Vietnam Renovating growth model, restructuring the current economy

DNHN - In the document of the thirteenth Party Congress, it was decided to continue to renew the growth model and restructure the economy with numerous new requirements and contents.

In his closing remarks at the 13th Party Central Committee's Midterm Conference, General Secretary Nguyen Phu Trong stated, "We have essentially accomplished the goals and tasks of economic development - society." In this case, total import-export volume, trade balance, etc. were achieved and exceeded expectations. This is the premise for the continued improvement of our nation's economy.

Despite the pandemic and economic recession, by the middle of the term of implementing the Resolution of the 13th Party Congress, Vietnam's total import and export turnover had reached approximately $1.7 trillion, or nearly 72% of the entire previous term.

Import and export growth in the first two years of the term has also significantly surpassed expectations. The goods trade balance has reached a surplus of $25 billion, contributing directly to economic growth.

Vietnam has made effective use of the benefits of signed FTAs. Concurrently, we have also diversified markets, and industries, and conducted trade promotion activities. Mr. Nguyen Viet Phong, Director of the General Statistics Office's Department of Trade and Service Statistics, stated the need to reduce dependence on traditional markets and industries.

Continue to promote economic reorganization, with a focus on developing fields and products with potential, advantages, high technology, high competitiveness, and added value, while preserving the environment. Effective participation in the global production network and value chain is one of the many new steps outlined in the Resolution of the 13th Party Congress for the country's economic development.

According to the Central Institute for Economic Management, Vietnam must continue stabilizing the macroeconomy and ensuring major balances to achieve the trade goals established from now until the end of the term. In tandem with this is the development of trade promotion techniques that emphasize creativity and competition, thereby fostering a stronger connection between domestic and international businesses and facilitating the effective exploitation of the domestic market.

Ngoc Phi (TH)