Vietnam’s economy needs more breakthroughs for development in the next 5 years

(VOVworld) – Nearly 200 economists and delegates representing ministries, agencies, and provinces gathered in Hanoi on Friday at a forum on Vietnamese economy in the next five years.

Vietnam’s economy needs more breakthroughs for development in the next 5 years - ảnh 1
Among 40 major items exported to the US, garments and textiles gained 6.3 billion USD in revenue by the end of July, accounting for 33.4% of the total export value to this market. (Photo: vneconomy.vn)

Over the last 5 years, Vietnam’s macro-economy has basically been stabilized, social security has been secured, the economic growth model has been reformed, and a reasonable growth rate has been maintained.

Economic restructuring continues to ensure that industrialization and modernization meet international integration requirements.

Dinh Van Cuong, Deputy Head of the Party Central Committee's Economic Commission, said that despite these achievements, many targets set by the 11th National Party Congress and the National Assembly remain unrealized.

Cuong underlined the need “to create breakthroughs in the restructuring process, and use economic structuring and growth model renovation to improve the quality, efficiency, and competitiveness of all sectors, businesses, products, and the overall economy. Restructuring should be done comprehensively in each locality and nationwide.”

To improve the business environment and national competitiveness, participants recommended that Vietnam’s growth model be based on productivity and efficiency toward sustainable growth.

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