Saturday, July 20,2024 - 5:20 GMT+7  Việt Nam EngLish 

Finding space from new growth drivers 

 Friday, January 26,2024

AsemconnectVietnam - 2024 is the time when Vietnam's economy is determined to accelerate to achieve the highest goals of the Socio-Economic Development Plan set for the period 2021-2025, thereby creating a foundation towards the goals of the year 2024 and national development goals until 2030.

Forecasts of domestic and foreign research organizations showed that this will be a year when the economy faces many opportunities, advantages and difficulties, and challenges, but the difficulties and challenges may larger than forecast, especially in macroeconomic management, promoting growth and socio-economic development. In that context, the need to renew old growth drivers while effectively exploiting new growth drivers is the space for promoting socio-economic recovery and development.
Currently, all three main growth drivers of the economy including public investment, domestic consumption, and exports are facing the need for green transformation and development according to a circular economic model, towards development lasting.
This requirement poses the task of promulgating and enforcing policies and laws to encourage behavioral changes in consumption, production and investment. Meanwhile, the new growth driver of the Vietnamese economy comes from promoting innovation, developing the digital economy, digital transformation, green transformation and developing new industries and fields such as semiconductor and hydrogen energy.
Notably, unlocking new growth drivers is considered promising because in the difficult context of 2023, Vietnam has achieved a growth rate of 5.05%, belonging to the high growth group in the region and the world.
This result is partly due to promoting economic structure and taking advantage of opportunities when Vietnam is the country with the fastest digital economic growth rate in Southeast Asia for two consecutive years (2022 and 2023), bringing the proportion of the digital economy to an estimated 16.5% of GDP.
According to economic experts, new driving forces will be unleashed if the process of institutional improvement is accelerated, especially the early adoption of the amended Land Law, the amended Law on Credit Institutions, and the promulgation of other documents. The guidelines for implementing the Housing Law 2023, Real Estate Business Law 2023 and other amended laws to create conditions for the land, real estate, finance and banking markets to develop safely and healthily, sustainable and inclusive, associated with improving growth quality. Along with that, the country needs to promote green growth and implement the Green Growth Strategy, Circular Economy Development Project, and commit to Net zero by 2050; have specific plans to respond to climate change, etc. Furthermore, the room for growth also comes from effectively implementing regional connectivity, promoting the strength of economic locomotives and growth axes.
In a context where the world economy is still unstable, with more difficulties than advantages, Vietnam's economy is assessed to have more optimistic growth potential. To create momentum for growth in 2024, what needs to be done is to effectively implement Resolution No. 01/NQ-CP and Resolution No. 02/NQ-CP issued right from the first days of the new year, especially effectively exploit new growth drivers to strongly promote the growth potential of the economy.
Source: VITIC/


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