Vietnam’s economic growth quality improves: Minister
The quality of Vietnam’s economic growth in 2011-2017 has improved in many aspects with high expansion of gross domestic product (GDP) and increasing labour productivity and incremental capital output ratio (ICOR).
Minister of Planning and Investment Nguyen Chi Dung (Photo: VNA)
Hanoi (VNA) – The quality of Vietnam’s economic growth in 2011-2017 hasimproved in many aspects with high expansion of gross domestic product (GDP)and increasing labour productivity and incremental capital output ratio (ICOR).
Minister of Planning and Investment Nguyen Chi Dung affirmed the positiveoutcomes at the May 25 debate during the fifth session of the 14th NationalAssembly in Hanoi.
He said the business environment and the national competitiveness have also seena lot of progress in recent time.
The average per capita income reached 2,385 USD, approximately doubling that of2010.
The human development index of Vietnam has also significantly increased, headded.
Responding to deputies’ concern over problems related to foreign investmentsuch as environment pollution, transfer pricing, trade frauds or slowtechnology transfer, Minister Dung stressed that the FDI sector is anindispensible part of Vietnam’s economy, especially in the light of extensiveand intensive global integration.
The important matter at present is helping the domestic private economic sectorto join the global value chain and creating a strong link with the FDI sector,he said.
The Government will put out new orientations to attract foreign investment inthe coming time, focusing on hi-tech projects using less land and naturalresources, he added.
Priority will be given to investors who are able to transfer technology to andembrace connectivity with domestic enterprises, according to the minister.
Dung also underlined labour productivity as one of the core factors to improvegrowth quality and push reforms of growth models.
He referred to optimising opportunities from the fourth industrial revolution(Industry 4.0) as one of the most effective measures to increase labourproductivity and help developing countries like Vietnam to accelerate growthand narrow development gaps with developed nations in the world.
The labour productivity in Vietnam is on the upward trend in recent years,expanding by nearly 6 percent in 2017 and an average 4.7 percent in the2011-2017 period.
“This is a good sign, but we cannot be satisfied,” he said, adding thatVeitnam’s labour productivity remains at the low level in the region.
He noted that the Government is directing the Ministry of Planning andInvestment and relevant ministries and departments to devise measures to reformgrowth models, increase growth quality, labour productivity and competitivenessof the economy in the context of the 4.0 industrial revolution.-VNA
VNA
Related News
Ministries and departments need to exert extra efforts to improve the business climate as highlighted in the Government’s Resolution 19/NQ-CP, Deputy Prime Minister Vu Duc Dam has said.
Increasing labour productivity and improving institutions should be made the top priorities to ensure high and sustainable economy growth.
Domestic trade and services have played an important role in meeting people’s consumption demand and contributing to the economy’s growth in recent years, an official of the Ministry of Industry and Trade (MoIT) has said.
Vietnam’s economy could grow by 7.02 percent in 2018 under a high growth rate scenario, according to the National Center for Socio-Economic Information and Forecast (NCIF).
Some lawmakers described economic growth in 2017 and the first months of 2018 as impressive and applauded the Government’s efforts to achieve that outcome while discussing socio-economic issues on May 25.
A defining feature of the year was the Politburo's issuance of four major resolutions covering science, technology and innovation, international integration, law-making and law enforcement reform, and private sector development. VCCI said the resolutions signalled a broader shift in governance, with policymaking increasingly focused on enabling growth, fostering innovation and unlocking development resources.
Experts said Vietnam should introduce targeted incentives to attract investment in high-tech industries, renewable energy, green growth and the circular economy, while tightening screening of projects that are resource-intensive, environmentally damaging or generate limited added value.
ccording to the Department for Roads of Vietnam, the Vietnam National Petroleum Group (Petrolimex) is investing in nine rest stops. At the Mai Son–National Highway 45 rest area, 10 charging points have been installed on each side of the expressway. Each point has two charging ports, providing 20 EV charging spaces on each side.
Le Anh Trung, Chairman of the Dak Lak Durian Association, said durian remains a relatively new product for Indian consumers. While the market is highly segmented, India has a large and growing middle- and upper-income population with the purchasing power to support premium fruit imports.
Statistics from the Ministry of Industry and Trade (MoIT) show that the localisation rate of Vietnam’s textile and garment industry accounts for only about half of the value chain, meaning a significant portion of production revenue is spent on imported fabrics and other inputs.
Under the joint statement, accelerating cross-border infrastructure connectivity, particularly in railways, road transport and border gates, was identified as a key area of cooperation.
The ABTC is a travel document issued to eligible businesspersons, enabling visa-free entry into participating APEC member economies. The card is available in both physical and electronic formats, which carry equal legal validity.
With the current trading band of +/- 5%, the ceiling rate applicable for commercial banks during the day is 26,398 VND/USD, and the floor rate 23,884 VND/USD.
By expanding dairy cattle herds, optimising fresh milk output, and increasing technological content in dairy products, the sector aims to meet the domestic demand while gradually enhancing its competitiveness and strengthening its position in the global dairy industry.
Vietnam is emerging as one of Southeast Asia’s most dynamic logistics markets as companies accelerate supply chain diversification and expand their manufacturing and distribution networks across the region.
The S&P Global Vietnam Manufacturing Purchasing Managers' Index™ (PMI®) rose to 52.8 in May, up from 50.5 in April and reaching its highest since February. The solid overall improvement in business conditions was the eleventh in as many months.
As global supply chains continue to evolve, Vietnam is increasingly well positioned to become one of the world’s most important manufacturing and export hubs.
The ministry reported that hi-tech exports accounted for 50.76% of the country’s total merchandise exports in the first quarter of 2026. Notably, Vietnam rose to 50th place in the 2026 Global Startup Ecosystem Index published by StartupBlink, climbing five positions from the previous year and achieving its highest ranking to date.
At the event, contractors and project stakeholders pledged to mobilise maximum resources and maintain round-the-clock construction operations to ensure all components are delivered on schedule.
The new complex comprises 14 two- and three-bedroom villas of up to 284 sq.m each, designed in a contemporary Ryokan style that combines traditional Japanese architecture with modern comforts.
Vietnam Airlines and Philippine Airlines agreed to expand their codeshare partnership to enhance network connectivity and offer passengers more travel options between the two countries.
The simultaneous signing of MoUs with partners in the retail, agricultural and industrial sectors highlighted the group’s ability to connect in various fields and integrate more deeply into regional value chains.
At a meeting on June 1, the People’s Committee of Phuoc Dinh commune, host to the Ninh Thuan 1 plant, reported that compensation plans had been prepared for 852 of the 1,129 affected households and individuals, or more than 75% of the total.
Domestic carriers participating in the air transport market for the first time will be eligible for a 50% reduction in take-off and landing charges, as well as air navigation service fees, under a new incentive scheme that took effect on May 15.
According to a press release by VinFast, the collaboration marks a new step in VinFast's roadmap to make advanced autonomous driving technology more accessible at a reasonable cost, while opening a more practical approach to autonomous mobility solutions in the region's highly complex traffic environments.
Minister of Planning and Investment Nguyen Chi Dung (Photo: VNA)