VN economy needs new drivers for growth
Friday, November 17,2017AsemconnectVietnam - The Vietnamese economy urgently needs to find new drivers for growth in the period from 2018-20 to achieve rapid but sustainable development, Deputy Prime Minister Vuong Dinh Hue said at a conference held by the Viet Nam Academy of Social Sciences in Ha Noi on Wednesday.
“There’s no other way but to transform to an innovation-led growth model and hasten economic restructuring,” he said. “We’ve talked a lot but little has been done.”
Viet Nam has strengths in many sectors, such as agriculture, the digital economy and
tourism. “But if we choose too many sectors to be spearheads, there will be no spearhead at all,” Hue said. “Will agriculture be the new driver?”
Hue also expressed concerns about the lack of linkage between the foreign direct investment (FDI) and domestic sectors, adding that there was disparity in the developments of the two sectors.
The policies for attracting FDI must aim at promoting the domestic sector and establishing value chains to prevent the development of two sectors in one economy, or even two economies in one country, he said.
In addition, he said, there is a lack of indicators to evaluate growth quality, as statistical figures still lacked reliability.
Tran Dinh Thien, Director of the Viet Nam Institute of Economics, said Viet Nam should not chase growth targets every single year but rather focus on the growth quality of a whole period. “The new period will need new drivers,” Thien said. “We need comprehensive changes in thinking and methods.”
Targets should be based on the international commitments and technology advancements, he added.
Thien added that the most important goal is building a transparent Government.
Viet Nam should take advantage of cyclical uptick to strengthen macroeconomic resilience and enhance structural reforms to boost productivity growth and lift potential growth, he said.
Eckardt said that it was critical to enhance the business environment, deepen State-owned enterprise reforms and develop effective factor markets to modernise institutions and create a level playing field, including for the domestic private sector.
According to Nguyen Dinh Cung, Director of the Central Institute for Economic Management, ministries should abolish at least one third to half of existing business prerequisites in 2018. They should also cut in half the number of items subjected to specialised checks for import and export.
“2018 should continue to be the year of cost cutting for businesses,” Cung said, adding that further cuts in interest rates and logistics costs must be put into consideration.
Source: VNS
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