Confidently entering the new era, with a new mindset

Affirming that Vietnam adheres to the consistent principles and viewpoints of independence, autonomy, self-reliance, multilateralization, diversification, for peace , cooperation and development, President Luong Cuong informed the APEC business community that Vietnam's luggage entering the new era will be a fast-growing, dynamic economy with the 35th largest scale in the world; a strong, stable, people-centered political system; a patriotic, confident, self-reliant, self-reliant nation with a population of more than 100 million people; and many international friends and partners across five continents.

At the same time, when receiving Mr. Paulo Medas - Head of the delegation and members of the International Monetary Fund (IMF) working group on a regular assessment trip to Vietnam, Prime Minister Pham Minh Chinh said that in the context of the world economy still facing many risks and challenges, the Vietnamese economy, although being greatly affected and influenced by the outside, still achieved important results.

Confidently entering the new era, with a new mindset -0 — General Secretary and President To Lam met with a delegation of outstanding businessmen from the Vietnam Federation of Commerce and Industry and the Vietnam Association of Private Entrepreneurs, October 11, 2024. Photo: VNA

The Prime Minister informed that Vietnam continues to restructure the economy towards rapid and sustainable growth based on science and technology, innovation, increased labor productivity, promoting three strategic breakthroughs in institutions, infrastructure, and human resources, removing institutional obstacles to mobilize development resources, renewing traditional growth drivers, promoting new growth drivers, setting higher growth targets in the coming decades, building an independent and self-reliant economy associated with proactive and active international integration, deeply, substantially, and effectively.

Previously, in an important speech while attending the 10th National Congress of the Vietnam Fatherland Front, term 2024-2029, opening in Hanoi on October 17, 2024, General Secretary and President To Lam affirmed: "With the position and strength accumulated after 40 years of national renovation, with new opportunities and fortunes, we are facing a historic opportunity to bring the country into a new era, an era of national growth".

These messages have created excitement in public opinion at home and abroad.
For the people, these are signals that our Party and State leaders are continuing to make efforts with a strong desire to develop a prosperous and happy country as the country enters a new era. In the historical journey of our nation, the struggle to regain independence and freedom is the goal, the reason for living, and the aspiration. However, that goal and aspiration can only be truly achieved when it brings a life of true prosperity, happiness, and well-being to the people.

President Ho Chi Minh once affirmed: “People only know the value of freedom and independence when they have enough to eat and wear”. He believed that we sacrificed to make revolution to regain independence and freedom for the Fatherland, so after the country regained independence and freedom, it is necessary to care for and look after the material and spiritual life of the people. And, that has been steadfastly and steadfastly implemented by our Party and State in all periods.

For the international community, the messages from Vietnamese leaders give them confidence in a safe, friendly and potential destination for cooperation, investment and healthy benefits. That is also the basis for Mr. Paulo Medas to affirm to Prime Minister Pham Minh Chinh that the IMF is always ready to support and assist Vietnam; at the same time, he assessed that Vietnam still has large fiscal space for the IMF to support economic growth; recommended that Vietnam continue to proactively respond to external risks; strengthen the capacity, stability and health of the banking system and capital market; continue to reform to increase productivity, maintain long-term, sustainable growth and control risks well; continue to create favorable conditions for investors...

While attending and speaking at the APEC Leaders' Dialogue with guests, held on the morning of November 15, 2024 (local time) at the Lima Convention Center (Peru) within the framework of the Asia-Pacific Economic Cooperation (APEC) 2024 Summit Week, President Luong Cuong also affirmed that with its favorable geographical location in Southeast Asia and modern logistics network, Vietnam is capable of playing a bridging role in expanding trade and inter-regional connectivity.

At the same time, participation in large-scale free trade agreements such as the Comprehensive and Progressive Agreement for Trans-Pacific Partnership, the Regional Comprehensive Economic Partnership and the Vietnam-EU Free Trade Agreement helps Vietnam become an important link in the global value and supply chain. Therefore, Vietnam is ready to cooperate with economies within and outside APEC to promote effective inter-regional connections that benefit all people and businesses; and will work with ASEAN countries to promote cooperation between the ASEAN Economic Community and the dynamic and creative Latin American region.

