Vietnam needs drastic reforms for economic growth: experts

Vietnam’s economy has a good start with a growth rate of 5.66% in the first quarter of this year, the highest rate since 2020.

However, with a GDP growth rate target set at 7% per year by 2030, the Vietnamese economy needs to expand at 8% per year on average in the next six years, requiring hastened efforts to accelerate business environment reforms to create a firm ground for economic growth.

Insiders said public investment will remain a major growth driver this year.

According to experts, Vietnam should also take the opportunities arising from digital economy, circular economy, green growth, regional linkage, and international integration to promote the economic growth more sustainably.

These new growth drivers could help increase GDP by 0.9-1.4 percentage point in the context of global slowdown./.