According to Prof. Dr. Hoang Van Cuong, Policies to Attract Investors to Vietnam Are Not Enough; We Must Work Alongside Them. In Particular, Bold Institutional Reform Is Needed to Create a Legal Environment, or to “Create Opportunities Rather Than Remove Obstacles”…

Prof. Dr. Hoang Van Cuong, Member of the National Assembly’s Finance and Budget Committee, Speaks at the Forum.

Prof. Dr. Hoang Van Cuong, Member of the National Assembly’s Finance and Budget Committee, Emphasized This Point During the Second Panel Discussion, Themed Promoting Mechanisms and Policies, Strengthening Internal Resources, and Harnessing New Growth Drivers, at the Vietnam Economic Scenarios Forum 2024 on the Morning of January 11.

According to Prof. Dr. Hoang Van Cuong, “Headwinds” Are Expected to Ease in 2024, and Conditions May Become More Favorable in Practice. However, All Economic Growth Forecasts for Countries and Regions This Year Are Lower Than the Figures for 2023.

Meanwhile, Vietnam Has Set a GDP Growth Target of 6%–6.5%, Higher Than in 2023. “This Shows That We Must Make Enormous Efforts to Buck the Trend,” Prof. Dr. Hoang Van Cuong Observed.

The Experts’ Discussions Showed That Vietnam Has Many New Opportunities. However, According to Cuong, Relying Solely on the Global Economy or on Exports Would Clearly Make It Difficult for Vietnam to Outperform the General Trend.

It Is Therefore Necessary to Harness Internal Resources Effectively and Turn Them into Genuine Drivers of Growth and Progress. At the Same Time, Concrete Action Is Needed to “Seize” the Tremendous Opportunities Emerging in Areas Such as the Green Transition and Digital Transformation… These Factors Will Fundamentally Change the Structure of the Economy.

Prof. Dr. Hoang Van Cuong Said That Another Important Growth Driver Is the Clear Determination Recently Shown by the Party, the National Assembly, and the Government to Focus Their Efforts on Supporting Businesses and Achieve a New Stage of Development in 2024.

“In This Regard, We Must Not Only Attract Investors but Also Work Alongside Them. In Particular, to Do So, We Need Bold Institutional Reform to Create a Legal Environment and Create Opportunities Rather Than Remove Obstacles,” Prof. Dr. Hoang Van Cuong Said.

The Government Must Also Take Action to Implement Policies, but Cuong Emphasized That Action by Businesses and Investors Themselves Is Equally Essential. However, the First Task Is to Build Confidence and Help Them See Opportunities in the Vietnamese Market.

“2024 May Be a Year of Rare Opportunities That Will Not Come Again if Investors Fail to Seize Them. Otherwise, We May Lose These Opportunities, and Investors Will Be Unable to Transition into High-Value Manufacturing Industries and Supply Chains. I Believe This Requires Action from the Government, Businesses, and Investors Alike,” Prof. Dr. Hoang Van Cuong Reaffirmed.

Speakers Share Their Views During the Second Panel Discussion. Photo: Viet Dung.

Another Important Factor That Cuong Said Requires Attention Is Boosting Domestic Consumption. Vietnam Has a Sizable Domestic Consumer Market of 100 Million People. This Creates Opportunities in Terms of Resources, Particularly as Opportunities for Integration Continue to Increase.

Returning to the Subject of Opportunities, Cuong Said Vietnam Has the Potential to Attract More Tourists, with Arrivals Also Forecast to Increase Further. This Would, in Turn, Generate Domestic Consumption.

Alongside New Drivers, Prof. Dr. Hoang Van Cuong Also Noted That Long-Standing Growth Drivers, Namely Public Investment, Must Not Be Overlooked. However, Attention Should Be Paid to Moving Beyond Core Investment in Transportation Infrastructure and Making a Strong Shift toward Other Infrastructure Sectors, Science and Technology, and Digital Transformation…

All These Factors Will Help Us Embrace New Trends.