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Legacies

Speaking for the last time before the National Assembly as head of the government for the 2016-2021 term, Prime Minister Nguyen Xuan Phuc recalled an incident when he took office.

At that time, the Prime Minister pointed out that Vietnam’s economy ranked 48th in the world and 14th in population.

Newly-elected Prime Minister Pham Minh Chinh presents a bouquet of flowers to his predecessor Nguyen Xuan Phuc, who is now the State President. Photo: Minh Dat

This changed after the 5-year term of the Government. According to the International Monetary Fund (IMF), Vietnam’s GDP in 2020 reached $340.6 billion, surpassing Singapore with $337.5 billion, Malaysia $336.5 billion, becoming the 4th largest economy in ASEAN and 37th in the world.

Mr. Phuc said: “In 2020, Vietnam’s GDP increased by about 1.4 times compared to 2015, reaching over $340 billion. In the past 5 years, together we have created about $1,300 billion of added value… We are very proud that our rankings has increased 11 places, surpassed 11 countries, to rank 37th in the world.”

“Although the road ahead is still full of difficulties and challenges, we completely believe that Vietnam will become an upper middle-income country and join the group of developed countries with high income by 2045,” he said.

Economist Tran Dinh Thien said that the Vietnamese Government in the 2016-2021 term has made a number of economic achievements, of which there are three outstanding areas.

The first is to stabilize the macro-economy, curb inflation, reduce public debt to a low level, increase exports and foreign currency reserves, and create room for fiscal and monetary policies to support businesses and the people.

The second is economic institutional reform, with focuses on reform of administrative procedures as well as e-government. The government has eliminated thousands of sub-licenses, and simplified half of specialized inspection procedures.

The third is deep international integration with new-generation trade agreements such as CPTPP and EVFTA, which open new markets and create pressure for further domestic reforms.

Dr. Vo Tri Thanh, former Director of the Central Institute for Economic Management, added: “These foundations have created new positive energy for people, businesses and the economy. The position of Vietnam has taken a very significant step forward in the international arena.”

The legacy left by Prime Minister Nguyen Xuan Phuc’s Government for the next term is a successful anti-epidemic achievement, helping the economy from being blocked. As a result, the country’s economic development prospects are quite promising as evaluated by many international financial institutions.

The core weakness of the current economy is very low efficiency of resource use. Photo: T.Tung

For example, Standard Chartered Bank said that Vietnam’s economic outlook is stable and forecasted that economic growth will return to 6-8% this year and the coming years. The International Monetary Fund expects Vietnam’s economy to grow by 6.5% in 2021. Meanwhile, Fitch forecasts that Vietnam’s GDP can grow to 7.5% in 2021 and Euromonitor predicts Vietnam’s GDP growth of up to 11% this year.

Development challenges

The economic foundations and position of the country today is created by efforts of many generations ahead in the struggle between the old and the new, between the new and the old, in the long journey since the start of Doi Moi (reform) 35 years ago.

During that journey, the economy is still in a transition stage with many shortcomings that need to identify and overcome. For example, the economic development rate, although the highest in the world, is slowing down.

According to a report by the Central Institute for Economic Management, the country’s GDP growth rate has decreased gradually, from 7.34%/year in the 1991-2000 period to 6.82%/year in the 2001-2010 period, and estimated to be 5.9%/year in the 2011-2020 period – below the average target of 7-8%/year of the socio-economic development strategy for the period of 2011-2020.

Vietnam’s growth rate was lower than other countries in the same period of development. Vietnam obtained an average growth rate of 8.21% per year for five years (1991-1995). Other countries in the period of equivalent qualifications of Vietnam today maintained very high growth rates for a relatively long time.

For example, South Korea achieved an average GDP growth of up to 9.58%/year for 30 years (1960-1990), over 10% for 14 years; abd the highest rate was 14.8% (1973). In China, in 30 years of reform and development (1977-2007), its average GDP growth was 10.02/year; and the highest growth rate was 15.14% (1984). This country had 15 years with GDP growth rate of more than 10%.

Compared with the past growth rate of our own as well as that of neighboring countries, Vietnam’s growth rate for more than a decade is far behind.

