Prime Minister Pham Minh Chinh visited the Vietnam International Innovation Expo 2023 in Hanoi. The event has played a crucial role in raising awareness about the importance of innovation and its potential to drive economic and social progress. — VNA/VNS
HANOI: Vietnam must continue to innovate its growth model by focusing on high technology, supporting innovative startups, and transitioning to a green economy, experts say.
Last week, Politburo member and Prime Minister Pham Minh Chinh, head of the sub-committee for socio-economic affairs of the 14th National Party Congress (slated for early 2026), chaired the third meeting of thr sub-committee.
The event reviewed the sub-committee’s work since its last meeting and discussed a draft report on the first five years of implementing the 2021-2030 socio economic development strategy.
The meeting also considered draft orientations and tasks for socio-economic development during 2026-2030, ahead of their submission to the Politburo and the 10th session of the current 13th Party Central Committee.
In his address, the prime minister emphasised that economic development remained the central priority. He called for revitalising traditional growth drivers while vigorously advancing new sources of growth.
At the annual World Economic Forum in Dalian, China, in June, Chinh highlighted Vietnam’s journey of innovation, integration, and development. He said that Vietnam would continue prioritising growth through flexible policies suited to the country’s conditions, circumstances, and global trends.
Vietnam’s strategy involves renewing traditional growth drivers like investment, exports, and consumption while aggressively promoting new ones.
Priority sectors include the digital economy, green economy, circular economy, sharing economy, and knowledge economy.
The government is focusing on mobilising resources through enhanced public-private partnerships, prioritising public investment to lead private investment, and activating all social resources for growth and development.
Assoc Prof Bui Quang Tuan, former director of the Vietnam Economic Institute, noted that Vietnam was widely recognised for its robust economic growth.
In the first half of 2024, the economy posted a significant gross domestic product (GDP) growth rate of 6.42% compared with the same period in 2023, with forecasts suggesting nearly 7% growth by year-end.
This marks the fourth consecutive quarter of surpassing expectations.
“Vietnam’s economic expansion is driven by various sectors, including agriculture, forestry, fisheries, services, industry, and construction.
“Emerging contributors like the digital economy, total factor productivity (TFP), labour productivity, and green economy are also playing key roles in boosting GDP growth,” Tuan said.
However, he warned that Vietnam’s economic growth still relied on an outdated model, with a growing dependence on capital and human resources while the contribution of TFP and labour productivity was gradually diminishing. — Viet Nam News/ANN
