and equal opportunity to accessdevelopment resources for different types of businesses and to cut input costsfor them by promoting capital market, labour and land acquisition./.