Compared with the past growth rate of our own as well as that of neighboring countries, Vietnam’s growth rate for more than a decade is far behind. Photo: Le Anh Dung

To illustrate clearly the growth challenge, it is necessary to point out the fact that within 30 years, several countries in the region have become industrialized countries with a high GDP per capita.

For example, South Korea’s GDP per capita of Korea was $100 in 1960, and by 1990 it increased to $6,516, which is over 65 times up in 30 years. By 2020, its GDP per capita was over $31,000.

For about 30 years, Vietnam’s GDP per capita increased from about $100 in 1990 to $2,750 in 2020, an increase of more than 27 times. Although the growth rate remains high, the risk of falling into the middle-income trap is high.

Removing bottlenecks to growth

The Resolution of the 13th Party Congress targets an economic growth rate of about 6.5-7%/year in the period of 2021-2025; and GDP per capita of $4,700-$5,000 by 2025.

The growth target is lower than 7-8% of the previous period, but still very challenging in the context of the Covid pandemic. The world economy is uncertain and the local economy is facing many bottlenecks which have been unsolved for many years.

Dr. Tran Dinh Thien said: “The most central issue in institutional building for the development of new structures is a modern and integrated market economy.”

Thien said that the five main markets are land, labor, energy, science – technology and goods. The private sector must develop healthily to promote the market economy.

According to Thien, of these types of markets, only the consumer goods market has developed according to the principles of the market, while the other markets are distorted.

It is necessary to ask why the market for means of production has been difficult to develop, while the market for consumer goods has been easily developed?

Awareness of market development is poor, resource allocation mechanisms do not follow market principles, the ask-give mechanism is still common, and central planning thinking makes markets operate asynchronously, he said.

According to the former director of the Central Institute for Economic Management, the core weakness of the current economy is very low efficiency of resource use, especially investment efficiency.

Nguyen Dinh Cung calculated that with a high level of investment, equal to about 1/3 of GDP, if Vietnam’s Incremental Capital Output Ratio (ICOR) was equivalent to that of South Korea in the period 1961-2000 (ICOR = 4), or of Japan in the period of 1955-1973 (ICOR = 3), the Vietnamese economy could have grown about 8.5-11%, instead of an average of about 5.9%/year in the 2011-2020 period.

It is worth noting that, the upward trend is clearly decreasing. In the period of 1991-2000, the average growth rate was 7.58%; 6.8% in the period of 2001-2010, and estimated at 6.4% in 2011-2020 (if there was no Covid-19 pandemic), and now only about 5.9%. In general, the efficiency of investment capital is still low and has not improved significantly.

“Fundamental institutional change in distribution and use of social resources has been identified as a focus of reform to restructure the economy and transform growth models,” said Cung.

According to Cung, the aforementioned major guidelines and solutions include ensuring that the market plays a key role in mobilizing and effectively distributing resources; allocating resources according to market principles into highly efficient, spillover-effect sectors, fields and regions; overcoming the thinking about subsidies, ask-give mechanism, and reliance on state agencies, local governments and in society.

Mr. Vo Tri Thanh pointed out six development points stated in the Vietnam 2035 report by the World Bank as country development tasks in the time to come.

These include economic modernization and private sector development; building national innovation capacity; improving the economic efficiency of urbanization and territorial development; sustainable development of the environment and strengthening resilience to climate change; ensuring equity and promoting social inclusion; and creating a modern and efficient state institution.

These development bottlenecks, if removed by the Government in this term, will become a launch pad for the whole economy.

Tu Giang – Lan Anh

Nguyễn Thành Phong, chairman of the HCM City People’s Committee, speaks at a meeting on reforming administration of the city. VNS Photo Bồ Xuân Hiệp

HCM CITY — HCM City plans further administrative reforms as part of efforts to enhance its competitiveness and attract more investment under a new urban administration model, its People’s Committee chairman has said.

Nguyễn Thành Phong told a meeting held to discuss urban administration that the new model, to be implemented from July under a National Assembly resolution, would streamline governance and resolve some major issues faced by the city.

It requires administrative decisions to be made by grassroots-level authorities, the public and enterprises in a timely, precise and organised manner, he said.

