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Vietnam Economy Growth: Problems and Solutions 2

Vietnam Economy Growth: Problems and Solutions 2

Vietnam economy growth now has much prosperity, the growth rate of 7 – 8% is the highest growth rate among ASEAN countries and the world, the CPI is stable, and the growth rate of import and export is high, attracting many FDI projects into Vietnam; stable socio-political situation… Vietnam is highly appreciated by the world for achieving the dual goal of controlling the epidemic while maintaining growth. However, the socio-economic problems that Vietnam is and will have to face are also many. The article analyzes the main problems of Vietnam’s economic situation in the current context and offers solutions to overcome difficulties and build a creative economy.

Re-planning the construction of transport infrastructure of Vietnam economy growth

Re-planning the construction of transport infrastructure of Vietnam economy growth

The infrastructure orientation must serve the following objectives: Economic development – especially the development of industrial parks and economic zones; Urbanization development; Serving to improve the people’s living standards, responding to climate change, and protecting the environment.

Vietnam’s infrastructure construction in recent years has achieved remarkable achievements. Hundreds of kilometers of highways have been built, inter-provincial roads and rural roads have also been improved; airports have been modernized; many seaports have been built…

However, the construction of transport infrastructure has revealed some limitations. Too much attention has been paid to the construction of highways, not paying enough attention to the railway and waterway systems. Lack of focus on modernizing arterial roads for economic development, forming modern development routes such as the Hanoi – Hai Phong development route; Ho Chi Minh City – Ba Ria Vung Tau; Re-evaluate the form of socialization of expressway construction – allowing investors to contribute capital to construction and collect fees. In developed countries, this form of application is limited to some specific road sections, which cannot be universal. In Vietnam, the socialization of expressways has been quite common, thus increasing the freight charges for businesses.

These limitations need to be overcome in the direction of:

  • Focus on investing in 2 development routes Hanoi – Hai Phong; Ho Chi Minh City – Ba Ria Vung Tau; with a high-speed railway of 250km/h, and modern waterways, to reduce transportation costs for businesses in these two developed routes (which can account for a large proportion of the total industrial production value of the country). , there are estimates of 70-80%).
  • Prioritize investment in coastal and inland waterway transport. The State can support private companies to build coastal and marine transport ships, support private water transport companies to develop, organize dredging of rivers for transportation, build riverside boat docks…
  • Modernize the North-South railway with wide-gauge tracks, allowing trains to run at higher speeds.
  • No rampant socialization on arterial transport routes – increasing costs for businesses.
  • Building infrastructure associated with urbanization in the direction of building specialized urban chains – industry, services…

Building a creative economy

Building a creative economy

Currently, Vietnam economy growth is basically a processing economy, from industry to agriculture; Because of industry, Vietnam has to import raw materials, and components… for assembly for export or domestic consumption. Vietnam’s agriculture also has to import seeds, fertilizers, pesticides, animal feed, etc. Vietnamese laborers account for a small proportion, so it is difficult to break through development. To make a breakthrough, Vietnam must build a creative economy. A latecomer like Vietnam must learn from the experiences of previous countries to shorten the development path. All East Asian countries break out on the path of building a creative economy.

For Vietnam, what is the creative economy? It is an import economy of invention, innovation, application, and commercialization. Vietnam has invested in basic research, but these studies are only for applied research, not for invention. In the world, the market for patents is currently quite developed. The problem is how should the State have policies to support and encourage this activity. World experience shows that the following policy directions should be implemented by the State:

  • State financial support for private companies to patent new ideas and applications. In the experience of Korea and Japan, this support level is 70% of the import cost at first, then gradually lower.
  • The State creates favorable conditions for investors to establish research and development (R&D) companies, both at home and abroad.
  • Vietnam’s existing hi-tech parks must develop in the direction of mainly building R&D centers.
  • Build a national, global innovation research center, and this is a special zone with all the most modern institutions capable of attracting global investors and innovators to work.

You can read the previous article here: Vietnam Economy Growth: Problems and Solutions

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Q: What is the currency in Vietnam?

The currency in Vietnam is the Vietnamese dong (VND). The exchange rate as of February 2023 is around 23,000 VND to 1 USD.

Q: What are the main industries driving Vietnam’s economy?

Vietnam’s economy is driven by several key industries, including manufacturing, agriculture, and services.

Q: What is the current state of the economy in Vietnam?

Vietnam’s economy has been experiencing rapid growth in recent years, with a 7.11% growth rate in 2019 before being impacted by the COVID-19 pandemic in 2020.



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