Page 13 - VET351

COVER STORY

FOCUS & ACTION
Economists and stakeholders share their thoughts with VET on
the prospects for Vietnam’s economy and measures in need.

PHOTO: VIET TUAN
024 has some important points. will be better than in 2023 because ten- o achieve Vietnam’s growth goals,
2 First, the wage policy will be imple- sions are coming to an end and countries T we must first promote and
mented, contributing to increasing have better adapted amid supply chain improve the effectiveness of exist-
aggregate demand in the economy and disruptions. ing growth drivers, including investment
boosting domestic consumption. However, In addition, the world economic struc- and imports and exports. For these drivers
when wages increase, prices also increase. ture has changed, such as the shift to a to improve and develop, institutions and
Therefore, it is necessary to have a policy new energy structure, digital transforma- policies play a key role.
to maintain or reduce prices. If wages tion, and technology unicorns that will Regarding new growth drivers, Vietnam
increase and interest rates decrease, infla- create new steps for the economy. The should focus on new fields: the digital
tion will rise by the end of the year. participation of international institutions economy, the circular economy, high tech-
Next, when aggregate demand increases, has been more effective and substantive. nology, and semiconductors. It has advan-
it stimulates aggregate supply. Accordingly, These driving forces make the world eco- tages in rare earths, in policies to attract
businesses need to expand their scale. nomic context more optimistic. foreign investment, and from upgrading
Policies are needed to encourage investment Meanwhile, Vietnam is a highly open comprehensive strategic partnerships with
in new industries to meet new needs. It is economy. In my opinion, we need to trans- the US and Japan, which are two countries
also necessary to encourage business form the growth model, eliminate outdated that have committed to and supported
restructuring, focusing on innovation, and industries that consume a lot of energy Vietnam to develop high technology and
to strengthen startups to create a strong and labor, move to new industries, and semiconductor technology. These are driv-
domestic business community and grad- develop technology businesses and new ing forces not only this year but also in
ually reach out to the world. This will be a energy-using businesses, comply with the years to come.
driving force to promote economic growth. green standards, and develop sustainably. However, these are new sectors, and
The world economic context in 2024 As I mentioned, the world is also shifting regardless of the country, even the US or
to a new energy structure. For Vietnam, China, the government must play the role
energy transition is an important trans- of “midwife and nurturer” of the economy.
formation because this is a basic industry During the initial period, the government
under Resolution No. 29 from the Politburo can provide institutional, financial, and
on the economic structure. Changes in human resources support so that new fields
the energy industry lead to changes in have sufficient basis to form and develop.
other industries. Successful energy con- The government has issued many poli-
version will save energy, increase energy cies to promote the economy recently, but
efficiency, and reduce emissions according when implemented they have not been
to international commitments, thereby overly effective. In the future, the govern-
curbing waste and raising the overall effi- ment needs to direct ministries, branches,
ciency of the economy. and localities to review each policy and
Vietnam also needs to focus on training prepare specific roadmaps and plans for
Associate Professor Nguyen Thuong Lang
Institute of Trade and International Economics, implementation. At the same time, the
National Economics University (NEU) high-quality human resources for digital
transformation and green transformation. % responsibilities of ministries, branches,
20 | VIETNAM ECONOMIC TIMES | FEBRUARY 2024 en.vneconomy.vn