In front of more than 1,000 leading business leaders of the region and the world at the APEC Leaders' Dialogue with invited guests, President Luong Cuong affirmed that Vietnam adheres to the principles and consistent viewpoints on independence, autonomy, self-reliance, multilateralization, diversification, for peace, cooperation and development; supports the multilateral trading system and the central role of the World Trade Organization; believes in the value of free trade, international connectivity and integration; and will participate responsibly and make positive contributions to world politics, the global economy and human civilization in the spirit of being a friend, a reliable partner and an active, responsible member of the international community. Along with that, the Vietnamese market has, is and will bring many benefits and advantages that few places have for international businesses and investors.

Looking at reality, in addition to the political security situation continuing to be maintained, the Government's report at the opening session of the 8th Session of the 15th National Assembly (held in early November), on the socio-economic situation in 2024, showed that despite facing a complicated and unpredictable situation, the Government and the Prime Minister have closely followed reality, focused on directing the drastic, flexible and effective implementation of tasks and solutions, especially the socio-economic situation, the following month is more positive than the previous month, the following quarter is higher than the previous quarter, the 9 months achieved many important results, higher than the same period last year in most areas.

The effectiveness of the Government and Prime Minister's drastic and flexible management is demonstrated by specific and vivid figures, with the estimate that 14/15 targets for the whole year will be achieved and exceeded (the target of gross domestic product (GDP) per capita will be achieved if GDP growth is over 7%). Notably, the target of increasing labor productivity exceeded the set plan, after 3 years of not achieving it.

Along with that, the macro economy continues to be stable, inflation is controlled, economic growth is higher than the set target, major balances are guaranteed (with high surplus); public debt, government debt, national foreign debt and state budget deficit are well controlled, lower than the allowable limit. GDP growth is estimated to reach 6.8-7% for the whole year, higher than the target assigned by the National Assembly (6-6.5%), belonging to the group of countries with high growth rates in the region and the world, highly appreciated by many large and prestigious international organizations...

The vivid realities of the country not only give the people stronger faith in the wise leadership of the Party and State, but also serve as an important and solid foundation for the army and people of the whole country to unite and be ready to enter a new era with a new mindset.

The achievements of the era of independence and freedom and the great, historic achievements of the era of innovation and development have created a solid foundation for Vietnam to enter a new era, an era of national growth. At the 13th National Congress (2021), our Party outlined the goal of achieving by 2045, Vietnam will become a developed, high-income country. There are many criteria to define a developed country, but the first and foremost fundamentals are that it must be an industrialized country with advanced industrial production, a modern, civilized society, and a high average income per capita, over 12,050 USD/year.
In fact, Vietnam has a full basis when outlining the goal of becoming a developed, high-income country by 2045 from the national aggregate strength created in previous periods, especially in the renovation process, especially the great spiritual motivation of more than 100 million Vietnamese people determined to realize President Ho Chi Minh's aspiration to build the country "more and more decent, more beautiful", "on par with the world powers"... Along with that are the experiences of previous countries.

2024 is entering its final days with good signs.

“Historical practice shows that the great national unity bloc creates great strength and is the source of all successes of the Vietnamese revolution. The more difficult and challenging the situation, the greater the revolutionary requirements and tasks, the more necessary it is to unite closely, broadly and firmly; only with unity can there be victory.”

(Speech by General Secretary and President To Lam at the 10th National Congress of the Vietnam Fatherland Front, term 2024-2029)

3 important advantages of Vietnam's economy

Informing the APEC business community, President Luong Cuong said that Vietnam's economy has three important advantages today, specifically:

– Favorable geographical location in the Southeast Asia region, with a dynamic, highly open economy and a network of 17 free trade agreements.

– Large market, full of potential; favorable destination for the process of shifting supply chains in the region; population size ranked 15th in the world, synchronous infrastructure, business environment among the most favorable in Asia.

– Vietnam is creating a new economy, transforming from brown to green, from traditional economy to digital economy, start-up and innovation; and, developing strategic infrastructure, especially transport infrastructure, energy infrastructure, digital infrastructure.

Luong Duy Cuong – antg.cand.com.vn

Source: https://antg.cand.com.vn/su-kien-binh-luan-antg/vung-tin-buoc-vao-ky-nguyen-moi-voi-tam-the-moi-i750880/