Innovating growth model urged for post-pandemic recovery
Vietnam must strongly foster the renewal of growth model to accelerate economic recovery post-COVID-19, heard a dialogue held by Vietnam Economics Times on December 4.
Hanoi (VNA) – Vietnam must strongly foster the renewalof growth model to accelerate economic recovery post-COVID-19, heard a dialogue heldby Vietnam Economics Times on December 4.
It is urgent for Vietnam to innovate growth model at thetime of COVID-19 as it will help the country boost recovery after the pandemiccrisis, one of the country’s major goals in short term prioritised by the Partyand Government in 2022 and the 2022 – 2025 period.
Vietnam’s growth model has revealed multiple weaknesses overthe last decade, with the country’s labour productivity only equal to 62percent of other countries in the same income group, and domestic sectoroutperformed by foreign-invested sector.
In the past 10 years, total factor productivity and capitalcontributed 40 percent and 53 percent, respectively, to Vietnam’s GrossDomestic Products (GDP), while labour represented only 7 percent, developmenteconomist Dr. Dang Kim Son told the dialogue.
Building Vietnam’s new growth model requires the mobilisationof all resources, from land, workforce, capital to science and technology and digitalisation,according to experts at the event.
Dr. Tran Van Tho from Wasade University in Japansaidprovided that the COVID-19 pandemic is kept and the economic growthrebounds to 6 – 7 percent a year, Vietnam can achieve the upper-middle-incomecountry status between 2025 and 2026.
To create breakthroughs for the economy, experts recommendedVietnam to focus on five points of science and technology; transformingfrom how the country allocates resources from administrative to marketmechanism; economic diversification based on regional advantages; restructuringof urban spaces; and restructuring of enterprises and economic organisations.
Dr. Nguyen Si Dung, former Vice Chairman of the NationalAssembly’s Office, stressed the importance of attracting and awarding talents,saying industrialisation first and foremost relies on inventions by Vietnamesepeople./.
Prime Minister Pham Minh Chinh has requested consistently pursuing the policy of safely, flexibly adapting to and effectively controlling COVID-19 pandemic.
Binh Duong has been doing all it can to provide all the best conditions for businesses to resume production and maintain supply chains, Chairman of the southern province’s People’s Committee Vo Van Minh told an investment promotion conference with the US on December 2 night.
Vietnam posted a trade surplus of 225 million USD in the first 11 months of this year, ending the continual trade deficit that had lasted for nearly half a year due to the COVID-19 pandemic.
The Vietnam Manufacturing Purchasing Managers' Index (PMI) ticked up to 52.2 in November from 52.1 in October, signalling a second successive modest improvement in business conditions following a period of decline caused by the fourth wave of the COVID-19 pandemic earlier in the year, according to IHS Markit.
Under a draft to amend and supplement the Government's Decree 125/2020/ND-CP on administrative sanctions for violations of tax and invoice regulations, the Ministry of Finance has proposed classifying the failure to issue invoices into five different levels. Infraction levels will correspond to fines of 1 million VND to 80 million VND, depending on the nature and number of invoicing violations.
A new airline developed and invested by Sun Group — has officially announced a strategic partnership with Amadeus IT Group (Amadeus), one of the world’s leading travel technology companies. This agreement not only lays the foundation for a modern digital infrastructure but also marks a pivotal step in SPA’s global expansion strategy, enabling the airline to access international distribution networks and reach customers worldwide.
Of the total, 107,700 were new firms, with combined registered capital of 928.4 trillion VND (35.4 billion USD), up 10.6% in number and 5.5% in capital compared with the same period last year.
Experts agree that a combination of technology, enforcement, education and cross-border cooperation is essential to protect copyrighted content in Vietnam’s growing digital ecosystem.
Poland is Vietnam’s largest export market in Central and Eastern Europe, with key staples including seafood, textiles, footwear, coffee, and cashew nuts.
Cashless payments are growing at an impressive rate, averaging 30–40% annually. Vietnam’s per capita cashless transaction volume now trails only China, with total value of 295.2 quadrillion VND (11.26 trillion USD), or 26 times of its GDP.
A draft resolution on piloting a digital asset and cryptocurrency market is being developed, aiming to create a broad-enough regulatory sandbox that enables investor participation and provides practical grounds for policy refinement in areas such as risk management and anti-money laundering.
Viettel was ranked third for overall mobile performance with a score of 82.56 just behind UEA’s e& (88.05) and Quatar’s Ooredoo (87.05) and ahead of Singapore’s Singtel (82.53). Vinaphone took second in 5G speed with a score of 78.11, trailing only behind e&.
PM Chinh proposed MUFG work closely with the Ministry of Finance to improve legal frameworks and support the establishment and operation of the international financial centre in Da Nang and Ho Chi Minh City.
The Prime Minister emphasised the significance of maintaining macroeconomic stability, controlling inflation, promoting growth, and improving the harmony between monetary and fiscal policies.
Petrovietnam will step up the development of new products and the expansion of international markets to reduce reliance on the domestic market. It also plans to optimise capital use, manage cash flow and costs, streamline operations, and enhance workforce quality to achieve its 2025 goals.
Vietnam has so far attracted 43,346 valid FDI projects with a total registered capital of 517.14 billion USD. The accumulated disbursed capital is estimated at nearly 331.46 billion USD, accounting for 64.6% of the total registered capital.
More than a product showcase, Vietfood & Beverage – Propack Vietnam 2025 is designed as a comprehensive ecosystem where businesses, experts, and consumers can share knowledge, explore technologies, and connect for collaboration.
Both sides expressed their hope that the outcomes of the discussion will continue to improve the efficiency of customs clearance activities at the customs clearance points and dedicated transport routes of the Huu Nghi – Youyi Guan international border gate pair.
The maximum retail price of E5 RON92 petrol has increased by 207 VND to 19,608 VND (0.75 USD) per litre while that of RON95-III rose by 234 VND to 20,074 VND per litre.
Illustrative photo. (Source: tuyengiao.vn)
