The Government would increase economic restructuring in combination with transforming the country’s growth model in a proper manner with a clear focus on rearranging investment, State-owned enterprises, and banking and financial systems in the context of responding to climate change.
Deputy Prime Minister Trinh Dinh Dung speaks at the forum.
Deputy Prime Minister Trinh Dinh Dung made the remark during the mid-term Vietnam Business Forum 2019 (VBF) which took place in Hanoi on June 26.
Deputy PM Dung went on to say that Vietnam, in the face of existing difficulties and challenges, still embraces a consistent policy on fostering sustainable development as part of its overall economic development strategy.
The Government has identified priorities to boosting rapid development yet reducing the current income gap between Vietnam and developing countries in the region and the world at large. The enhancement of sustainability can serve as a sufficient condition which could leverage the country’s future development.
Sustainable development, first and foremost, looks to address the relationship between growth and development for the sake of benefits to citizens and social justice. Priority is also given to improving the quality of growth and ensuring that macroeconomic stability is maintained through the implementation of financial and monetary policies.
It is necessary to pursue sustainable, eco-friendly industrial production by the increasing use of cutting edge technologies and equipment in a bid to combat industrial pollution and develop a green industry, the Deputy PM said.
In order to accomplish these goals, the Government will continue to work on major measures. Firstly, efforts will be made to ensure a stable macroeconomic and socio-political environment, which acts as a decisive factor to mobilise resources for investment and sustainable development.
The Government also prioritizes the expansion of a synchronized infrastructure system that covers the segments of transport, health, education, urban development, and others, with the aim of improving the overall competitiveness of the economy. Besides, it looks to improve institutions towards creating a more transparent, competitive, and open environment and subsequently mobilizing additional domestic and foreign resources.
In addition, the country is striving to enhance innovation and ecosystems while promoting enterprises’ central role in releasing the research and innovation work. It also continues to multilateralize and persify relations with countries throughout the world in order to further boost integration.
If enterprises share their interests with the community during their operations, they would potentially become a significant driving force to promoting overall development and benefiting the community, the Government official said.
A number of unfavourable economic developments have taken place globally since the beginning of 2019. As a result, the global economy has experienced the lowest growth rate over the past decade while many countries have seen economic slowdowns.
Despite a global economic slowdown, Vietnam has still maintained its positive growth momentum and has grown into one of the most impressive fast-growing economies, not only regionally but worldwide too. The country has continued to achieve positive socio-economic outcomes during the first five months of 2019.
Macroeconomic stability and inflation were under control during the five-month period, while the average consumer price index reached its lowest levels over the past three years. Additionally, local money and foreign exchange markets remained stable with good liquidity.