Vietnam is gearing towards renewing its growth model by enhancing productivity, and adopting technological advances to create new competitive edges and driving forces for economic growth.
Deputy Prime Minister and Foreign Minister Pham Binh Minh (R) (Source: VNA)
HCM City (VNA) ꦅ– Vietnam is gearing towards renewing its growth model by enhancing productivity, and adopting technological advances to create new competitive edges and driving forces for economic growth, Deputy Prime Minister and Foreign Minister Pham Binh Minh told the Vietnam Summit 2016 held in Ho Chi Minh City on November 3.
He said the government advocates pushing forward free trade, export, domestic production and consumption while making reform in the fields of agriculture, industry, and finance.
In agriculture, the rate of workforce is expected to fall to 40 percent from 60 percent, and a majority of them will switch to the service industry.
In order to improve economic growth quality, the government set the education reform as one of the breakthroughs, with a focus on vocational training, aiming to deal with unemployment in the face of the fourth science-technology revolution.
Vice President of the Asian Development Bank for East Asia, Southeast Asia and Pacific Stephen Groff said in the next five years, Vietnam will meet challenges in workforce training and retention in the context of global free trade.
In order to attract foreign direct investment, experts suggested developing not only labour-intensive but also breakthrough areas, seeking to join global value chain, reduce the manufacture of goods reliant on imported materials, as well as settling remaining issues to avoid stalled capital attraction.
Deputy Minister of Industry and Trade Do Thang Hai said the government, ministries and agencies have offered incentives to industry until 2025, especially the processing industry.
In the near future, Vietnam will offer conditions to ensure investment attraction in tandem with environment protection while increasing connectivity among regions and localities.
The government is also determined to accelerate the restructuring of State-owned enterprises, equitisation and strengthen governance, he said.-VNA
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The North-South Expressway project is scheduled for completion by 2030, aiming to establish the groundwork for Vietnam’s modern railway industry and stimulate regional economic development, positioning the country for a significant economic leap in the era of national rise.
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Deputy Director General of the Ministry of Industry and Trade (MoIT)’s Trade Promotion Agency Bui Quang Hung emphasised that logistics has evolved from a technical function into a core capability for Vietnamese exporters to maintain their competitive advantage in the US market.
A trade official has suggested companies work closely with shipping lines, airlines, and freight forwarders to monitor routes, transit times, and potential surcharges while exploring broader cargo insurance to cover risks like war and terrorism.
In addition to institutional reform, the agency is also rolling out key solution groups to combat counterfeit goods, imitations, and intellectual property infringements in the digital environment.
The event, co-organised by the Vietnam Trade Office in the UK and TT Meridian, a local importer of Vietnamese fresh produce, aims to build a national lychee brand and encourage broader recognition of Vietnamese fruits in a competitive, high-end market.
The industry's performance has been powered by bold investments in modern production lines, enabling Vietnamese firms to produce complicated products which were exclusive to advanced economies.
Deputy Prime Minister and Foreign Minister Pham Binh Minh (R) (Source: VNA)