The model would help reduce the time taken to finalise socio-economic plans, he added.

The city began abolishing district and ward people’s councils years ago to reduce duplication of responsibilities and tasks and reduce expenditure, and governance improved.

In a rapidly growing urban area like HCM City, district and ward people’s councils are an intermediary authority with limited powers that slows down the process of governance.

Phong said the city would this year restart the elimination of people’s councils, getting rid of them in 19 districts and 259 wards by around mid-year.

In November last year, the National Assembly passed a resolution on urban administration in HCM City that includes elimination of people’s councils at district and ward levels.

It provides for the city People’s Committee and People’s Council, but at the district and ward levels there is only the former.

The organisation of other administrative units in the city is governed by the Law on Local Government Organisation.

Interestingly, Thủ Đức City in HCM City, formed by merging Districts 2, 9 and Thủ Đức, has a People’s Council and People’s Committee. — VNS

DNP Water, a subsidiary for water solution under the Dong Nai Plastic Construction JSC., has launched a new mobile application in collaboration with Thuyloi (Water Resources) University in Ho Chi Minh City for real-time forecast of water and salinity levels in the river network of Vietnam’s Mekong Delta.

The tech solution, entitled Real-time Simulation System for the Mekong River Delta (MRSS), debuted during a conference on saltwater intrusion in the Mekong Delta held at the Thuyloi University last week.

The simulation of the Mekong Delta’s canal system in MRSS was developed on the MIKE 11 Hydrodynamic module powered by the Danish Hydraulic Institute, said Dr. Nghiem Tien Lam, leader of the development team.

The software provides forecasts of saline intrusion on the branches of the Mekong River in Vietnam via its built-in simulation, which calculates the variation of water flow, quality, and sediment transport at the inlets, irrigation systems, canals, and other streams of the Mekong Delta.

The development team has collected records of water and salinity levels between 2016 and 2020 from nearly 20 tracking stations, as well as data from the Dong Tam Water Plant in Tien Giang Province and Nhi Thanh Water Plant in Long An Province, both in the Mekong Delta, to form a database for the simulation.

“Our software amends many issues on time and space calculations from previous solutions,” Nguyen Tien Lam said.

“Instead of only reporting the maximum value from important locations, [MRSS] is able to forecast water and salinity levels in any location of the Mekong Delta for the next month, with updates on an hourly basis.”

The system is currently informing DNP Water of salinity and the development of saltwater intrusion of the Mekong Delta, which optimizes the firm’s water manufacturing operations.

Based on initial responses, the Thuyloi University will continue their research, update numbers, and tweak the functions of MRSS to cater precise reports on Mekong Delta water to locals and authorities.

According to Tran Anh Tuan, deputy president of the Vietnam Water Supply and Sewerage Association, commended the MRSS development team during the meeting for their efforts.

Proving useful for Mekong Delta residents and officials, the software provides a solid database for researching, forecasting, and taking action against climate change.

According to Vu Anh Tuan, deputy CEO of DNP Water, MRSS is available to the public at the weblink http://waterdata.vn/mekong/mrss and on the Mekong MRSS app of Google Play.

The Mekong Delta has seen the intensity of drought and saline intrusion heighten over the past years, which has significantly impeded agricultural production and people and firms in the region.

During the 2019-20 dry season, 10 out of 13 provinces and cities of the delta have reported damage from salinity and drought, with a total of 80,000 hectares of fruit farms and nearly 60,000 hectares of rice fields affected.

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Dozens of golf courses have been built and put into operations across Vietnam over the past few years, while many others are in the making.

A total of 75 golf courses are being operated in the Southeast Asian country, according to Pham Thanh Tri, vice-chairman of the Vietnam Golf Tourism Association.

The number of golf courses in the country has risen to 75 in 2021 from 40 two years ago , Tri continued, adding that an average of one golf course project is approved for construction in Vietnam every two weeks.

Many localities have proposed that the central government allow them to invest in such projects, especially after a decree on golf business was implemented in April 2020.

Specifically, 10 new golf courses are expected to be licensed for construction in the central province of Quang Nam, seven in northern Bac Giang Province, and 10 in northern Vinh Phuc Province in the near future.

