The national economy is likely to enjoy a stellar growth rate of 5.2% this year if all-out efforts are made to achieve the figure, said Hoang Van Cuong, a National Assembly (NA) deputy from Hanoi and Vice Rector of the National Economics University (NEU), during the 14th NA’s ninth session in Hanoi on June 15.

 Hoang Van Cuong, a National Assembly (NA) deputy from Hanoi and
Vice Rector of the National Economics University (NEU) 

During his address, Cuong stated that the country has served as an exemplary model in terms of COVID-19 prevention and control.

With regard to the economy, while many major economies have been suffering from negative growth, the nation has emerged as a leader in terms of economic growth. The NEU has also published research forecasting that the Vietnamese economy could reach 4.8%, or even 5.2%, for the year providing the Government is willing to exert greater efforts to achieve the goal.

In order to turn the opportunity into reality, the Vice Rector outlined that special measures must be taken to turn foreign investors into a pillar of domestic manufacturing industries.

Prime Minister Nguyen Xuan Phuc has set about creating a special working group to proactively search for investors, while the Government needs to select and support a number of local enterprises that have the potential to receive foreign investors, therefore turning them into a partner of domestic corporations.

As a means of creating a breakthrough development, according to Cuong, it remains necessary to promote innovation and creativity within management, with evaluation mechanisms based on compliance through processes and regulations needing to be replaced with results-based evaluation mechanisms.

Indeed, innovation within the economy means having to discover ways in which to solve other problems faster whilst achieving better results at a greater rate of efficiency, he noted.

Proposing a number of solutions aimed at contributing to socio-economic development in the near future, Mai Thi Phuong Hoa, an NA deputy from the northern province of Nam Dinh, said that many investors consider the nation to be a safe destination. Therefore, the country can enjoy plenty of opportunities and advantages in which to welcome investment waves following the novel coronavirus.

She suggested that in taking this opportunity, there should also be a form of investment promotion launched which is suitable for global groups that enjoy a strong financial and technological capacity and who are highly interested in the Vietnamese market.

There should be new incentives introduced in the field of competitive investment compared to other countries, Hoa stressed, adding the necessity of being flexible whilst maximising the decentralisation and authorisation of the Government and PM Phuc so he can take the initiative when negotiating with investors. Alongside these breakthroughs, it is the PM’s responsibility to the National Assembly and the National Assembly Standing Committee.

It is therefore seen as imperative to give more resources to investment in strategic infrastructure facilities which play a role in connecting regions and inter-regions such as highways, airports, ports, telecommunications infrastructure, information technology, and strong e-commerce development, Hoa added.