This assessment was made by Liu Ying, a research fellow at the Chongyang Institute for Financial Studies under the Renmin University of China, in an interview with Vietnam News Agency correspondents in China on the economic development objectives set out by the 14th National Congress of the Communist Party of Vietnam.
From an expert perspective, Liu noted that Vietnam should prioritize industrialization and modernization, increase infrastructure investment, and address bottlenecks related to logistics costs. She explained that Vietnam’s logistics costs account for about 16–18% of GDP, well above the global average of 10.7% and higher than in many ASEAN countries, weighing on the competitiveness of local businesses.
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Liu Ying, a research fellow at the Chongyang Institute for Financial Studies under the Renmin University of China |
To better support production and expand exports, she recommended accelerating the implementation of the National Master Plan for the 2021–2030 period, with a vision to 2050. This includes a strong focus on expressway networks, high-speed railways, and seamless multimodal rail–sea transport systems. At the same time, Vietnam should further refine mechanisms for mobilizing infrastructure capital, including expanding public–private partnership (PPP) models and considering the establishment of a national-level special infrastructure fund to attract sovereign wealth funds and long-term capital. Priority investment areas include upgrading key transport corridors linking the Northern industrial belt (Hanoi–Hai Phong) with the Southern economic zone (Ho Chi Minh City–Dong Nai–Binh Duong), thereby reducing transit time and logistics costs while enhancing supply chain efficiency.
The researcher also underscored the need for continued reform of the financial system. Alongside capital market development, Vietnam should further expand green financial incentives, particularly as the growth rate of green credit outstanding has already surpassed that of overall credit. Extending the 2% interest rate subsidy policy for green projects will help lay the groundwork for a carbon credit trading platform while directing capital flows toward renewable energy and the circular economy, she noted.
Liu also said that with the International Financial Center in Ho Chi Minh City and Da Nang coming into operation, the country should accelerate the establishment of international credit rating agencies, cross-border payment systems, and foreign financial licensing mechanisms, so as to help shape a regional-level capital mobilization hub and enhance Vietnam’s financial connectivity.
Regarding new growth drivers, the Chinese expert emphasized the importance of advancing the digital economy in parallel with industrial upgrading. Vietnam should increase digital economy penetration, promote high-tech manufacturing, establish a national technology transfer fund, and introduce tax incentives for enterprises bringing advanced production technologies into the country. These measures should be complemented by the development of a comprehensive human resources system, improved labor market adaptability, and policies aimed at fostering more balanced regional development.
Assessing China–Vietnam economic relations, Liu observed that the two countries are working toward building a community with a shared future that carries strategic significance, opening up opportunities for more comprehensive and systematic economic cooperation. She identified four key pillars for such cooperation, namely balanced trade, infrastructure connectivity, financial coordination, and collaboration in emerging sectors.
To further advance bilateral economic ties, she proposed four specific measures, which are promoting more sustainable and balanced bilateral trade by expanding access to the Chinese market for Vietnam’s competitive products, while encouraging Chinese enterprises to establish regional research-and-development centers and procurement hubs in Vietnam; accelerating strategic infrastructure connectivity between the two countries, viewing it as a cornerstone of bilateral economic relations; expanding financial cooperation by promoting settlement in local currencies and considering the signing of a bilateral currency swap agreement; and cultivating new highlights of cooperation in emerging fields, with a focus on developing “new quality productive forces” and joint growth poles over the coming decade, including enhanced exchanges of experience in reforming state-owned enterprises.
Source: VNA