Time to change Vietnam's economic growth strategy

Vietnam’s economy will suffer many uncertainties and risks from Covid-19 in the second half of the year, such as disruptions to goods supply chains, fluctuating prices of raw materials, and rising logistics costs. Many economic experts have said that although the country’s economic prospects are still quite positive, its growth strategies need to be changed.
It should prioritize changing mindsets about improving the level of economic independence and self-reliance. Specifically, Vietnam needs to not only be defensive but also active in coping with economic shocks. The strategy at this time is not only to overcome challenges from the Covid-19 pandemic but also to catch up with and seize opportunities from the recovery momentum in countries all over the world.

Moreover, the economy must be associated with the restructuring of the economy, enterprise reform, and investment reform. In addition, in the context of rising inflation and the economy turning from trade surplus to deficit, Vietnam needs to continue to pursue the goal of stabilizing the macroeconomy and focus on three main solutions. The first is to ensure parallelism between macroeconomic policy and macroeconomic reform in order to achieve green recovery and sustainable recovery of the economy. The second is to promote business recovery and improve internal capacity while maintaining economic autonomy associated with the process of international economic integration. And the third is promoting science and technology innovation towards the digital economy as well as equipping workers with new skills to improve productivity.