6 Steps to Foster New Industries and Sustainable Growth

The seminar was held in the context of the State visit of General Secretary and President of China Xi Jinping to Vietnam, marking an important milestone in the cooperation between the two countries, especially in the fields of education and science. The event is also part of the "Vietnam-China Humanitarian Exchange Year", creating opportunities to promote cooperation in academic activities, scientific research and innovation.

Speaking at the seminar, VNU Vice President Pham Bao Son emphasized that VNU always strives to develop high-quality human resources, provide policy advice and implement major policies of the Party and Government. VNU has cooperated with many leading educational institutions in China such as Peking University, Tsinghua University, Nanjing University, etc. to promote experience sharing in education, scientific research and innovation.

Professor Lam Nghi Phu is one of the world's leading economists.

Faced with the fluctuations of the world economy and the international trade order, experts at the seminar discussed the importance of international cooperation and sustainable development. Flexible and innovative strategies are becoming essential to help Vietnam overcome challenges and seize opportunities. The seminar was attended by Prof. Lin Yifu, Director of the Institute of New Structural Economics, Peking University (China), former Senior Vice President for Development Economics of the World Bank. Prof. Lin is one of the leading experts in economics and has made many important contributions to building sustainable development strategies for developing economies.

Sharing his perspective from new structural economics, Prof. Lam also pointed out that developing countries like Vietnam can take advantage of being latecomers to innovate technology, upgrade industries and reform institutions. However, it is important to escape the “low-income trap” and “middle-income trap” – a problem that many developing countries face. He said that to do this, policymakers need to understand the country’s resource structure and create favorable conditions for the development of new industries.

With analysis from international experience, Prof. Lam Nghi Phu proposed a six-step economic transformation process to promote new industries and sustainable growth. These steps include: identifying industries with growth potential, assessing the possibility of realizing the industry, seeking foreign investment, and creating a favorable environment for business development. He also believes that a government with a strategic coordination role and supporting private enterprises is an important factor helping Vietnam rise to the group of high-income countries.

Promoting private sector development and education

Speakers shared at the forum.

Experts at the seminar also mentioned the important role of the private sector in promoting growth. Deputy Director of Economica Vietnam Le Duy Binh said that of the 940,000 enterprises currently in Vietnam, only 1.5% are large and medium-sized enterprises, while the majority of the rest are small and micro enterprises. The government needs to have support policies so that small and medium-sized enterprises can develop, thereby improving national competitiveness.

In addition, cooperation between universities and businesses is also emphasized by many experts. Professor Lam Nghi Phu said that in order for the economy to develop sustainably, it is necessary to promote cooperation between educational institutions and businesses, helping universities adjust their curriculum to suit the actual needs of the labor market.

The seminar "Prosperous Vietnam in the New Era" provided many insights into Vietnam's future development in the new era. Through the discussions, experts offered practical and feasible solutions to help Vietnam overcome challenges and seize opportunities to achieve sustainable prosperity. These are important steps in the national development strategy, especially when Vietnam is facing a world full of changes and opportunities.

Source: https://vov.vn/xa-hoi/giao-su-trung-quoc-chia-se-giai-phap-de-viet-nam-tien-toi-thinh-vuong-post1192445.vov