National economy restructured to meet development needs

(VOV) - It is high time for Vietnam’s economy to make basic changes to meet new development requirements and grasp new opportunities brought about by deep and wide international integration.

Deputy Minister of Planning and Investment Nguyen Chi Dung made the statement at the seminar “Vietnam’s economy by 2025: opportunity and challenge” in Hanoi on October 10.

Dung stated that recent economic achievements in Vietnam are encouraging. In the 2014-2020 period, the country will continue to pursue a general target for keeping macro-economic stability and promoting economic growth, creating foundation for sustainable economic development in a long-term.

Economic experts predicted that the world economy will face numerous difficulties and challenges in the coming time. In this context, the Vietnamese Government will continue its target for controlling inflation and promoting growth at a reasonable level towards stability by 2020.

Dung stressed on major solutions to obtain the target, including restructuring economy, shifting growth model deeply, and improving the quality and competitiveness of the economy.

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Associate Professor and Doctor Nguyen Van Thanh from the National Center for Socio-economic Information and Forecast (NCIF) highlighted two scenarios to forecast Vietnam’s economy in the next five years.

According to the first scenario, the growth model will be shifted slowly and interuptedly while State management won’t be improved significantly. The country will maintain a growth rate of 6.5%, inflation rate of 6.7% and investment capital /GDP of 13.14%.

According to the second scenario, the growth model is restructured in the trend of industrialization and modernisation, advantages of FTA are fully taken and State management obtains significant progress. The country will keep a growth rate of 7.1%, inflation rate of 7.21% and investment capital/GDP of 15.3%.

Meanwhile, Dr Nguyen Ba Ngoc, deputy director of the Institute of Labour, Science and Social Affairs pointed out major solutions including renewing growth model, considering science and technology the key policy and putting talented people and skilled workers in important positions.