This means Vietnam may have over 100 active golf courses in the coming time.

Nguyen Van Dinh, secretary-general of the Vietnam Association of Realtors, told Tuoi Tre (Youth) newspaper that relevant authorities should make careful consideration before approving a golf course project.

A golf course should only be constructed in localities with an advantage in resort-oriented tourism to attract more domestic and international visitors.

“Our land bank is limited, while a golf course can cover a very large area,” Dinh elaborated.

“We may run out of land for socio-economic development.”

Some other experts warned that operating a golf course is not effective because of lofty maintenance cost.

Good for tourism development

As living conditions improve, the number of people interested in playing golf increases, resulting in the rise in demand for golf courses, a tourism expert stated.

“It is quite cheap to travel, eat, and play golf in Vietnam so an increasing number of international tourists, especially those from South Korea, are coming here for the sport,” the pundit continued.

“A lack of golf courses may lead to a sharp slide in the number of South Korean visitors.”

Vietnam currently has about 100,000 golfers, each of whom plays 20 games a year on average, said Vietnam Golf Tourism Association vice-chairman Tri.

The Southeast Asian nation’s potential for golf tourism is very promising, especially during the winter from October to February.

Prior to the COVID-19 pandemic, foreign tourists coming to Vietnam to play golf climbed 20 percent annually, Tri said.

The new decree on golf business fits the orientation of the Law on Planning, Tran Quoc Phuong, Deputy Minister of Planning and Investment, said, adding that the emergence of more golf courses is just to meet the rising demand.

A golf course is not bad itself, Phuong continued, reasoning that it is only when the course is used for other purposes.

Loophole

According to current regulations, developers are allowed to build low-rise buildings inside golf courses, but these buildings must cover only 10 percent of the total area.

However, a probe by Tuoi Tre revealed that in several golf courses, the developers had constructed clubhouses, hotels, and resort villas occupying up to 20 percent of the site.

These properties have been sold and leased against the law.

Authorities must collect taxes from such business operations to prevent losses in internal revenue collection, Prof. Dang Hung Vo, former Deputy Minister of Natural Resources and Environment, suggested.

Le Hoang Chau, chairman of the Ho Chi Minh City Real Estate Association, underscored that local authorities have to take responsibility for letting businesses take advantage of this loophole.

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With expectations for the best, lifestyle and design play essential roles in young Vietnamese buyers’ decision-making when choosing a new home.

The value of individuality

Famous for delivering awe-inspiring music, young Vietnamese singer Ha Anh Tuan brings years of international living and travel back to his home country.

“I love to travel and believe each new experience gives us priceless life lessons,” he says.

While inspired by architecture, art, and music from around the world, young Vietnamese still take immense pride in their own arts and culture with a view to maintaining them.

Having traveled far and wide, gaining experience and education, this next generation of buyers expect to see what they have experienced similarly reflected in the quality and luxury of their self-imposed lifestyles.

Foreigners in Vietnam have noted this preference and can relate to it.

With more than 20 years of experience working on such acclaimed and large-scale projects as Trump, Paramount, and Versace, Youssef Akila, head of design at Masterise Homes, says, “It is clear that young Vietnamese are curious about the wider world and in search of knowledge and connection.

“Rather than copying what other countries have done, they’re keen to introduce a fresh perspective to every aspect of their lives.

“To match these expectations, we invested highly in the interior design and meticulously considered even the smallest details for Masteri Centre Point.

“Creativity and balance have gone into the choosing of colors, materials, and general design.”

Be inspired

The haste and demand of modern life inspire people to search for peace and tranquillity wherever they can.

The design found at Masteri Centre Point is fresh and unique; it sets the standard of luxury for interested buyers in Thu Duc City under Ho Chi Minh City.

“Each morning, I ask myself what I can do to stay motivated and have a great day,” Ha Anh Tuan says in a discussion about the new standard of luxury living.

“I often think about the phrase ‘be inspired,’ which speaks to the innovation and passion needed in all facets of life.

“That said, I love the clear inspiration Masterise Homes, as a developer, and their international team of designers have put forth toward meeting my generation’s shift in expectations.

“They have delivered on the lifestyle young Vietnamese like myself have come to expect for ourselves.

