Promoting regional links to increase economic growth

(VOVworld) – Promoting regional economic links toward creating a driving force for the national economy has received special attention from the government. Regional economic linking has improved coordination between central and provincial agencies in outlining policies and allocating investment more efficiently.

Promoting regional links to increase economic growth - ảnh 1
(Photo: vietnamnews.com)

The government’s decentralization of economic management has made provinces more proactive in planning their own economic development programs. Decentralization has revealed a number of issues around management efficiency and effectiveness in turning out products.

A lack of coordination in regional economic links has caused much development investment to be wasted and localities haven’t made full use of each other’s infrastructure. The unintentional result has been disconnected local economies, breaking up the unity of the national economy.

Deputy Prime Minister Vuong Dinh Hue said: “without economic benefits everything, including geographical and cultural factors, will be only theoretical. The motive force for regional economic links is to address a reality acknowledged by many economists: that Vietnam’s 63 cities and provinces represent 63 economies which are similar but disconnected from each other.”

Provinces and cities have separately increased their investment promotion activities. They have demonstrated dynamism but on the other hand, have failed to achieve coordination of directions, policies, and information, especially from the point of view of investors.

To make regional links effective in Vietnam’s economic restructuring and growth model change, says Le Thanh Quang, Khanh Hoa provincial Party Committee Secretary, ministries and agencies should focus on key projects, infrastructure investment, transportation improvements, and handling conflicts of interests between regions.

Quang, who is also head of the coordination board of the central coastal region, underlined the importance of decentralization, allocating additional powers and responsibilities to the local level.  

“We urge the government to recognize the functions, missions, and authority of a regional coordination board. Also, a regional preferential mechanism should focus on fisheries, seafood processing, and maritime tourism corresponding to cultural and historical tourism and the development of coastal economic zones and a seaport economy accompanied by a specific implementation roadmap until 2020 with a vision to 2030,” according to Quang.

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