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COVER STORY

MEASURES THAT MATTER

Policy adjustments are needed to solidify Vietnam’s resilience and sustain its role
as a growth beacon both regionally and globally.

| By LINH TONG

here is a general expectation of common view that Vietnam must tap into Firstly, regarding the strategic direction
positive economic conditions glob- its internal strengths. Its focus must be on for fostering socio-economic development
T ally within most 2024 outlooks. transforming this internal strength into a in 2024, both National Assembly and gov-
Growth forecasts for the year are, however, growth catalyst, taking action to seize ernment resolutions underscore the para-
lower than for 2023 in many countries. opportunities in green and digital trans- mount importance of prioritizing macro-
Vietnam, meanwhile, has set a higher formations as they unfold. Special attention economic growth and stability. Mr. Hieu
GDP growth target for the year, of 6-6.5 should be given to the “friendshoring” trend pointed out that there are clusters of solu-
per cent, but significant effort will be as a key element for bringing about a fun- tions aimed at promoting a green and
required for it to deviate from the global damental shift in the economic structure. sustainable economy. “The innovative
trajectory. With new opportunities emerg- aspect lies in the driving forces for green
ing, relying solely on the global economy INNER STRENGTH and sustainable development, necessitating
and exports is no viable way forward. Mr. Phan Duc Hieu, Standing Member a focused allocation of credit to priority
Opinions offered at the 16th Vietnam of the National Assembly’s Economic Com- sectors for green transformation and sus-
Economic Scenario Forum, co-organized mittee, underscored four key policy high- tainable progress,” he told the Forum.
by Vietnam Economic Times (VET) / lights that demonstrate the firm resolve In regard to institutional improve-
VnEconomy and the Ministry of Foreign of the government and the National Assem- ments, the resolutions emphasize energy
Affairs in Hanoi on January 11, revealed a bly to drive economic growth this year. security and the promotion of an energy

en.vneconomy.vn FEBRUARY 2024 | VIETNAM ECONOMIC TIMES | 9