Post by : Shakul

Vietnam’s Deputy Prime Minister Nguyen Van Thang has emphasized the urgent need to transform the country’s growth model, describing high growth and sustainability as “two wings of a bird” that must work together. He made the remarks during a National Assembly session while addressing key economic challenges and future strategies.

According to Thang, although Vietnam’s economic growth quality has improved in recent years, several limitations remain. These include lower-than-expected productivity growth, weak technological capabilities, and slow development of core industries and strategic technologies.

He stressed that achieving high and sustainable growth in the current global environment is increasingly difficult due to economic uncertainties and Vietnam’s openness to international markets. Therefore, maintaining macroeconomic stability remains a top priority for the government.

The Deputy Prime Minister highlighted that transforming the growth model is essential to overcoming the middle-income trap and ensuring Vietnam can compete globally. He said the new model must be based on innovation, efficient resource allocation, and modern development institutions.

To drive future growth, the government plans to focus on emerging sectors such as the digital economy, data economy, green economy, and circular economy. Science, technology, and innovation will play a central role in building these new growth drivers.

In addition, Vietnam aims to expand fiscal policies to support economic growth, including increasing budget spending and investing more in development projects. The government also plans to strengthen capital markets, including the stock market, to improve long-term funding for businesses.

The Deputy Prime Minister also emphasized the importance of developing high-quality human resources, particularly in fields such as artificial intelligence, semiconductors, and nuclear energy. Alongside economic reforms, efforts are underway to improve healthcare systems, education, and administrative efficiency to support sustainable national development.

#China #Economy #Policy #Vietnam #Manitoba government