PM highlights promotion of six new economic growth drivers

PM highlights promotion of six new economic growth drivers

PM Phạm Minh Chính urged renewal of three traditional growth drivers and promotion of six new ones to boost economic growth.

One of the six new growth drivers is to strongly promote digital transformation; green transformation; circular economy; new industries and fields such as chips, semiconductors and artificial intelligence; and building a national database. Photo vneconomy.vn

Prime Minister Phạm Minh Chính has highlighted the need to renew three traditional economic growth drivers and promote six new ones in order to bolster the country’s economic growth in the coming time.

According to the PM, it is necessary to continually promote positive results of the three traditional drivers, investment, export and consumption, and overcome their limitations so tthey can continue to be effective.

Notably, he said, the six new growth drivers must be further promoted.

According to the PM, the first new driver is to promote the improvement of institutions and laws to mobilise and effectively use all resources.

This is considered as the ‘key of keys’ by Party General Secretary Tô Lâm, and as Việt Nam’s Second Đổi mới (Renovation) after the country’s Đổi mới in 1986 by many experts.

The second is to strongly promote the growth of the country’s six socio-economic regions, the Northern Midlands and Mountains, the Red River Delta, the North Central region, the Central Coast, the Central Highlands, the Southeast region and the Mekong Delta.

This will help exploit the strengths of all regions, not to let any region fall behind. Currently, the regions have large differences in many key indicators.

The third is to take advantage of new opportunities from the shift in global and regional production, trade and investment supply chains.

Việt Nam currently has a large population, relatively cheap labour costs, low consumer goods prices. Besides, the country has opened up to integrate with many new generation free trade agreements (FTAs).

Việt Nam’s foreign investment capital attraction has also increased sharply in quantity and quality with higher and newer technical projects. However, the country needs to pay due attention to the situation of shifting investment from foreign countries to Việt Nam to avoid high import tariffs of the US.

The fourth new driver is to strongly promote digital transformation; green transformation; circular economy; new industries and fields such as chips, semiconductors and artificial intelligence; and building a national database.

The fifth is to attract green financial resources and preferential green credit to develop renewable energy, new energy and hydrogen.

The resources are currently large-scale globally. As Việt Nam has committed to implementing environmental protection at a high level, it needs to have smooth connections and better implementation in practice large projects to develop renewable energy and new energy.

The final new driver is to build and develop regional and international financial centres in Việt Nam.

According to the Politburo's conclusion on establishing a comprehensive international financial centre in HCM City and a regional financial centre in Đà Nẵng, these facilities will operate under exceptional management mechanisms that enhance competitiveness while implementing appropriate risk management and oversight protocols.

The centres aim at luring resources for rapid and sustainable development, supporting the implementation of the three strategic breakthroughs and promoting green economy, digital economy and circular economy. Besides, it is expected to bolster three traditional growth motives and emerging drivers as well as foster startups and innovation, the PM said.

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