The lives of people have significantly improved in recent years thanks to rapid economic development. In just a short period, motorbikes and cars have flooded the domestic market and become key transport means to replace bicycles. High-rise residential quarters fully equipped with plenty of commodities and customers. However, despite relatively high economic growth compared to some countries in the world, the Vietnamese economy has not yet developed sustainably. 

After World War II, European nations, the US and Japan recorded tremendous achievements in economic development. Many countries became economic powers or economic engines in the region but could still face economic recessions. The 1997 financial crisis sent “dragons” and “tigers” in Asia into tailspin, which took them many years to recover from. This was considered an experience that Vietnam should learn from to boost its current economic development process.

Economic experts said three urgent measures need to be done to maintain the sustainable development of the national economy.

They underscored the need to develop contingents of enterprises and business people, as they play a key role in the market economy. Developing private businesses is a solution for reducing poverty and bridging the gap between the rich and the poor.

In spite of huge investment in human resources training and financial activities, the country has failed to create an equal and open investment environment for businesses to further develop.

Regarding the investment environment, unsolved problems relating to legal corridors, administrative procedures and land management resulted in less attraction and confidence on the part of foreign investors. Currently, other regional countries gain competitive advantages over Vietnam in attracting foreign investment. Therefore, the country must make a breakthrough to attract more foreign investors in the coming time.

In terms of trade, the country still faces difficulties competing with products from other countries despite improvements to the patterns and quality of products.

Garment and textile enterprises have to work hard to seek new markets while a number of exporters frequently have to deal with anti-dumping lawsuits. In addition, the domestic market has exposed weakness in organisation mechanisms and competitive capacity. Current export development should focus on high-tech areas such as telecommunications and software production.

According to economics experts, the export of high-tech products will contribute a great deal to reducing the import surplus and maintaining sustainable economic growth in the years to come.