An overview of a meeting on Việt Nam's economic recovery in 2024. — VNA/VNS Photo

HÀ NỘI — Việt Nam needs to take advantage of opportunities to overcome difficulties and keep up with global trends; and create better quality foundations in terms of institutions, infrastructure and human resources for breakthrough development, according to an economist.

Addressing a symposium on recovery efforts of Việt Nam’s economy in 2024 amidst numerous uncertainties held in Hà Nội on Thursday, Dr. Võ Trí Thành, director of the Institute for Brand and Competitiveness Strategy, noted that although the 5.1 per cent growth rate in 2023 brought Việt Nam to the list of the world’s fastest growing economies, the figure was lower than the 6.5 per cent target set by the National Assembly.

To improve this growth rate, Thành proposed the Government maintain macro-economic stability, implement prudent monetary and fiscal policies, stimulate consumption, invest in infrastructure development, and attract quality foreign direct investment (FDI) by taking advantage of the upgrade of partnerships with major countries such as the US, Japan, Australia and the Republic of Korea.

It is also necessary to continue specific policies to support businesses, he stated, adding that institutional reform and legal framework amendments must also be implemented to create sustainable development and a firm foundation for new fields such as digital economy and green economy.

These will be important measures in shaping the development direction of Việt Nam's economy in 2024, stressed the economist.

Đậu Anh Tuấn, deputy general secretary of the Vietnam Chamber of Commerce and Industry (VCCI) and head of the VCCI's Legal Department, said that the Government needs to promote the disbursement of public investment, focus on attracting investment sources, and encourage investment projects in the form of public-private partnerships (PPP).

Attention should be paid to economic restructuring associated with growth model reform, and the improvement of productivity, quality and competitiveness, said Tuấn.

At the symposium, participating experts, scientists and managers also discussed issues related to the country’s real estate market, the making and implementation of the Government's policies to respond to instability and boost the economic recovery, and ways to speed up the reform of the business environment to revive and develop Vietnamese enterprises. — VNS