New economic models such as the sharing economy, the digital economy, the green economy, and the circular economy hold huge potential in creating growth drivers and delivering sustainable development, according to Deputy Minister of Planning and Investment Do Thanh Trung.

He made the remarks in an address to the Vietnam New Economy Forum 2023, which was co-hosted by VnEconomy / Vietnam Economic Times (VET) and the Central Institute for Economic Management (CIEM) on the afternoon of October 6, with the theme “New economic models to promote breakthrough growth and sustainable development”.

In the US, the green economy has generated 9.5 million jobs and contributed over 7 per cent to GDP, equivalent to $1.3 trillion annually, he said.

In Vietnam, the digital economy was valued at an estimated $21 billion in 2021 and is forecast to reach $220 billion by 2030, ranking it second in Southeast Asia, following Indonesia, according to a report on Southeast Asia’s digital economy.

With huge potential and widespread benefits to come from new economic models, Vietnam has recently issued many strategies to promote new economic models in order to realize socio-economic development goals by 2030 and fulfill the target of net-zero emissions by 2050, the Deputy Minister said.

He recommended solutions to effectively implement new economic models in the future, including giving investment priority to the development of science and technology and high-quality human resources and ensuring equality in implementation by having a roadmap to reduce any impacts on vulnerable groups.

Implementation of new economic models needs close coordination from all stakeholders, in which the State plays a guiding role, creating policies and mechanisms and offering support, while the business community will play a pioneering, core role, especially major corporations and successful startups, he said.

He proposed enhancing international cooperation and experience sharing to obtain updated information and advancements in science, technology, and innovation. He called on businesses, international corporations, and FDI businesses to help developing countries like Vietnam gain access to new technologies and models.

Developed countries where new economic models are being strongly implemented should provide technical and financial support to developing countries to share the global benefits and reach common goals in climate change adaptation and sustainable development, he added.