Vietnamese government demonstrates decisiveness, dynamism in action
After a challenging year in 2023, Vietnam's economy has shown signs of positive recovery in 2024, due to decisive, dynamic and effective directions by the Vietnamese Government, according to Prof. Chu Hoang Long, Director of the Vietnam Policy Research Centre at the Australian National University.
In a recent interview granted to the Vietnam News Agency’s correspondents in Australia, Long, who is also Vice Chairman of the Vietnam-Australia Intellectuals and Experts Association, said Vietnam is one of the strongest-growing economies in the Asia-Pacific region, and the best performer in Southeast Asia with its GDP growth predicted to reach 6.8-7% in 2024, exceeding the National Assembly's target of 6-6.5%.
He also pointed to macro-economic stability and controlled inflation, along with a positive shift in the economic structure with increasing contributions from sectors related to the green economy. Notably, Vietnam has become an attractive destination for international tourists, with a growth rate of 40% compared to last year.
Long attributed the positive results mentioned above is the effective governance of the Government, stressing that Vietnam currently has a decisive and dynamic government in action.
He also valued the Government's efforts in implementing policies that encourage, connect, and create favourable conditions for overseas Vietnamese to invest in the homeland and enhance research cooperation with domestic institutions, thus making significant contributions to the country's socio-economic development.
The scholar noted that in the context of political, security and economic uncertainties in many countries and regions all over the world, the open economy of Vietnam is facing great challenges. He said, however, that the country boasts great drivers to maintain its high growth momentum in the coming year, citing several reasons for his assessment.
First of all, he pointed to the current streamlining of the political apparatus at all levels and sectors - the largest scheme since the “Doi moi” (renewal) reform in 1986, which he compared to a start of the second Doi moi process. According to Long, this is expected to pave the way for breakthroughs in building and improving institutions, providing a solid foundation for maintaining high economic growth in the long term.
Second, the scholar mentioned the abundant and dynamic workforce in Vietnam, noting that the country has set higher standards for the quality and sustainability of economic growth, so improving the quality of human resources is crucial, helping the country fully tap its development potential and meet integration demand, create opportunities for business and trade cooperation with international partners, and attract foreign investment in green and modern sectors.
He underlined the need to continue encouraging contributions and attracting resources from overseas Vietnamese, entrepreneurs, and intellectuals, creating opportunities for them to engage in economic cooperation, and provide policy advice for the country's economic development.
The third reason is the country's efforts to develop infrastructure, which the Vietnamese Government considers a strategic breakthrough. Prof. Long said the government should continue closely overseeing and accelerating the construction of key infrastructure projects, ensuring that public investment funds are disbursed effectively, preventing wastefulness and loss, towards quickly putting those into operation to meet development demands.
The current leadership has effectively inherited the legacy left by late Party General Secretary Nguyen Phu Trong to stabilise the political system and prepare even deeper reforms to ensure the future socio-economic development, he said.
Long remarked that Vietnam currently has a dynamic political apparatus. Apart from upgrading the ties with Australia, France, and Malaysia to comprehensive strategic partnerships, high-level diplomatic activities have been vibrant, with many official visits by Party, State, and Government leaders to major partner nations and key neighbouring countries.
These diplomatic activities have sustained Vietnam's "dynamic balance"—a crucial position amidst a complex international situation – while creating new opportunities to mobilise international resources and unlock the country's economic development potential, he went on.
Long said he believes that the Vietnam-Australia relationship will grow even stronger, especially as the Vietnamese community in Australia continues to expand in both size and influence, and maintains a deep connection with the homeland.
The expert affirmed that he and the Vietnamese community will always serve as a bridge connecting the two countries, support high-level diplomatic activities, and promote connections, exchanges, and people-to-people interactions between Vietnam and Australia, contributing to further intensifying the comprehensive strategic partnership.
