The eighth Vietnam-China Economic Forum and a dialogue on the economic policies of transitional Asian economies were held in Hanoi on June 7 by the Central Institute for Economic Management (CIEM).

 

Dr Vu Viet Ngoan, Deputy Head of the National Assembly (NA) Commission for Economic Affairs, said Vietnam’s 2010-2020 strategy for socio-economic development defined its new mode of economic growth and restructuring. However, to develop this model, there is still much to be done to maintain sustainable economic development and ensure social welfare.

 

This indicates that the national economy still exhibits weaknesses and limitations as it is developing, based on the low-cost labour force and exploitation of natural resources.

 

Investment capital for economic development keeps rising every year and, last year alone, VND830,000 billion from the State budget was allocated to the national economy but no improvements were seen.

 

There must be more time and energy spent on producing products of the same quality as from other countries. The domestic production sectors with low or average production technologies can not compete successfully against foreign products.

 

In the face of this situation, experts say that it is high time to adopt an appropriate policy to make a breakthrough in economic development with a focus on economic restructuring to help the national economy join the global value chain and sharpen its competitiveness at national, business and production levels.

(VOV)