Innovation should be stepped up to achieve high economic growth: experts
Promoting the development of science and technology as well as digital economy is a wise choice for Vietnam to achieve an annual average economic growth rate of 7 percent during 2021-2030, according to experts.
The proportion of manufacturing and processing is expected to reach 30 percent of the GDP by 2030. (Photo: VNA)
Hanoi (VNA) – Promoting thedevelopment of science and technology as well as digital economy is a wisechoice for Vietnam to achieve an annual average economic growth rate of 7percent during 2021-2030, according to experts.
At a consultation workshop held in Hanoi onNovember 10 to collecting feedback on Vietnam’s draft socio-economic developmentstrategy for 2021-2030, Dr Bui Tat Thang stressed the need to continue acceleratingreforms, saying it is necessary to integrate economic development withrestructuring and changing the growth model.
“Vietnam should work towards fast andsustainable development in combination with environmental protection and enhancingresilience to natural disasters and diseases”, said Thang, who is formerDirector of the Vietnam Institute for Development Strategies under the Ministryof Planning and Investment, which co-hosted the forum together with the WorldBank (WB).
Meanwhile, Operations Manager for the World Bankin Vietnam Stefanie Stallmeister suggested Vietnam focus on environmentalprotection activities, resilience to climate change, economic development inharmony with social stability and security, as well as effective management ofnatural resources.
Under the strategy, Vietnam expects to have percapita GDP of 7,500 USD and annual labour productivity growth of over 6.5percent by 2030.
The proportion of manufacturing and processingis expected to reach 30 percent of the GDP while the digital economy isenvisioned to contribute 30 percent to the GDP.
Thanks to breakthrough strategies during2011-2020, Vietnam has attained outstanding achievements in institutionalreforms, human resources development and infrastructure development.
Several large power projects which have greatcontributions to production and business activities were completed, such asVinh Tan 2 and 4 thermal power plants, Vung Ang 1 thermal plant, and Mong Duong1 & 2 thermal power plants.
However, the strategy did not work out well forthe nation to achieve its GDP growth of 7-8 percent, and improve its growthquality as well as national competitive capacity./.
The COVID-19 pandemic will continue to weigh on socio-economic development and State budget in 2021 and the years that follow, Minister of Finance Dinh Tien Dung said.
Prime Minister Nguyen Xuan Phuc appeared before the National Assembly on November 10 to answer queries from deputies regarding various matters of importance.
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.
Outcomes of ABAC III will shape ABAC’s final policy recommendations to be submitted to the ABAC-APEC leaders’ dialogue, scheduled to take place in the Republic of Korea this November.
This is the second year the magazine has released the ranking, which is based on total revenue and key financial indicators of enterprises from seven countries in the region: Vietnam, Indonesia, Thailand, Malaysia, Singapore, the Philippines, and Cambodia.
At the summit, publishing, tech, and media sectors will discuss emerging trends, business models, and sustainable solutions for digital publishing development in Vietnam.
This year’s “Vietnam Goods Week” marks a significant milestone as it is being held simultaneously for the first time in four locations across Asia: Japan, Hong Kong (China), Cambodia, and Malaysia, from June 19 - 22.
According to NordCham Vietnam Chairman Thue Quist Thomasen, the Vietnamese Government’s commitment to achieving net-zero emissions by 2050 is both a challenge and an opportunity for businesses to contribute to green and sustainable growth.
The analysis from an investment perspective shows that the economy’s growth has been heavily capital‑driven, yet efficiency remains low as reflected by Vietnam’s Incremental Capital-Output Ratio (ICOR) being significantly higher than global and regional averages. This underscores the imperative to enhance capital‑use efficiency.
Deputy PM Tran Hong Ha urged countries to work together to remove supply chain bottlenecks, expand market access, strengthen cooperation in smart customs procedures, mutually recognise technical standards, and eliminate unnecessary protectionist barriers to boost trade and investment.
The event has gathered over 400 exhibitors from 16 countries and territories, with more than 980 booths showcasing a wide range of products and technologies in automotive components, electronics, repair and maintenance, bodywork, accessories, and customisation.
The latest order follows Vietjet’s commitment for 20 additional A330neo aircraft last month, bringing the airline’s total widebody aircraft on order to 40.
The proportion of manufacturing and processing is expected to reach 30 percent of the GDP by 2030. (Photo: VNA) 
