Vietnam leverages on 2018 progress for future growth

2019 is a pivotal year to complete the 2016-2020 objectives. Prime Minister Nguyen Xuan Phuc has emphasized on short term progress’ significance, in particular this year’s Resolutions 01 and 02 social economic development, business climate improvement and national competitiveness.

The two resolutions took effect on the first day of 2019, reflecting the government’s determination to ensure quality breakthrough.

Deputy Prime Minister Vuong Dinh Hue said that Resolution 01 demonstrates disruptive improvement in terms of institutional and administrative reform.

He said, “The Resolution aims to create more practical transformation in strategic economic development through new growth model, innovation, advanced technological application and making full use of Industry 4.0.”

Head of the Central Institute of Economic Management, Nguyen Dinh Cung, says that Resolution 02 is based on 7 indication sets designed by international organizations with specific objectives by 2019 and 2021.

He noted, “Resolution 02 has used international rankings as benchmarks to measure progress and outputs in Vietnam’s business environment. It also recommends solutions to 4 priorities identified by the government, including removal and simplification of business conditions, less specialized inspection, for goods before customs clearance, cashless payment and level-4 public services. This will ensure more transparency in management and less chances for corruption.”

Besides the two resolutions, the government has asked ministers and heads of provincial People’s Committees, to promote creativeness and determination in their governance to address business difficulties.

Vietnam could leverage on its progress last year for future growth as the national economy has improved its resilience and global connectivity. Vietnam’s private economic sector has seen close ties with the world supply chain while the CPTTP coming into force is a good opportunity for market expansion.

Global financial capital flows are expected to come to ASEAN and Vietnam as attractive destinations. Vietnam needs to prepare well to grasp these opportunities by selective approach to welcome projects of advanced technology, environmentally friendly and close links with domestic enterprises to ensure rapid growth this year.