Deputy Prime Minister Ho Duc Phoc: New economic model is the order of the times

(Chinhphu.vn) - According to Deputy Prime Minister Ho Duc Phoc, Vietnam needs to be determined to transform its growth model, not only in breadth but also in depth, developing on the basis of science and technology, innovation, improving labor productivity and effectively using resources.

Deputy Prime Minister Ho Duc Phoc, to realize the set goals, we need to innovate the growth model - Photo: VGP/Tran Manh

The urgent need is to build a new growth model.

On the afternoon of October 2, Deputy Prime Minister Ho Duc Phoc attended and delivered a speech at the Vietnam New Economy Forum (VNEF).

The forum is co-directed by the Central Policy and Strategy Committee and the Vietnam Economic Science Association, and assigned to units under the two agencies (Vietnam Economic Magazine, Institute for Policy and Strategy Studies, Department of General Economics) to co-chair the organization.

The forum was attended and delivered speeches by Party Central Committee member, Deputy Prime Minister Ho Duc Phoc; Party Central Committee member, Head of the Central Policy and Strategy Committee Nguyen Thanh Nghi... along with leaders of many ministries, branches, localities, embassies of several countries in Vietnam and many domestic and foreign enterprises.

In his opening speech at the forum, Comrade Nguyen Thanh Nghi, Head of the Central Policy and Strategy Committee, stated that after nearly 40 years of renovation, Vietnam has achieved many great and historic achievements. From a poor, low-income country, Vietnam has become one of the most dynamic and fast-growing economies, with GDP and per capita income increasing sharply.

Deputy Prime Minister Ho Duc Phoc and Head of the Central Policy and Strategy Committee Nguyen Thanh Nghi honored 10 outstanding Vietnamese entrepreneurs - Photo: VGP/Tran Manh

Vietnam has been a middle-income country since 2008 and is expected to reach the upper middle-income group by the end of this year. Its GDP in 2025 is estimated to rank fourth in ASEAN, among the 20 countries with the largest trade in the world. The material and spiritual life of the people is increasingly improving.

However, our country's economic growth is still mainly in breadth, gradually reaching the potential threshold, the growth model reveals many limitations. Meanwhile, the international context is volatile: fierce competition in trade and technology, new international standards on environment and trade are increasingly strict, directly impacting an economy with a large openness like Vietnam.

Faced with this reality, Mr. Nguyen Thanh Nghi also said that the urgent requirement is to build a new growth model, both renewing traditional driving forces and opening up driving forces based on knowledge, technology, innovation and endogenous strength. It is necessary to maximize the potential of regions, industries and economic spaces, focusing on both the supply and demand sides of the economy.

On that basis, Comrade Nguyen Thanh Nghi, Head of the Central Policy and Strategy Committee, proposed that the forum focus on discussing the following contents: Renewing traditional growth drivers; improving export efficiency, public investment, selectively attracting FDI, developing the domestic market; solutions to create new growth drivers;... to help Vietnam make a breakthrough and realize its development aspirations.

Comrade Nguyen Thanh Nghi delivered the opening speech of the forum - Photo: VGP/Tran Manh

New economic model is the order of the times

Speaking at the forum, Deputy Prime Minister Ho Duc Phoc emphasized that after 39 years of renovation, Vietnam has achieved important results. Vietnam is on the threshold of achieving the great goal of becoming a high-income developed country by 2045 and achieving net zero emissions by 2050.

According to Deputy Prime Minister Ho Duc Phoc, to realize the set goals, Vietnam needs to be determined to transform the growth model, not only in breadth but also in depth, developing on the basis of science and technology, innovation, improving labor productivity and effectively using resources.

The new economic model is not only a choice, but also a requirement of practice and a command of the times. The goal is to create new growth momentum, build each economic cell dynamic, highly resilient, and develop sustainably in the face of global economic and political fluctuations.

Recently, the Politburo has issued four very important resolutions, creating the foundation and driving force for development. These resolutions are the guiding principles for national development in the new era, the era of national development, building a fast-growing, independent, self-reliant, creative economy, proactively integrating deeply into the international community.

To achieve this goal, we must master raw materials, master technology, train high-quality human resources, diversify and expand markets, especially participate firmly in the global value chain, move towards a modern management model, and effectively use the potential of domestic resources.

