NDO - The Year of the Tiger will be a busy year for the Vietnamese economy, with efforts to regain growth momentum, after two consecutive years of being heavily impacted, by the COVID-19 pandemic.

The restoration of national production capacity, thanks to the effective implementation of the economic recovery programme, is a factor to ensure the realisation, of the goals set out for the 2021-2025 period, as well as looking towards 2045.

Special circumstance requires specific policies

Answering questions from National Assembly deputies, at the second session of the 15th National Assembly, Prime Minister Pham Minh Chinh said that in two years of economic recovery, from 2022 to 2023, large financial resources will be mobilised to stimulate investment demand and consumption, through specific mechanisms and policies in this special context.

The most important thing is that mechanisms and policies will be built in close reality and evolution of the current situation, in order to support the right objects at the right time.

In addition to financial resources, the “non-financial” solutions of promoting administrative reform and raising people's awareness, are also equally important. Vietnam has made many important reforms, but such efforts are still not enough, while there remain institutional bottlenecks related to digital transformation, digital economy, digital society, transportation infrastructure, telecommunications, electricity transmission and distribution, environmental treatment, urban development, and high-quality human resources.

Delays in approving national, regional and local master plans, delays in progress of important national projects, and the slow disbursement of public investment capital, are also limiting national competitiveness and the like of enterprises and localities.

Increasing development room thanks to reasonable economic structure

Answering a question about the overall goal of the economic restructuring plan, in the 2021-2025 period, Minister of Planning and Investment Nguyen Chi Dung, emphasised the formation of a reasonable and effective economic structure in each sector and area, as well as across industries and the entire economy.

With the growth of the private sector and foreign direct investment (FDI) sector, as well as the innovation and development of state-owned enterprises, we expect to develop many national products, based on new and higher technologies, creating breakthroughs in the competitiveness of a number of key economic sectors and demonstrating the significance of the economic growth model, based on productivity, quality, competitiveness, adaptability and resilience.

If we have good mechanisms and policies, we can lead Southeast Asia in the development of renewable energy, especially inshore and offshore wind power due to its endowed potential. We can also develop electric cars, 5G telecommunications networks, Fintech, digital banking, cloud computing, blockchain technology, big data, artificial intelligence (AI), and robots, thanks to the intelligence and creativity of the Vietnamese people.

Amid the globalisation and deep international economic integration, Vietnam has used a system of international development indicators and criteria, as a common measure to quantify the country's development.

Most recently, at the 26th session of the Conference of the Parties of the United Nations Framework Convention on Climate Change (COP26), Vietnam made a commitment to achieve a net emission level of zero by 2050, demonstrating the political determination and commitment of the Party and State, in accelerating economic transformation to contribute to solving the climate crisis and this commitment is being urgently legislated.

The unremitting efforts of the political system, business community and people, will surely bring positive results to the economy and strengthen the potential and position of the nation.