Vietnam aims for rapid and sustainable development: PM
Updated : Friday, January 12, 2018 10:56 AM (GMT+0700)

Howto develop in a rapid and sustainable way in order to escape the middle-incometrap remains a major challenge facing Vietnam’s economy, said Prime MinisterNguyen Xuan Phuc while addressing the second Vietnam Economic Forum in Hanoi onJanuary 11.

Prime Minister Nguyen Xuan Phuc speaks at Vietnam Economic Forum in Hanoi - Source: VNA

The PM showed his approvalfor proposals presented at the event to help Vietnam achieve the target,including developing green energy, increasing productivity in the context ofindustrialisation, and improving investment and business climate through thereform of risk management, particularly in credit, trade and investment. 

In the coming time, Vietnamneeds to consistently pursue the new growth model based on productivity, reformand innovation, he said. 

The government leader alsoemphasised the need to ease the rely on traditional competitive advantages likenatural resources or low-cost labour, especially in the context that thecountry’s golden population structure will last for no longer than twodecades  and international pressures are getting fiercer. 

With a growth rate of 6.81percent, Vietnam is among countries with the highest growth in Asia and theworld, he said, highlighting the country’s efforts in pushing economic reformand combating corruption. 

The PM said the goal forthis year is a growth rate at 6.7 percent, and the growth quality andcompetitiveness of the economy as well as each sector, locality and businessmust be enhanced, to help the economy become better resistant to majordownturns. 

Growth and development is amarathon race, not a sprint, PM Phuc said, stressing that achievements shouldbe considered the foundation for stronger restructuring and shift of growthmodel. 

Under the theme “Fast andsustainable development: new challenges and momentums,” the second VietnamEconomic Forum brought together nearly 1,500 domestic and internationaleconomic experts and scholars. 

Following his address, PMPhuc had a dialogue with the participating delegates, during which he againnoted the need to enhance productivity, especially total factor productivity(TFP) along with a range of solutions to enhance the economy’s resistance againstexternal adverse impacts.


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