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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.

Residents visit a shopping centre in HCM City. — Photo

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

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