A new step forward in Vietnam’s economic development in 2017 and a rising national spirit in early 2018 are expected to yield new successes in 2018. Minister of Planning and Investment Nguyen Chi Dung gives an in-depth analysis of how the two above-mentioned elements spur aspirations for a prosperous Vietnam.

Minister of Planning and Investment Nguyen Chi Dung

The year 2017 saw a new step in Vietnam’s economic development, coupled with the continued affirmation of the country’s position in the international arena and the improved conditions expected to result in a vigorous change in the country’s robust, yet sustainable development.

Vietnam also achieved distinct successes in the fight against corruption, thus refreshing the spirit and belief of the whole Party and people in the bright prospects of the country. Meanwhile, the country received some good news in the first days of 2018, when the U23 football team showed unbelievable and outstanding performances at the Asian Football Confederation (AFC) U23 Championship 2018 that took place in China. Their extraordinary exploits made them the first Southeast Asian squad to reach the final of the championship, reflecting the fighting spirit and strength of Vietnam. We are completely confident in our ability to realise the aspirations of Vietnam, extending the country’s success not only into 2018, but into the future; because we are Vietnam.

The aspirations for national independence and freedom have been strengthened over the past 4,000 years of our history. Now, newer Vietnamese generations are continuing to build on these aspirations with their determination to construct a strong, independent, and self-reliant Vietnam. Such aspirations are based on the foundation of our precious national culture and the tradition of self-reliance and unity we have always drawn from to overcome difficulties, hardships, and losses, adding momentum to achieve the goal of becoming a prosperous nation.

We are completely confident in our ability to realise the aspirations of Vietnam, extending the country’s success not only into 2018, but into the future; because we are Vietnam.

The U23 squad with its total of 31 members, which had been said to be somewhat inferior to other teams from the continent, worked miracles for the Vietnamese and regional football and the whole nation, enabling the international community to see that Vietnam has reached out to the world with its constant efforts. So, how can Vietnam create new successes with its population of over 90 million, more than 600,000 businesses, and 55 million people of working age?

We can do it if we constantly light up the flame of patriotism, reinforce a firm belief in the strengths of the nation, and make wholehearted contributions in order to overcome difficulties and challenges in search for new successes, new heights, and new improvements in the international arena.

Japan, South Korea, and Singapore, with their limited natural resources and land area, tell miraculous stories of growth and show us how to become one of the leading economic powers in Asia and the world. Some of the key reasons for the success of these countries are a strategic vision as well as perseverance to pursue set goals, the will to make full use of opportunities to create constant innovation, and efficient administration.

The U23 squad’s extraordinary exploits in early 2018 inspired locals with an increased belief in the strengths of the nation and roused their patriotism. This element serves as a fundamental foundation to shaping a strategic vision for the long-term development of the country, mobilising and effectively utilising local resources, and creating the best economic institutional environment to fully mobilise resources. It also helps to hasten the rapid development of a qualified workforce. In this aspect, a focus should be put on the development of the labour force aged 15-35 – equivalent to 44 per cent of the total labour workforce – who are brimful of innovation, creativity, aspiration, strength, and will to contribute.

How to realise the projected goals remains a big question, but state leaders, managers, and policymakers should take the responsibility for handling this first. With this in mind, Prime Minister Nguyen Xuan Phuc said at a recent meeting on reviewing the operational efficiency of the planning and investment sector in 2017, “Vietnam’s per-capita income reaching $2,385 in 2017 is not an exciting figure, but a source of sadness for local state officials.” While Singapore took 50 years to raise its per-capita income from $320 to $60,000 with an average annual hike of some $1,200, it is worrying that Vietnam now boasts an annual increase of less than $200.

2018 holds many opportunities for Vietnam, thanks to four key factors. They are the highest-ever spirit of innovation and creativity in both governance and corporate sectors; the most favourable movement of global resources; positive changes of the local economy, especially the institution of a market economy; and most importantly, intensified belief amongst locals and their national spirit.

Such opportunities demand continuous efforts to yield better achievements in 2018, making Vietnam a high-income country; a prosperous, environmentally sustainable economy; and a progressive, just, and civilised society. The year 2017 marked the beginning of a new development path for the Vietnamese economy. In order to effectively run the engine of development, attention should be given to five main drivers of growth, namely the strong development of the private sector; the efficiency of state-owned enterprises; young, dynamic, aspiring, and creative human resources; growth poles with outstanding advantages; and an effective and transparent governance system.

All these drivers need to be operational in the wake of the Fourth Industrial Revolution, which has been spreading quickly and has a multi-dimensional impact on the Vietnamese economy. The Fourth Industrial Revolution brings a golden opportunity for Vietnam to create breakthroughs and narrow the development gap with other countries in the region and the world.

Good opportunities are also converging in 2018 thanks to the Party and government’s efforts in fostering timely and practical reforms and renovations.

If we acknowledge the traditional and historical values and prospects of the local economy, we can do great things. The tale of Vietnam’s U23 team in the early days of 2018 helps rouse the power inherent in each Vietnamese person and the nation itself. Self-confidence in every individual and business will help them to overcome difficulties and challenges in new, larger playing fields, thus resulting in success for them and victory for the country. Let’s follow our aspirations. We can do it, because we are Vietnam.

VIR