President Truong Tan Sang

President Truong Tan Sang said VN’s 30 years of renewal has been an important period in its history with profound achievements. He said it’s now time for VN to change its thinking, fine tune its institutions, promote a socialist-oriented market economy, reform its national management system, and actively integrate globally to boost national industrialization and modernization.

Changing Vietnam’s way of thinking to boost industrialization and modernization

President Sang said VN needs a new, creative way of thinking about industrialization and modernization based on scientific arguments attuned to the global situation. Industrialization and modernization in VN should closely harmonize with the development of a market economy and global integration, drawing momentum from science, technology, knowledge, and high-quality human resources. The allocation of resources will depend on the market economy.

He pointed to strategic orientations for VN’s industrialization and modernization: continuing to develop industries employing a large number of workers, making breakthroughs in processing, manufacturing, energy, chemicals, materials, electronics, industries for agriculture, and support industries using high technology, expanding exports and services, and modernizing agriculture and rural areas.  

Fine tuning institutions and promoting a socialist-oriented market economy

President Sang said VN’s industrialization and modernization will be closely associated with building a socialist-oriented market economy. Vietnam needs to reform and fine tune its legal system and development policies, create a fair competitive environment for enterprises in all sectors, and remove monopoly and the “ask-give” mechanism to give the market a larger role in mobilizing and allocating resources.

The State provides a supportive legal environment and favorable economic conditions in which to do business and helps enterprises upgrade their technology, train high-quality human resources, and apply innovations. Harmonious, effective collaboration between the State and the market is an important factor driving the industrialization and modernization process.

Breakthroughs in technology and high-quality human resources

President Truong Tan Sang said it’s crucial to make technology and education top national priorities and momentum for building an intelligent work force and improving productivity, quality, efficiency, and national competitiveness. 

He said VN needs to build a national innovation system based on the capability of individuals, enterprises, and organizations. Incentives should be in place to encourage enterprises to apply advanced technology and develop scientific research centers.

Enterprises in all sectors should get involved in research and development activities and adopt modern management models to increase productivity and competitiveness. Vietnamese scientists at home and abroad will be inspired to contribute to scientific and technological development.

Being active in global integration and improving national competitiveness

The President called for the continued negotiation and signing of bilateral and multilateral free trade agreements to increase exports and services and attract foreign resources for VN’s industrialization and modernization.

A decisive factor will be promoting VN’s internal power. He said VN needs a strategy to boost the competitiveness of every sector and product. This strategy should be based on reform and renovation and the pillars of science and technology, a high-quality work force, and modern institutions.