“As citizens of the world, we have seen, grown, and experienced so much, and there is no reason we cannot apply those same world-class living standards here in our own country.

“We work hard – we’ve earned a happy, comfortable life.”

Look to world-renowned brands

Masteri Centre Point is a benchmark-setting residence in the new Thu Duc City.

The team behind this luxury project comprises international experts with experience from leading global design companies.

“I have traveled extensively, gaining great insights and experiences far and wide,” continues Ha Anh Tuan.

“These insights have led me to consider the prestige and reputation of the brands I work with and make part of my life.

“Prestige and reputation can only be built with experience and expertise.”

In cooperation with international partners, Masterise Homes is proud to deliver Masteri Centre Point as a trusted and preferred residence among the country’s young elite.

The Yên Dũng Safe Vegetable Cooperative applies high technology in its production. VNA/VNS Photo Minh Quyết

BẮC GIANG — The northern province of Bắc Giang will promote the application of biotechnology and new material technologies to serve socio-economic development, according to the director of the provincial science and technology department Nguyễn Thanh Bình.

Located in the northern key economic zone and adjacent to major centres such as Hà Nội, Hải Phòng City, and Quảng Ninh Province, Bắc Giang boasts favourable conditions for economic development.

A particular focus of biotechnology and new material technologies are the fields of breeding, preserving, and processing agricultural and forestry products, especially key products such as lychee, Yên Thế free-range chicken, Yên Dũng fragrant rice, Lạng Giang mushrooms, Tân Yên peanuts, Hiệp Hoà grapefruit, and Sơn Động honey; the treatment of waste and wastewater in industrial zones and clusters and trade villages; and health and medical surveillance technology.

The province is also stepping up the application of advanced materials and fuel-saving and environmentally-friendly technologies in production and daily life.

It prioritises developing science and technology, especially biotechnology and new material technologies, supporting the establishment of and improvements to the operational efficiency of science and technology enterprises, innovative enterprises, and start-ups in the fields of information technology, biotechnology, and new material technologies.

Meanwhile, the provincial centre for science and technology application will form an experimental area and conduct research and application and transfer biotechnology and new material technologies.

Over recent years, the strong application of biotechnology has had a positive impact on the province. Its Department of Science and Technology has deployed 91 national and provincial level projects to date in the field of biotechnology, which have been applied to develop high-yield, good-quality crops and animals and contributed to economic restructuring, improving the quality, commercial value, and competitive edge of local agricultural products. By way of example, the breeding and development of new fruit trees such as V2 orange, ODL guava, MC17 and Choquete avocado, late ripe longan, and early thiều litchi have yielded hundreds of billions of đồng a year.

Bắc Giang has also applied VietGAP and GlobalGAP standards in cultivation at 39 per cent of orchards and used QR Codes for tracing product origin, together with the iMetos smart weather station, the VietGAP app, and drip irrigation technology.

The province has recently expanded its VietGAP-standard lychee coverage to 14,300 ha and its GlobalGAP-standard coverage to 258 ha. It also has 218 ha of lychee with cultivation codes granted for export to the US, Australia, and the EU.

Using drip irrigation technology, biological fertilisers, and pesticides, and following VietGAP standards, a tea production model in Yên Thế District has recorded a 20-30 per cent increase on an annual basis in productivity and revenue. The success of the model helped expand the district’s tea growing area to 530 ha, with a combined output of over 4,300 tonnes a year.

Many local enterprises have applied biotechnology in pollution treatment and environmental pollution recovery. The application of biotechnology in socio-economic development contributed to economic growth in the province averaging 14 per cent per year in the 2015-2020 period. It currently has more than 160 enterprises and household businesses operating in the production of building materials applying new material technologies, including the production of unfired bricks.

The province has received and transferred technology from many projects to produce plywood using new technology.

In the field of medicine, new material technologies have also made a positive contribution to local medical examinations and treatment, such as the application of nanopolymer in medicine and nanomaterials in biomedicine. Their application has also contributed to medical examinations and treatment of local people.

Bắc Giang implemented 74 national and provincial science and technology projects in various fields during the 2015-2020 period, with total funding of over VNĐ222 billion. — VNS