Key solutions for breakthrough goals

Hanoi Moi Weekend has recorded experts' opinions on key solutions to remove difficulties and create new momentum for the economy .

Dr. Nguyen Van Hoi - Director of the Institute for Strategy and Policy Research in Industry and Trade:
Effectively utilizing FTAs to enhance position in global supply chains

It can be said that FTAs are the “highways” that bring Vietnamese goods closer to global consumers. However, to make the most of this opportunity, Vietnam needs to continue to improve its institutions, create a healthy competitive environment, and at the same time enhance the competitiveness of the economy, businesses and products. The dependence on a few export markets, the heavy dependence on the FDI sector, the proportion of budget revenue relying heavily on import and export taxes, the slow development of the domestic financial services market, along with limitations in the qualifications and capacity of the state management team are issues that need to be resolved soon.

For the business community, it is necessary to enhance the role of industry associations in handling international trade disputes, strongly develop the private sector in the spirit of Resolution No. 68-NQ/TW of the Politburo , and at the same time encourage the formation of core enterprises capable of leading large-scale export value chains. Enterprises also need support to overcome trade barriers in foreign markets, strengthen connections between the FDI sector and domestic enterprises to spread benefits and expand cooperation.

Effectively utilizing special FTAs in the European, Japanese and Halal markets will help Vietnam enhance its position in the global supply chain, bring Vietnamese goods to more high-value markets and create leverage for sustainable growth in the coming years.

Mr. Nguyen Van - Permanent Vice President of Hanoi City Association of Supporting Industry Enterprises:
Raising national status in the global arena

Establishing a mechanism to link businesses, especially with the private sector and small and medium-sized enterprises, is not only an urgent requirement but also a strategic "key" to help increase the resilience of the economy and enhance national competitiveness in the global supply chain. Along with that, it is necessary to promote businesses to form production and supply chains through outstanding preferential policies such as tax exemption and reduction; credit support and loan guarantees; preferential business premises..., designed to suit the level of participation in linkage of each business.

In addition, there is a strong adjustment of FDI attraction policies towards increasing binding conditions on the localization rate and the rate of products and services that domestic small and medium enterprises provide to foreign enterprises.

The biggest problem is that the Vietnamese business community in general, and the supporting industry in particular, need to make their own efforts, improve their capacity, invest in technology, production lines, and move towards lean management... Along with their own efforts, it is necessary to have the support of mechanisms and policies to create an open business environment, provide timely and transparent information, and help businesses take advantage of export opportunities and not miss out on potential domestic market shares.

Ms. Tran Thi Phuong Lan - Vice President and General Secretary of Vietnam Retailers Association:
Further improve the investment and business environment

In addition to the growth momentum from exports and industrial production, in the past 8 months, total retail sales of goods and consumer service revenue grew positively compared to the same period last year. In particular, revenue from accommodation, food and beverage and travel services all recorded impressive double-digit increases, most notably in localities such as Ho Chi Minh City, Da Nang, Hue, Can Tho, Hanoi and Hai Phong. In particular, the 80th anniversary of the August Revolution and National Day on September 2 stimulated short-term consumption through special promotional programs, customer care at retail systems and service areas, thereby contributing to the growth of revenue from accommodation, food and travel services.

To ensure the economic growth target of 8.3 - 8.5% in 2025, while creating a foundation for the 2026 - 2030 period towards double-digit growth, we need to innovate our thinking, raise awareness, broaden our vision and take drastic actions, unleashing all driving forces for national development. In particular, ministries, branches and localities need to continue to improve the investment and business environment, promote administrative procedure reform, perfect institutions, remove barriers, and create maximum convenience for production and business activities of enterprises; at the same time, strengthen decentralization, regularly review, cut and simplify unreasonable investment and business conditions, standards and technical regulations, reduce legal compliance costs, etc.

Dr. Le Duy Binh - Director of Economica Vietnam:
Need to change mindset and new approach to export goods

The new context requires us to change our thinking, not only paying attention to the scale of export turnover, but more importantly, the quality, added value and localization rate of exported goods. With this thinking, instead of setting export targets based on absolute numbers, it is necessary to base on criteria of added value and localization rate... This will have a much greater orientation for the economy, management agencies, business community, and foreign investors in Vietnam.

With the new approach, export activities will contribute more to GDP growth when the economy increases the quality and added value of exported goods, while overcoming the situation of importing for processing and exporting. Currently, domestic enterprises and FDI enterprises are heavily dependent on the import of raw materials, intermediate products, and production machinery and equipment.

The role of enterprises needs to account for a higher proportion in export activities. Currently, FDI enterprises contribute greatly, in the period from 2018 to 2024, exports of this enterprise sector always account for over 70% of Vietnam's total export value. Domestic enterprises need to pioneer changes and increase their direct contribution to exports.

In addition to goods, service import and export also need more attention. Since 2015, Vietnam has continuously had a trade deficit in services, reducing the significance of the trade surplus in goods when viewed from the aggregate demand perspective. Meanwhile, key service sectors such as transportation, insurance, healthcare, education, tourism and banking are still limited, especially in the domestic business sector.

Source: https://hanoimoi.vn/giai-phap-trong-tam-cho-muc-tieu-but-pha-715429.html