The Deputy Prime Minister hopes to receive many valuable comments from domestic and international experts, scientists and managers in a frank, objective and intellectual manner to contribute to effectively perfecting the State's mechanisms, policies and solutions - Photo: VGP/Tran Manh

Proactively integrate, promote internal strength, and increase strength for the Vietnamese economy.

The Deputy Prime Minister stated: In the context of the rapidly changing world today, competition is increasingly fierce, unilateralism is emerging, and protectionism is on the rise, increasing the risk of breaking traditional value chains; and the development of complex and prolonged armed conflicts has affected the development of the global economy.

Therefore, proactively integrating, promoting internal strength, position and value in the global value chain to increase the strength of the Vietnamese economy is extremely important in the current period.

Welcoming this year's Vietnam New Economy Forum (VNEF) with the theme "Vietnam's economic resilience: From internal strength to global value chain", the Deputy Prime Minister hopes to receive many valuable comments from domestic and international experts, scientists and managers in a frank, objective and intellectual manner to contribute to effectively perfecting the State's mechanisms, policies and solutions.

Deputy Prime Minister Ho Duc Phoc, Head of the Central Policy and Strategy Committee Nguyen Thang Nghi and delegates attending the forum - Photo: VGP/Tran Manh

Together we build a strong and self-reliant Vietnamese economy

At the Vietnam New Economy Forum (VNEF), businesses donated and joined hands to support people to overcome storms and floods. The Organizing Committee honored the Top 10 Outstanding Vietnamese Entrepreneurs on the Journey of Innovation - Integration - Reaching Out.

Representing the entrepreneurs, speaking at the ceremony, Mr. Johnathan Hanh Nguyen, Chairman of the Inter-Pacific Group (IPPG) expressed: Over the past four decades, the Vietnamese business community has grown steadily, becoming a pioneering force in the country's integration and development.

From pioneering corporations and businesses that bring hundreds of international brands to Vietnam, creating retail, aviation, finance, technology and education ecosystems, to innovative start-ups venturing into new fields, all contribute to affirming Vietnam's bravery and intelligence.

Mr. Johnathan Hanh Nguyen emphasized: Vietnamese entrepreneurs have enough aspiration, capacity and spirit to compete fairly with the world. However, to fully realize that aspiration, the Vietnamese business community really needs the companionship, support and creation of a favorable environment from the Party, State, Government and functional agencies.

A transparent, stable and consistent policy mechanism, substantial institutional reform, reduction of procedural barriers, creation of a transparent and open environment, will be an important foundation for entrepreneurs to continue to promote their pioneering role, together building a strong and self-reliant Vietnamese economy.

Businesses join hands to support people in overcoming the consequences of storms and floods - Photo: VGP/Tran Manh

VNEF 2025: "Vietnam's economic resilience: From internal strength to global value chain"

The Vietnam New Economy Forum (VNEF) initiative was initiated and successfully organized since 2023.

With the aim of contributing to promoting economic growth in 2025 and the 2026 - 2030 period according to the Party's policies and orientations, plans, action programs, and resolutions of the Government, the VNEF 2025 Forum focuses on three main groups of issues: i) new economic context and urgent requirements; ii) innovation of export growth model and Vietnam's position in the global value chain; iii) strengthening internal strength and promoting linkages between economic regions and between business communities.

The VNEF 2025 Forum will include 3 main sessions, with speakers discussing the following contents: "New economic models and breakthrough solutions to create momentum for Vietnam's economic development: Approaching from strengthening internal strength and enhancing participation in the global value chain"; "Igniting the desire to rise up"; How can Vietnam transform its export growth model towards increasing its position and value in supply chains? Which economic sectors/fields have the potential to improve and enhance their position and value in supply chains? What role do economic models play in creating growth momentum, enhancing internal strength, increasing position and value for Vietnam? Solutions to strengthen internal strength, consolidate and improve the competitiveness of domestic enterprises, promote linkages between economic sectors to promote the advantages of domestic consumption and export demand; How are new institutions, policies and development spaces impacting and will impact the resilience of Vietnam's economy in the coming period?

Tran Manh

Source: https://baochinhphu.vn/pho-thu-tuong-ho-duc-phoc-mo-hinh-kinh-te-moi-la-menh-lenh-cua-thoi-dai-102251002165930311.htm