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Aiming for responsible growth
Gone are the days when Viet Nam had to achieve high economic growth at any price, Deputy Minister of Planing and Investment Cao Viet Sinh tells Thoi bao Kinh te Viet Nam (Vietnam Economic Times).
Viet Nam is proud of the impressive growth rates it has earned. The average Gross Domestic Product (GDP) growth increased by more than 7 percent during the 2001-10 period. Would it be difficult to change the country's understanding of the potential costs of economic growth?
Viet Nam's average economic growth during the 2001-10 period was 7.2 percent, which was high. This will pave the way for the economy to unceasingly increase after this decade. The country's GDP is estimated to reach a net value of more than US$100 billion, which is about three times higher than it was in 2000.
Yet, Viet Nam's economic growth was primarily reliant on factors like capital, natural resources and a large labour force. Capital contributed to more than 52 percent of the GDP, while the scientific and technological sectors' contributions were modest at about 28 per cent. The labour force contributed an additional 20 per cent.
Thus, we, as participants in the 2011-20 socio-economic development strategy, are looking to invest in sustainable development, because the days of achieving economic growth at any price are over. Economic growth now must be sustainable and produce macroscopic stability. New growth will utilise science, technology, high-quality human resources and modern management skills, in order to increase growth.
What cultural issues will be considered with the sustainable development growth strategy, so that Viet Nam will be able to attain its desired quality of growth?
Viet Nam will enter a new development period, which will involve promoting social issues at the maximum level. People are instrumental to the development process, thus it will be possible to care for the legitimate interest and spiritual lives of the country's citizens.
One of the most important targets that has been put forward in the socio-economic development strategy for the next 10 years is to develop Viet Nam in order to transform it into an average industrial country, so its people will have a better life and feel happier. Then, the people's lives will be more equal and the widening gap between the rich and the poor will decrease.
Many people recommend including the human development index in the socio-economic development plans in order to assist Viet Nam break through the middle income glass ceiling. What do you think about this?
The human development index is one of indexes that needs to be given proper attention in addition to income levels. Viet Nam is no longer on the list of the less developed countries, according to international experts. The country was officially considered to be a developing state with an average income. But how can a country avoid being stuck at the middle income level? Egypt, for example, earns US$1,800 per capita per year, but they are not able to break out of this ‘glass ceiling'. Thus, Viet Nam must concentrate on promoting and training high-quality human resources in the next 10 years.
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