Innovating growth model urged for post-pandemic recovery
Vietnam must strongly foster the renewal of growth model to accelerate economic recovery post-COVID-19, heard a dialogue held by Vietnam Economics Times on December 4.
Hanoi (VNA) – Vietnam must strongly foster the renewalof growth model to accelerate economic recovery post-COVID-19, heard a dialogue heldby Vietnam Economics Times on December 4.
It is urgent for Vietnam to innovate growth model at thetime of COVID-19 as it will help the country boost recovery after the pandemiccrisis, one of the country’s major goals in short term prioritised by the Partyand Government in 2022 and the 2022 – 2025 period.
Vietnam’s growth model has revealed multiple weaknesses overthe last decade, with the country’s labour productivity only equal to 62percent of other countries in the same income group, and domestic sectoroutperformed by foreign-invested sector.
In the past 10 years, total factor productivity and capitalcontributed 40 percent and 53 percent, respectively, to Vietnam’s GrossDomestic Products (GDP), while labour represented only 7 percent, developmenteconomist Dr. Dang Kim Son told the dialogue.
Building Vietnam’s new growth model requires the mobilisationof all resources, from land, workforce, capital to science and technology and digitalisation,according to experts at the event.
Dr. Tran Van Tho from Wasade University in Japansaidprovided that the COVID-19 pandemic is kept and the economic growthrebounds to 6 – 7 percent a year, Vietnam can achieve the upper-middle-incomecountry status between 2025 and 2026.
To create breakthroughs for the economy, experts recommendedVietnam to focus on five points of science and technology; transformingfrom how the country allocates resources from administrative to marketmechanism; economic diversification based on regional advantages; restructuringof urban spaces; and restructuring of enterprises and economic organisations.
Dr. Nguyen Si Dung, former Vice Chairman of the NationalAssembly’s Office, stressed the importance of attracting and awarding talents,saying industrialisation first and foremost relies on inventions by Vietnamesepeople./.
Prime Minister Pham Minh Chinh has requested consistently pursuing the policy of safely, flexibly adapting to and effectively controlling COVID-19 pandemic.
Binh Duong has been doing all it can to provide all the best conditions for businesses to resume production and maintain supply chains, Chairman of the southern province’s People’s Committee Vo Van Minh told an investment promotion conference with the US on December 2 night.
Vietnam posted a trade surplus of 225 million USD in the first 11 months of this year, ending the continual trade deficit that had lasted for nearly half a year due to the COVID-19 pandemic.
The Vietnam Manufacturing Purchasing Managers' Index (PMI) ticked up to 52.2 in November from 52.1 in October, signalling a second successive modest improvement in business conditions following a period of decline caused by the fourth wave of the COVID-19 pandemic earlier in the year, according to IHS Markit.
Developed with state-of-the-art infrastructure, the Da Nang FTZ is designed to become a leading regional economic centre and a strategic growth pole in Vietnam’s new development landscape.
The Binh Duong Association of Supporting Industries (BASI) is expected to promote the usage of domestically manufactured components while supporting businesses in accessing international markets, strengthening linkages, and promoting deeper integration into global supply chains.
PwC Vietnam forecasts a vibrant M&A market in Vietnam’s healthcare sector in 2025, driven by rising demand for high-quality medical services and a growing middle class. Pharmaceutical companies, private hospitals, and specialised medical facilities, particularly in ophthalmology and oncology, are predicted to be key targets for M&A.
The central province of Quang Nam is set to become a hub for the medicinal plant industry, with Ngoc Linh ginseng designated as the core crop, under the Prime Minister's decision issued earlier this year.
The North-South Expressway project is scheduled for completion by 2030, aiming to establish the groundwork for Vietnam’s modern railway industry and stimulate regional economic development, positioning the country for a significant economic leap in the era of national rise.
The probe, initiated on June 11 following a petition by the US Coalition for Fair Trade in Hardwood Plywood, targets products classified under HS Code 4412 and 9403 imported from China, Indonesia and Vietnam.
Sun PhuQuoc Airways was born as a perfect piece in Sun Group’s strategic vision to build a premium ecosystem of tourism, entertainment, real estate, and aviation. With a pioneering ambition, Sun PhuQuoc Airways is not just an airline, but a symbol of connection – bringing the world to Phu Quoc and taking Phu Quoc to the world.
A key change in the draft decree is a provision requiring bank transfers for gold transactions valued at 20 million VND (765 USD) and above, to enhance transparency and verify customer identities.
In the first four months of 2025, trade turnover between Vietnam and Cambodia surpassed 3 billion USD, marking a 7% increase compared to the same period in 2024.
On June 19 alone, a total of 2,005 trucks completed customs clearance at Lang Son’s border gates — the highest single-day figure ever recorded in the province. Of these, 634 carried exports and 1,371 imports.
The OECD Economic Surveys: Vietnam 2025 report focuses on analysing the country’s macroeconomic fundamentals, the impact of international integration on attracting foreign investment and trade, and the country’s prospects for developing a low-carbon economy.
Antoine Colin, Senior Vice President for Global Supply Chain Digital Transformation & Resilience at HP Inc., affirmed HP’s strategic commitment to building a supply chain and ecosystem in Vietnam and the region.
Deputy Director General of the Ministry of Industry and Trade (MoIT)’s Trade Promotion Agency Bui Quang Hung emphasised that logistics has evolved from a technical function into a core capability for Vietnamese exporters to maintain their competitive advantage in the US market.
A trade official has suggested companies work closely with shipping lines, airlines, and freight forwarders to monitor routes, transit times, and potential surcharges while exploring broader cargo insurance to cover risks like war and terrorism.
In addition to institutional reform, the agency is also rolling out key solution groups to combat counterfeit goods, imitations, and intellectual property infringements in the digital environment.
The event, co-organised by the Vietnam Trade Office in the UK and TT Meridian, a local importer of Vietnamese fresh produce, aims to build a national lychee brand and encourage broader recognition of Vietnamese fruits in a competitive, high-end market.
The industry's performance has been powered by bold investments in modern production lines, enabling Vietnamese firms to produce complicated products which were exclusive to advanced economies.
Illustrative photo. (Source: tuyengiao.vn)
