Promoting new economic models has important meaning in boosting economic growth towards sustainability and improved quality, Head of the Central Institute for Economic Management (CIEM) Tran Thi Hong Minh told the Vietnam New Economic Forum, co-hosted by CIEM and VnEconomy / Vietnam Economic Times (VET) in Hanoi on October 6.

After nearly 40 years of renewal, Vietnam has recorded significant achievements in socio-economic development. Economic growth has been strong for many years and reached high levels at times. In the 2016-2019 period, for example, the country recorded average annual economic growth of 6.8 per cent, according to Ms. Minh.

Even during the difficulties posed by Covid-19, Vietnam’s economy still recorded positive growth and recovered to 8.02 per cent in 2022.

On that basis, promoting high and sustainable growth has become a prerequisite in fulfilling development goals by 2030 and 2045, she added.

Towards that goal, Vietnam has formed and effectively adopted a formula to work towards stabilizing the macro-economy, curbing inflation, and ensuring major balances, thus creating a favorable foundation for the micro-economy, such as the business environment and competitiveness.

She suggested that comprehensively reforming economic institutions, improving internal capacity and growth quality, promoting innovation, and enhancing workplace productivity and the independence and autonomy of the economy are crucial during international integration.

As Vietnam’s economy has continued to face difficulties and challenges since 2020, CIEM has frequently proposed policy measures to grow new economic models such as the sharing economy, the circular economy, and the night-time economy.

“We do not see new economic models separately, as they interact with each other,” she explained. “For example, the night-time economy interacts with the sharing economy, and taps digital technology to promote connections within the circular economy.”

CIEM will continue working with relevant ministries, agencies, experts, and businesses to promote new ideas and new economic models, according to Ms. Minh.

The Institute is drafting a decree on a pilot mechanism to develop the circular economy and is reviewing the implementation of a master plan on the development of the night-time economy.

The mindset to develop new economic models has become an important pillar of Vietnam’s socio-economic recovery and development, she added.