The 3rd annual Vietnam New Economy Forum, co-hosted by the Central Commission for Policy, Strategy (CCPS), and the Vietnam Economic Association, was organized in Hanoi on October 2 afternoon by the Institute for Policy and Strategic Studies, the Department of General Economic Affairs (both under the CCPS), and Tap chi Kinh te Viet Nam (Vietnam Economic Times). 

The event was attended by Deputy Prime Minister Ho Duc Phoc, CCPS Chairman Nguyen Thanh Nghi, and many other high-ranking officials, as well as experts, scientists, economists and representatives from many domestic and international enterprises and organizations.

With the theme "Vietnam's Economic Resilience - From Inner Strength to the Gobal Value Chain," the event aims to promote reform of the growth model, and awaken internal strength to power Vietnam's economic momentum in the new era.

After nearly 40 years of Doi Moi (Economic Renovation), Vietnam has achieved significant historical accomplishments. From a poor, backward country with low per capita income, Vietnam has emerged as one of the most dynamic and rapidly developing economies, with remarkable GDP growth and a significant increase in per capita income. Specifically, Vietnam has been in the middle-income group since 2008 and is expected to join the high middle-income group by the end of this decade. By 2025, Vietnam's GDP is projected to rank fourth in ASEAN and 32nd globally, placing it among the world's top 20 countries in terms of foreign trade value. 

According to Mr. Nguyen Thanh Nghi, to achieve the strategic goals for 2030 and 2045, there is an urgent need to build a new growth model, rejuvenate traditional growth drivers, and unlock new economic potentials and drivers based on knowledge, science, technology, innovation, and the nation's intrinsic strength.

It is essential to maximize the potential of economic sectors, industries, and economic spaces, considering both the supply and demand sides of the economy, he said, adding that Vietnam's economic growth remains primarily extensive, below potential, and the current economic growth model is facing limitations, as evidenced by several indicators.

Additionally, the economy still relies heavily on capital-intensive foreign direct investment (FDI), with limited technological and productivity breakthroughs, low added value, low localization rates, and weak linkages between domestic and FDI enterprises. New economic models such as the digital economy, green economy, circular economy, and low-altitude economy have not yet become strong enough drivers. Meanwhile, the global situation is complex, with intense trade and technology competition. New international standards for trade and the environment pose significant challenges for production and export, impacting growth in an open economy like Vietnam.

Mr. Nguyen Thanh Nghi expressed confidence that the forum will not only stop at proposals and recommendations but will become a place to initiate breakthrough ideas, pioneering models, and practical policies and actions. The practical contributions at the forum will be important materials to contribute to the completion of the draft documents for the 14th Party Congress, as well as the Party's strategic orientations in the coming time. He emphasized that "renewing the growth model is not only an economic task to achieve immediate goals and the two strategic goals for 2030 and 2045 but also a political and historical mission to ensure independence, self-reliance, and resilience, to lead Vietnam into a new era of development."

Within the framework of the Forum, the launch ceremony of the Vietnam Future Forum 2045" and the "Vietnam on the Rise" program were also held. In addition, Tap chi Kinh te Viet Nam /VnEconomy/Vietnam Economic Times also hosted the 22nd Vietnam Excellent Brands Award, announcing and honoring 80 outstanding enterprises across diverse sectors,