Vietnam needs post-pandemic programme to boost economic recovery: Expert
To achieve important targets in 2021-2025, Vietnam should consider economic digitalisation key to shifting its growth model and shortly carry out a “post-COVID-19” mid-term programme in association with economic restructuring on the basis of taking advantage of opportunities brought about by free trade agreements (FTAs).
Dr Tran Du Lich, a member of the Prime Minister’s Economic Advisory Group (Photo: petrotimes.vn)
Hanoi (VNA) - To achieve important targets in2021-2025, Vietnam should consider economic digitalisation key to shifting itsgrowth model and shortly carry out a “post-COVID-19” mid-term programme inassociation with economic restructuring on the basis of taking advantage ofopportunities brought about by free trade agreements (FTAs).
The advice came from Dr Tran Du Lich, a member of the PrimeMinister’s Economic Advisory Group, in an interview granted to the Cong Thuong(Industry and Trade) Newspaper.
He said Vietnam’s growth of 2.91 percent last year was amiracle amid the serious impact of the COVID-19 pandemic and natural disasters.
However, entering 2021 - the first year of implementing thenew Socio-Economic Development Strategy - Vietnam has to face several majormid-term challenges. Firstly, he said, the economic achievements gained in2016-2019 are now being eroded, as reflected through the significant decline in2020 GDP growth, while public debt and bad debts are increasing once more andthe unpredictable developments of the pandemic have slowed down the economicrestructuring process.
Secondly, the readiness of Vietnamese enterprises to bringinto full play the opportunities presented by bilateral and multilateral FTAs,particularly the Comprehensive and Progressive Agreement for Trans-PacificPartnership (CPTPP), the EU-Vietnam FTA, and the Regional ComprehensiveEconomic Partnership, remains weak. Most enterprises, even those with foreigninvestment, are using outdated production technologies.
Thirdly, efforts to reform economic institutions havebrought about certain results but not in a systematic manner, Lich said.
The next five years will be an unpredictable period inpolitics, economics, and international trade, he believed.
Top priority should be given to economic digitalizationduring the shifting of the growth model in a sustainable manner during the2021-2025 period.
It is necessary to turn the Government’s determination andinnovation during a period of “fighting the disease like fighting the enemy”into determination and innovation in the “post-pandemic” period with specificpolicies.
Despite the challenges, Vietnam’s economy will have manyopportunities to reach socio-economic targets in the 2021-2025 period, headded./.
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Dr Tran Du Lich, a member of the Prime Minister’s Economic Advisory Group (Photo: petrotimes.vn) 
