Addressing at the sixth session meeting of the 12th National Assembly, Prime Minister Nguyen Tan Dung mentioned the concept of “building nationalistic business force.” Minister of Planning and Investment Vo Hong Phuc talked with the press to elucidate this new concept.
The concept of “building nationalistic business force” was stated at the address to the National Assembly by Prime Minister Nguyen Tan Dung. How is this notion understood?
In the broad meaning, nationalistic business force is understood as enterprises in the country. Particularly, the concept in the Prime Minister’s address should be understood as the formation of gigantic business groups in Vietnam as South Korea and Japan did.
Toward quality-based growth, hi-tech
Is the objective of building nationalistic businesses to make Vietnam a popular name on the world?
This is a new notion that needs to be further clarified in the future. However, the report of the Prime Minister affirmed the urgency in building and executing a project to restructure the economy to enhance domestic quality, efficiency, competitiveness and value. This means that concrete policies are needed to support domestic companies to grow up to compete on global markets.
The construction of nationalistic business force is closely connected with the promotion of internal forces. Vietnam has managed to push back inflation and avert economic slowdown, primarily thanks to domestic enterprises.
All experts affirmed that the growth model of Vietnam over the past 20 years has been very successful. However, several experts pointed out that this model has reached its limit. What do you think about this viewpoint?
That’s right. But, we do not have to adopt a new growth model but continue improving the model and restructuring the economy, or economic restructure in other words. We need to adjust our growth models for specific periods of time.
If we only pursue extensive growth model which is mainly based on labour advantage, we cannot sustain it in a long term. We need to orient our growth model to base on quality and focus on high-tech industry high-value economic fields.
Selecting investment for fields with competitive advantages
Many compare the Vietnamese economy to a “jackfruit economy”, meaning that all fields are spearheads but none are intensively developed. Does the economic restructure lead to redefinition of key economic fields?
Vietnam does not call spearhead fields but select investments for fields it has competitive advantages. Vietnam has strong competitive advantages in manufacturing and hi-tech industries. Besides, Vietnam is an agricultural country and it obviously has advantages to develop the industry for processing agricultural products. Vietnam continuously improves the output and quality of agricultural products by applying new technologies and biotech. Vietnam also has industrial advantages as it has many beautiful beaches, world heritages and good-shaped monetary market.
The economic restructure is closely connected to the goal of making Vietnam an industrialised nation in 2020. So, which countries does Vietnam want to be equal to?
Vietnam targets to become the average development level of the world by 2020. Per capita income is expected to reach US$3,000 - 3,300, a bit higher than that in Indonesia at present. To obtain this goal, Vietnam has to maintain GDP growth at 7 % - 8 % annually to ensure fast and sustainable development and develop on the three backbones: economy - society - environment.
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Promoting internal forces for development
- Exploiting all potentialities and utilising all resources effectively, especially internal forces for investment and development of business and production
- Quickening the development of industry and construction; gradually shifting from low-valued assembly industry to manufacturing industry; taking part in global value chains
- Promoting corporate restructure and building nationalistic business force; regarding domestic value increase and nationalistic business force construction as a major trend to strengthen the potential and independence of the economy; promoting the process of accumulating and concentrating capital to form enterprises with strong financial and technological capacities, popular brands to join global production and value chains.
(An excerpt of the address delivered to the National Assembly by Prime Minister Nguyen Tan Dung on October 20)
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Vietnamese
