Innovation and adaptability are key drivers for further economic development

Addressing the event, economic expert Dr. Can Van Luc pointed out that amid global uncertainties taking place in 2023, the pillars of the national economy such as industrial production, and import-export activities witnessed a downward trajectory.

In fact, the National Assembly, the Government, and the business community have made great strides in promulgating and implementing flexible policies in a timely manner in order to revive the national economy.

Luc said that the country has recorded signs of recovery since the final months of last year, and that there are bright prospects ahead for economic development in 2024 thanks to the country’s new key growth drivers.

In particular, digital transformation and the application of science and technology are being strongly promoted with improved labour productivity, he said.

Furthermore, the Government also stays determined to step up institutional reform, green growth, and proactively adapt to climate change through taking drastic actions.

Phan Duc Hieu, permanent member of the National Assembly’s Economic Committee, revealed that under the socio-economic development direction this year, the National Assembly and the Government have affirmed their determination to boost economic recovery through prioritising growth and macroeconomic stability.

Hieu noted that the Government and the National Assembly have mainly focused on making radical institutional reform, abolishing regulations that hinder production, and not issuing new regulations that cause any additional costs for businesses.

The Government has also proposed a number of solutions aimed at fulfilling the economic growth goals this year by maintaining sustainable growth, fine-tuning institutions, especially on green energy development, accelerating the development of manufacturing – processing, and focusing on training activities and foreign direct investment (FDI) attraction.

Meanwhile, Deputy Minister of Foreign Affairs Nguyen Minh Hang emphasised that international economic linkages are significantly shifting towards the trend of green and digital transformation for sustainable development.

New trends occurring in the global economic integration will exert an impact on multiple Vietnamese sectors moving forward, she said.

According to experts, global prices, inflation, and interest rates remain high this year, along with complicated geopolitical conflicts, all of which are anticipated to make a negative impact on Vietnamese exports, investment, consumption, international tourism, and financial market.