Innovation should be stepped up to achieve high economic growth: experts

At a consultation workshop held in Hanoi on November 10 to collecting feedback on Vietnam’s draft socio-economic development strategy for 2021-2030, Dr Bui Tat Thang stressed the need to continue accelerating reforms, saying it is necessary to integrate economic development with restructuring and changing the growth model.

“Vietnam should work towards fast and sustainable development in combination with environmental protection and enhancing resilience to natural disasters and diseases”, said Thang, who is former Director of the Vietnam Institute for Development Strategies under the Ministry of Planning and Investment, which co-hosted the forum together with the World Bank (WB).

Meanwhile, Operations Manager for the World Bank in Vietnam Stefanie Stallmeister suggested Vietnam focus on environmental protection activities, resilience to climate change, economic development in harmony with social stability and security, as well as effective management of natural resources.

Under the strategy, Vietnam expects to have per capita GDP of US$7,500 and annual labour productivity growth of over 6.5% by 2030.

The proportion of manufacturing and processing is expected to reach 30% of the GDP while the digital economy is envisioned to contribute 30% to the GDP.

Thanks to breakthrough strategies during 2011-2020, Vietnam has attained outstanding achievements in institutional reforms, human resources development and infrastructure development.

Several large power projects which have great contributions to production and business activities were completed, such as Vinh Tan 2 and 4 thermal power plants, Vung Ang 1 thermal plant, and Mong Duong 1 & 2 thermal power plants.

However, the strategy did not work out well for the nation to achieve its GDP growth of 7-8%, and improve its growth quality as well as national competitive capacity.