Promoting institutional reform, focusing on internal strength, creating an environment for the private economic sector to develop into the most important driving force of the economy for growth.
At the “National Scientific Conference on Vietnam’s Economy in 2024 and Prospects for 2025 ” – Prof. Dr. Pham Hong Chuong – Director of the National Economics University assessed – in 2024, the world economy will face many challenges: tight monetary policy , persistent public debt in many developing countries, ongoing geopolitical instability in some regions such as the Middle East and Ukraine, changes in government apparatus in many countries around the world, including the US. However, the fact that inflation has cooled down in most major countries has created conditions for many central banks around the world to gradually shift to easing monetary policy to support growth.
2024 can be considered a vibrant year with many strong changes. The real economic sector shows many signs of recovery, with a GDP growth rate of 7.09% for the whole year, exceeding the target of 6.0 – 6.5% set by the Government, significantly higher than other countries in the region. Vietnam’s labor productivity has improved somewhat (up 5.14% in 2024) but is still quite far behind some more developed countries in the region, said Prof. Dr. Pham Hong Chuong.
In the foreign sector, Vietnam continues to integrate more deeply into the world economy with the total import-export turnover of goods estimated at 786.29 billion USD, equivalent to about 165% of GDP. In particular, the FDI sector continues to dominate the domestic sector with 71.7% of total export turnover and 63.2% of total import turnover, the added value of the FDI sector contributing to the economy is still not commensurate. Many domestic enterprises still face difficulties, unable to create links with the FDI sector to participate more deeply in the global production network.
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Prof. Dr. Pham Hong Chuong said: “Growth at 8% in 2025 and higher in the following years is a challenging goal. In order to maintain sustainable growth in the long term, in addition to promoting traditional growth drivers, building a suitable economic and political institutional system is extremely important.”
At the workshop, speakers and experts discussed and agreed that in the context of Vietnam’s high growth target, economic institutional reform is a key task to maintain old growth momentum and create new growth momentum.
In addition to the general overview, delegates focused on analyzing and evaluating the process of economic institutional reform in Vietnam and made policy recommendations to promote economic institutional reform.
Dr. Nguyen Minh Son – Deputy Chairman of the National Assembly’s Economic and Financial Committee said: “The solutions and policies proposed at the workshop are important documents for competent authorities to formulate policies in the coming period.”
For the economy to grow sustainably in the coming time, Prof. Dr. To Trung Thanh – National Economics University said that in the coming time, Vietnam must be associated with macroeconomic stability. It is especially necessary to be careful in using monetary policy and strengthening sound financial policies. For expansionary fiscal policy, focus on increasing the efficiency of public investment disbursement , selectively reducing taxes and strengthening social security policies. It is necessary to focus on internal resources, creating an environment for the private economic sector to develop into the most important driving force of the economy. Promote science and technology, innovation and digital transformation. Develop digital economy, data economy, focus on strategic industries.