Prime Minister Nguyen Xuan Phuc, head of the subcommittee, asked the scientists to look into the national economic situation, along with challenges and difficulties facing the country, focusing on major limitations of the old growth model.

Associate Prof., Dr. Bui Quang Tuan, Director of the Vietnam Institute of Economics, pointed out that the economic growth target of 7 percent set for the 2011-2020 period has yet to be fulfilled. 

Between 2011 and 2018, the growth mainly relied on capital, he said, adding that science and technology received less investment while the labor quality remained low.

Prime Minister Nguyen Xuan Phuc speaks at the meeting.

Tuan suggested prioritizing scientific-technological development and innovations which, he said, should be the most important pillar of the national growth in the upcoming period.

Besides, it is necessary to create high-quality human resources and utilize opportunities generated by the digital era in order to ensure rapid, creative and sustainable growth, he said.

Prof., Dr. Dang Nguyen Anh, Vice President of the Vietnam Academy of Social Sciences (VASS), proposed perfecting the social welfare system to meet new development requirements.

Dr. Vo Dai Luoc from the VASS said the private economic sector should be regarded as the most significant growth driver, noting that economic sectors should have equal and transparent chances to access development opportunities.

In his closing remarks, PM Phuc said Vietnam needs to raise its capacity and productivity so that it will not lag behind other regional countries.

Source: VNA