Vietnam reaped notable achievements in 2018, with economic growth hitting a record high of 7.08%, putting Vietnam on the list of Asia’s fastest-growing economies. New economic dynamics are expected to drive Vietnam forward in 2019 and help it achieve its 5-year plan targets by 2020.
Vietnam risks lagging behind in the next decade if it can’t maintain its annual growth of more than 7%.
In the government’s recent meeting, Prime Minister Nguyen Xuan Phuc said Vietnam is determined to create more breakthroughs across all fields this year in order to fulfill the 5 year-plan and 10-year strategy. One of the government’s biggest challenges will be helping economic hubs like Ho Chi Minh City and Da Nang revive their growth.
Associate Professor Dr. Nguyen Duy Khuong of Singapore’s Lee Kwan Yew School of Public Policy told VOV "It’s important for Vietnam to create a firmer foundation of international standards for further growth. And Vietnam’s political system, businesses, and people need to be aware of that. Breakthroughs are expected across all sectors to help us advance."
Leaders at all levels are urged to change their mindsets and adapt to new contexts to help the government create a more favorable business and investment environment to boost production capacity and support start-ups while promoting the private sector as a growth driver.