Vietnam and some Asia - Pacific economies need to change their growth models to avoid undue consequences, heard a conference entitled "APEC: Sharing experience in building and executing new growth model" held in Hanoi.
Coinciding with the 15th anniversary of Vietnam's entry to APEC, the workshop attracted 100 delegates from international organisations like the World Bank, the Inter-American Development Bank (IDB), the Organisation for Economic Co-operation and Development (OECD) and Japan International Cooperation Agency (JICA), APEC member economies, and Vietnam's ministries, academia and universities.
According to experts, like other economies in Asia and the Pacific, Vietnam is entangled to implications of old growth model like low education quality, poorly managed and used natural resources, and ineffective fiscal and financial reforms. Besides, the capacity of natural disaster response, risk management and damage mitigation remains low.
Vietnam's growth pattern change needs to take place in a timely manner, with long-term orientation and roadmap. Even Japan, the third largest economy in the world, needed to undergo 20 years of deflation and low annual growth rate 0.8 percent. Mr Akio Hosono from JICA Research Institute (Japan) shared: In 2013, Japan launched the Third Arrow Revitalisation Strategy. Accordingly, Japan needs to end deflation and raise target inflation to 2 percent in a two years' period; flexibly adjust fiscal policies to focus on areas that contribute to sustainable growth; promote private equity investment to revive economic growth, and enhance productivity by investing and sharing benefits on a broad scale in the economy by means of employment and income.
A representative from the Development Centre, the Organisation for Economic Cooperation and Development (OECD), analysed that the new growth tendency of most Southeast Asian countries is to boost export, green growth, employment and inclusive growth. Investment for SME development, including private sector, is focused by these countries too.
Sharing on Vietnam's efforts to change the growth model, Deputy Minister of Industry and Trade Nguyen Cam Tu said: "Like other APEC member economies, the Government of Vietnam has decided to deploy the growth remodelling strategy since 2009, which has underscored employment structure, industry structure, operating efficiency of market economy, and rapid but sustainable development.
While praising world-leading economic experts' opinions, Vietnamese officials spotlighted key solutions adopted by the Vietnamese Government like economic restructuring, SOE restructuring, and industry restructuring.
Vietnam is an active member in the APEC Economic Committee, especially taking part in building and implementing the APEC New Strategy for Structural Reform (ANSSR). In Vietnam's ANSSR action plans, one of basic objectives is to improve the operational efficiency of the market economy and change the growth model for rapid and sustainable development. This is one of the main directions of socio-economic development strategy from 2011 to 2020.
Huong Ly
Vietnamese
