Seize the moment: Building a self-sufficient and robust economy for Vietnam

HO CHI MINH CITY - With the goal of transforming Vietnam into a developed, high-income nation by 2045, experts at a recent seminar in HCM City emphasized the importance of building a self-reliant and resilient economy. Hosted by the Thanh Nien newspaper, the event highlighted strategies to strengthen the private sector, invest in science and technology, and nurture domestic supply chains.

Economist Dr Tran Du Lichen outlined the essence of self-reliance, stressing that it involves active participation in global markets, technological mastery, and fostering a community of robust local businesses capable of driving innovation and digital transformation. In today's world, he noted, Vietnam cannot solely rely on low-level outsourcing and assembly, urging the nation to target higher value-added production.

Research writer Nguyen Ngoerc Toán of Thanh Nien newspaper pointed out the overreliance of many sectors on imported materials, such as the textile industry with 50% input imports, footwear with 45%, and plastics with up to 80%. This dependency on a few major markets poses systemic risks, as shown by the imposition of high reciprocal tariffs by the US, underscoring the need for self-reliance.

Lichen stated that the Government has undertaken a long-term strategy to create a self-reliant, resilient economy. With the recent adoption of key policy resolutions, particularly Resolution 68 on private sector development, Vietnam now possesses the tools to pursue this vision.

Dr Lichen remarked that the present is a perfect time for the country to achieve its goal of sustainable development, enhancing its self-reliance and resilience, as several critical policies are being implemented concurrently. The implementation of four major resolutions has shaped a 'four-pillar framework,' guiding Vietnam's long-term development vision.

Delegates at the seminar titled "Building a Self-Reliant and Resilient Economy" held by Thanh Niên Newspaper in HCM City on May 30. - Photo courtesy of the organiser

According to chairman of Vietravel Corporation, Nguyen Quoc Ky, businesses should embrace innovation, build strong brands, ensure transparency, and restructure to remain competitive. Many entrepreneurs at the seminar praised Resolution 68 as the first policy explicitly defining the private sector as the cornerstone of the economy. They highlighted its positive impact on fostering a more open, supportive business environment.

Deputy CEO of Hoa Phat Group, Nguyen Thi Thao Nguyen, welcomed the removal of long-standing obstacles outlined in Resolution 68 and urged policymakers to establish measures aligned with international norms to protect domestic enterprises. She expressed concern over the influx of cheap imports, stressing the need for fair competition and a healthy local market ecosystem for growth and development.

Delegates also discussed the necessity of developing a supporting industry complying with rules of origin in major export markets to boost competitiveness for domestic companies. Chairman of Việt Thắng Jean, Pham Van Việt, expressed optimism that increased localization and deeper engagement in global supply chains would improve competitiveness for Vietnamese businesses.

Nguyễn Ngọc Toàn, Editor-in-Chief of Thanh Niên newspaper, speaks at the seminar. - Photo courtesy of the organiser

The goal of transforming Vietnam into a developed, high-income nation by 2045 is hinged on building a self-reliant and resilient economy, as emphasized by experts at a seminar in Ho Chi Minh City.
Economist Dr Tran Du Lichen emphasized the importance of active participation in global markets, technological mastery, and fostering a community of robust local businesses for self-reliance.
The textile, footwear, and plastics industries are heavily reliant on imported materials, posing systemic risks as mentioned by research writer Nguyen Ngoerc Toán of Thanh Nien newspaper.
The Government has undertaken a long-term strategy to create a self-reliant, resilient economy, as stated by Dr Lichen, with the recent adoption of Resolution 68 on private sector development being a key component.
The present is an opportune moment for Vietnam to achieve its goal of sustainable development, as several critical policies, including Resolution 68, are being implemented concurrently.
Businesses should embrace innovation, build strong brands, ensure transparency, and restructure to remain competitive, according to chairman of Vietravel Corporation, Nguyen Quoc Ky.
Deputy CEO of Hoa Phat Group, Nguyen Thi Thao Nguyen, urges policymakers to establish measures aligned with international norms to protect domestic enterprises.
Delegates discussed the need for a supporting industry that complies with rules of origin in major export markets to boost competitiveness for domestic companies.
Increased localization and deeper engagement in global supply chains would improve competitiveness for Vietnamese businesses, as expressed by Chairman of Việt Thắng Jean, Pham Van Việt.