Vietnam is recommended to push ahead with economic restructuring to sustain stable growth (Photo: VNA) Hanoi (VNA) – Country Director of the Asian Development Bank (ADB) Eric Sidgwick has recommended Vietnam push ahead with restructuring its economy to maintain stable growth in the medium and long terms. In a recent interview with the Vietnam News Agency, Sidgwick said growth must be inclusive and growth benefits should be shared widely. Additionally, it must also be sustainable in terms of environment. Therefore, Vietnam should press on with economic restructuring. The country needs to be able to adapt to challenges as it could face different shocks, including climate change and vulnerability in trade, he said, making six suggestions to the Vietnamese Government, the first of which is to continue to maintain macro-economic stability. He also urged the continued upgrade of infrastructure in all fields, from energy, transportation, urban development, smart city building to … [Read more...] about Vietnam should continue economic restructuring: ADB official
Economic restructuring
PM orders strong economic restructuring in Soc Trang
Prime Minister Nguyen Xuan Phuc (standing) speaks at the working session with leaders of Soc Trang province on April 6. (Photo: VNA) Soc Trang (VNA) –The Mekong Delta province of Soc Trang should make strong economic structure shifting for achieving major breakthroughs in the socio-economic development in 2019, said Prime Minister Nguyen Xuan Phuc. At a working session on April 6 with the local leaders on local socio-economy and security and defence in the first quarter of 2019, PM Phuc stressed that developing high-tech agriculture adapting to climate change, a complete seafood value chain, and clean energy models play an important role in the economic structure shifting. In addition, production should be expanded, development of private firms and cooperatives must be prioritised, and local authorities should move to attract investments from prestigious corporations, he said. PM Phuc asked local authorities to pay heed to improving education, the quality of human … [Read more...] about PM orders strong economic restructuring in Soc Trang
Innovation, creativity – foundation for economic restructuring: PM
PM Nguyen Xuan Phuc (standing) chairs the third meeting of the socio-economic subcommittee in preparation for the 13th National Party Congress. (Photo: VNA) Hanoi (VNA) – Breakthroughs in science-technology or innovation and creativity should be added to the initial draft on socio-economic development strategies to be summited to the 13th National Party Congress, laying the foundation for the economic restructuring and renovation of growth model, Prime Minister Nguyen Xuan Phuc has said. Chairing the third meeting of the socio-economic subcommittee in preparation for the 13th National Party Congress in Hanoi on March 4, PM Phuc, who is also chairman of the sub-committee, stressed that relevant documents must highlight key missions like stablising macro-economy, controlling inflation, mobilizing resources for development and improving growth quality. Participants at the event said that despite unpredictable global economic development, the Vietnamese economy has … [Read more...] about Innovation, creativity – foundation for economic restructuring: PM
Orientations taken to accelerate economic restructuring
Illustrative image (Source: VNA) Hanoi (VNA) – Orientations aimed at speeding up the restructuring process of Vietnam’s economy amidst the Fourth Industrial Revolution was the focus of a workshop held by the National Centre for Socio-economic Information and Forecast (NCIF) and the Ministry of Planning and Investment in Hanoi on November 22. It was an open forum for domestic and foreign scientists, experts, and managers to discuss and announce the latest studies on Vietnam's economic restructuring in general, and some specific sectors, in the context of the Fourth Industrial Revolution. In his opening speech, Director of the NCIF Tran Hong Quang said that the digital revolution is happening fast with a strong impact on all aspects of the economy, adding that Vietnam’s economic growth model is still based on the exploitation of natural resources, the assembly and manufacturing industry, and production and export of labor-intensive and low-skilled sectors. He … [Read more...] about Orientations taken to accelerate economic restructuring
Positive changes in economic restructuring with transformed growth model
The economic restructuring was reviewed recently by Minister of Planning and Industry Nguyen Chi Dung in a government report presented at the ongoing sixth session of the 14th National Assembly in Hanoi. The report indicates that nine of 22 targets for economic restructuring has been fulfilled. Eight of the 22 targets are underway and five others need drastic measures to be completed. Until now, 77% of the set targets have been completed or due for completion. Reviewing economic restructuring and growth model reform in the 2016-2018 period, Minister Dung highlighted positive changes in the quality of annual economic growth and labour productivity, which have seen remarkable improvements. For example, total-factor productivity (TFP) contribution to economic growth in the 2016-2018 period has been on a sharp increase of 42.18%, significantly higher than the 2011-2015 period at 33.58% and has even surpassed the set targets. Notably, there has been a visible improvement in investment … [Read more...] about Positive changes in economic restructuring with transformed growth model