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Vietnam Today

New drivers required for economic growth

Released at: 19:29, 24/10/2015

New drivers required for economic growth

NA delegates provide opinions on draft report for Communist Party's 12th National Congress.

by Minh Tuyet - Nguyen Vu

The next National Congress of the Communist Party of Vietnam must identify new means of bolstering economic growth, National Assembly (NA) delegate for Ho Chi Minh City, businessman Nguyen Ngoc Hoa, recommended in the draft report of the 12th National Congress.

Other countries need from 20 to 25 years to become an industrial country but it has taken Vietnam 40 years since reunification and 30 years since the “Doi Moi” process was introduced, Mr. Hoa said. He was anxious that Vietnam still sets industrialization targets for the next five years.

Looking at GDP growth, he said that GDP in the last has averaged about 5.88 per cent, which is lower than the average previously. He believes growth has become saturated because the economy has not received new motivating measures.

For the first time, the private economy was emphasized as an important driver of economic growth in the draft report of National Congress, NA Delegate for Ho Chi Minh City Tran Du Lich said. He stressed that this is the reason for the growth of the private economy during integration.

The draft report determined the role of the private sector and improvements to policy to support its development.

NA Delegate for Hanoi Nguyen Quoc Binh agreed that reform will drive socio-economic growth.

There are now about 800,000 enterprises registered in Vietnam, including about 500,000 to 600,000 active enterprises, Mr. Hoa said. He suggested that Vietnam reach 1 million or even 2 million enterprises to create power in the economy.

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