return icon Vietnamnet.vn

Private sector must drive economy: academic

Associate Professor Dinh Trong Thinh of Academy of Finance talks about the important role of the private sector in the national economy.

{keywords}
Residents visit a shopping centre in HCM City. — Photo sggp.org

Do you have any comments on projections that Vietnam’s inflation rate in 2020 will increase compared to 2019?

The relationship between national economic growth and the inflation rate is close. Normally, if inflation is high, the real growth of the national economy will be reduced. Vietnam’s GDP in 2019 is projected to be about 7.02 per cent, or 0.6 per cent lower than in 2018. Yet it is still much higher than from 2011-2017. On the other hand, the inflation rate in 2019 was at only 2.78 per cent, the lowest in the last three years. According to many economists, Vietnam’s economic growth in 2019 has reflected the growth rate quality, the high labour productivity and better living conditions of the Vietnamese people.

What do you think about Prime Minister Nguyen Xuan Phuc’s proposal that in 2020, Vietnam’s export turnover will be about US$300 billion?

As we know, import-export activities are considered a driving force for national economic development. In 2019, we scored $517 billion in import-export turnover, a remarkable success for Vietnam.

In 2020, Vietnam sets a target to earn $300 billion in export turnover. To achieve this target, we must increase export turnover by at least 10 per cent. To achieve this target, Vietnamese enterprises have to improve their performance, particularly raising their labour productivity and the value of Vietnamese export goods. Last but not least, we have to diversify our outlet markets.

What should Vietnam do to achieve GDP growth of 6.8 per cent in 2020?

It is projected that global growth in 2020 will slow down. If we want to increase our export turnover and achieve a sustainable high economic growth rate, Vietnam will have to do quite a lot of things. The first thing we have to do is give a strong push to production and business activities to make them become driving forces for the national economy. We also have to apply advanced technology in our production – a core element in raising labour productivity nowadays.

In addition, we should encourage enterprises to work in supply chains – a key factor to increase the value of their products.

Last but not least, in the course of national economic development, the private sector should be considered an important driving force. That’s why administrative reform and a lucrative business environment should be continued as they will provide better conditions for enterprises to do business, particularly in 2020. — VNS

Who will lead Vietnam's economy?

Who will lead Vietnam's economy?

Since it normalized relations with the powers like China in 1991 and the USA in 1995, Vietnam has begun to integrate into the global economy.

Vietnam’s economy is expected to maintain good growth in 2020

Vietnam’s economy is expected to maintain good growth in 2020

Vietnam is advancing into 2020 following good results in 2019. Experts and companies tell Việt Nam News about their forecasts of the country's economic prospects this year as well as opportunities and challenges facing the country.

MORE NEWS

Carbon market to help achieve net zero emissions

Greenhouse gas emissions in Vietnam increased rapidly over the past three decades in direct proportion to the economy’s growth.

VIETNAM NEWS HEADLINES SEPTEMBER 29

Buckwheat Flower Festival returns to Ha Giang in November

Vietnam welcomes 1.87 million foreign visitors in nine months

Vietnam welcomed about 1.87 million international arrivals in the first nine months of this year, 16.4 times higher than the same period last year but much lower than that in the same time in 2019 before COVID-19 broke out.

Close to 123,000 sea turtles released back to sea

The Con Dao National Park in the southern province of Ba Ria-Vung Tau released 122,867 baby turtles into the ocean between January and September.

Vietnamese, Danish friendship blossoms over the years

Many foreigners have enjoyed diverse landscapes, authentic local food, endless love, eternal friendship, and a favourable investment environment in Vietnam.

China imports less glutinous rice from Vietnam

The proportion of glutinous rice in total rice exports to China has fallen from 74 percent to 48 percent.

Vietnamese artists to appear in Norwegian play

Several talented local artists from the Vietnam Youth Theater have been invited to perform in 'Hedda Gabler', a classic play which is considered to be one of the outstanding works of Norwegian writer Henrik Ibsen.

Minor improvements seen in the transparency of provincial budgets

The average ranking of budget transparency for localities in 2021 was 69.53 points out of 100, a rise of just 0.44 points compared to 2020.

Pianist Nguyen Dang Quang returns home for concert of classical music

Piano player Nguyen Dang Quang, son of composer Quoc Trung and renowned artist Thanh Lam, is a fresh and promising presence at the event.

VN central bank acts to tighten the Vietnamese dong liquidity

A recent money market report of Saigon Securities Incorporation (SSI) showed the SBV last week net withdrew a total of VND34.6 trillion through the OMO channel.

Vietnam needs to improve human resources in digital age: World Bank

To reach the goal of becoming a high-income country by 2045, Vietnam needs to quickly improve the quality and quantity of its human resources.

Vietnam’s GDP rises by 13.67% in third quarter: statistics office

Vietnam’s gross domestic product (GDP) grew by 13.67% in the third quarter, according to the General Statistics Office (GSO).

Ministry of Culture demands strict supervision of beauty contests

Culture, Sports, and Tourism Minister Nguyen Van Hung has signed a directive strengthening state supervision of a variety of cultural and artistic activities, including beauty pageants and modelling contests.

VIETNAM BUSINESS NEWS SEPTEMBER 29

Vietnam to become “new Asian tiger”: Italian journal

Vietnam to become the worlds chip production center

In the first eight months of this year, phones and electronic components have the most prominent export turnover in our country, reaching nearly 40 billion USD.
back_to_top