Since
regaining national independence 66 years ago, Vietnam has made significant progress
in becoming one of the world’s leading rice exporters and a middle-income
country with per capita income of over US$1,000.
In an interview granted to a VOV reporter,
Prof. Nguyen Quang Thai, Vice President and Secretary General of the Vietnam
Economic Association, affirmed that Vietnam has been advancing steadily in its
international integration process.
In 1990, Vietnam’s major export markets were the
Soviet Union and other socialist countries with a total turnover of US$2
billion. The figure is now 40 times higher as its markets have expanded to the
US, the EU, Japan, China, and Southeast Asian countries, he said.
After normalizing the relations with the US
and joining the World Trade Organization, two-way trade with foreign countries
has increased considerably.
Since 1988, more than US$200 billion in
Foreign Direct Investment (FDI) has poured into Vietnam, one-third of which was
already disbursed. International donors have recently committed to provide
Vietnam with US$40 billion in Official Development Assistance (ODA) with
preferential conditions related to interest rates and grace period.
However, in the context of globalization,
national independence and international integration are interactive. Therefore,
it is crucial to make necessary adjustments to minimize the dependence of
Vietnam’s economy on its partners and ensure national interests.
He pointed out some shortcomings such as the
trade deficits with some partners, FDI mobilization reaching 25 percent of the
total capitalization value, funding mobilised from outside resources exceeding
30 percent of total investment capital, and proposed some adjustments to improve
the quality and effectiveness of the economy.
Prof. Thai also proposed considering policies
on economic, scientific, and technological integration, as well as medium- and
long-term restructuring of the economy, especially when Vietnam is negatively
affected by the global financial crisis and economic downturn.
Regarding the development of an independent
economy in the context of international integration, Prof. Thai said it does
not mean applying a close-door policy.
We should be independent in making and
implementing policies to protect national interests and make full use of its
advantages, he stressed, adding that broadening international cooperation will
help increase the nation’s status in the world.
Asked about what should be done to develop the
economy and narrow the gap between Vietnam and other countries in the region,
he said it is imperative to achieve the three strategic breakthroughs as set by
the 11th National Party Congress.
Completing socialist-oriented market economy
institutions with a focus on creating an equally competitive environment and
pushing through administrative reform; shifting from the State commanding the
economy to the State creating developments; and developing high-quality human
resource; in combination with scientific and technological development and
application, are important factors behind economic development.
Prof. Thai said Vietnam’s developments depend
on the effective mobilization and use of all resources and advantages such as
geography, natural resources, and young labour force.
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