An overview of the forum on "Unlocking the New Growth Drivers," held on April 12 in Hà Nội. - Photo of dddn.com.vn

HÀ NỘI – The year 2024 is considered a crucial period for accelerating and achieving breakthroughs in the implementation of Việt Nam's five-year socio-economic development plan for 2021-2025, according to experts.

They made the saying in a forum on "Unlocking the New Growth Drivers," held recently in Hà Nội. The purpose of the forum aimed to discuss and highlight the need for transforming the growth model to adapt to new development dynamics in Việt Nam.

The country's economy has been facing a mix of opportunities, advantages, difficulties, and challenges, with the latter being more prominent.

Some of the challenges include strong inflationary pressure, anticipated difficulties in production and business operations, and declining demand from traditional import and export markets. In light of these challenges, it becomes essential to transform the growth model by adopting new thinking, perception, and action, according experts.

Hoàng Quang Phòng, the Vice President of VCCI, emphasised the importance of transforming the growth model and highlighted the role of the Vietnamese business community and entrepreneurs in driving this transformation. However, one of the major difficulties faced in this process is the availability of investment resources.

A specific example of this is the need for approximately US$368 billion for green transformation in Việt Nam until 2040, according to estimates by the Asian Development Bank. However, the green finance market in the country is still relatively small, and there is a lack of mechanisms and policies to encourage private capital investment in green sectors.

Apart from the green transformation, other new growth drivers such as the digital economy, circular economy, knowledge economy, and sharing economy were also discussed during the forum. While the relevant ministries and agencies have proposed mechanisms and policies to create a legal framework for businesses operating in these areas, many of these legal documents and regulations are still in the process of being finalised.

The traditional growth drivers, including investment, exports, and consumption, were recognised as needing promotion. Simultaneously, the forum emphasised the importance of promoting new growth drivers such as science and technology, innovation, digital transformation, green transformation, and emerging industries like semiconductor chips and hydrogen. - VNS