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

The Forum saw the participation of Mr. Nguyen Duc Hien, Deputy Head of the Party Central Committee's Economic Commission, Mr. Do Thanh Trung, Deputy Minister of Planning and Investment, Mr. Jonathan Pincus, UNDP Senior International Economist, and representatives from Committees of the National Assembly, departments, institutes of central ministries, and business associations, as well as nearly 300 CEOs of Vietnamese enterprises with excellent brands.

The Forum created a channel for open discussions at both online and in-person seminars, workshops, and dialogues and updated information on the macro-economy, sectors, and the operations of the business community.

New economic models such as the sharing economy, the digital economy, the green economy, and the circular economy have been promoting the positive role they play, creating drivers for green growth and sustainable development in economies across the world. Vietnam has set a key and strategic goal for the 2021-2030 period of restructuring its economy and innovating its growth model based on the effective use of resources and promoting the drivers of science, technology, and innovation.

The digital economy has seen significant growth in recent times, especially during and after the Covid-19 pandemic, which provides a platform for it achieving the target of accounting for 30 per cent of GDP, set in the Digital Economy and Digital Society Development Strategy for the 2021-2030 period.

Within goals for green growth and sustainable development, the circular economy has been identified as a key model and needs to be promoted in many fields. The Vietnamese Government has approved the Circular Economy Development Project with specific perspectives, goals, and approaches. The Ministry of Planning and Investment is developing a Decree on a pilot mechanism for developing the circular economy in Vietnam, in order to effectively implement the Project.

In his address, Mr. Hien expressed his appreciation of the forums and other events held by VnEconomy in recent times. Today’s gathering has a very special meaning, he said, covering content related to Vietnam’s short-term and long-term development, such as the knowledge economy, the digital economy, the circular economy, and the sharing economy, and new models such as the night-time economy and the data economy.

For his part, Deputy Minister Trung highlighted five discussion issues related to the new economic model: Prioritizing science and technology and developing high-quality human resources to effectively deploy new economic models; Ensuring equality and human rights, especially for vulnerable groups, when implementing new economic models that are people-oriented; Close coordination between relevant parties, with the State leading and the business community playing a pioneering role, especially large enterprises, while implementing new economy models; Timely grasping progressive global trends and strengthening international cooperation; and Calling on developed countries to provide financial support to developing countries to work towards common global and human goals.

In his presentation, Mr. Pincus highlighted key points in new economic models promoting green growth and sustainable development. New economic models should reflect the basic principles of equality, multilateral cooperation, and environmental sustainability. Achieving net-zero carbon emissions will require a rebalancing from consumption to investment. Technology, research and development, and education, including higher education, play a central role in economic restructuring. Burden sharing is a fundamental challenge, both within and between countries.

The discussion session at the Forum involved an exchange based on the practical implementation of new economic models and new business models. Participants evaluated the suitability and effectiveness of each model as well as the simultaneous impact of new economic models and new business models in implementing growth and sustainable development goals in businesses in particular and in the country’s socio-economic development in general.

The session saw the participation of representatives of new economic models, including the FPT Group (the digital economy), VinFast (the digital economy and the green economy), Grab Vietnam (the sharing economy), MoMo (technology-based financial services), and the Nam Cau Kien Eco-Industrial Park (the circular economy), as well as HSBC, a provider of green capital for new economic models that promote sustainable development, and Deloitte Vietnam, a corporate management and sustainable development consultancy.

Ideas raised in the discussion session will serve as a reliable source of reference information for policymakers and managers to adjust and implement relevant policies to facilitate businesses in investing and transitioning to new economic models. The Forum also aimed at creating opportunities for businesses to share information on current policies, exchange with domestic and international experts to promote the business investment within new economic models, and increase value and efficiency.