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PM stresses institutional change for sustainable growth
Tu Giang
Friday,  Jan 12, 2018,21:41 (GMT+7)

PM stresses institutional change for sustainable growth

Tu Giang

HANOI – What is important for Vietnam now is to pursue institutional reform to achieve fast and sustainable economic growth, Prime Minister Nguyen Xuan Phuc told a policy dialogue in Hanoi on January 11.

Addressing the dialogue, part of the Vietnam Economic Forum 2018, the Government leader said the two targets seem to be conflicting, but South Korea and Japan succeeded. Vietnam needs to work hard to achieve them, he added.

According to Phuc, measures that are recommended to Vietnam to harmonize the two goals are focusing on green energy and sustainable development, increasing labor productivity amid industrialization, and improving the investment-business environment via risk management reforms.

Answering a question from Dr. Vu Thanh Tu Anh from Fulbright Vietnam University as the emcee at the dialogue on what measures Vietnam would use to cushion the economy from external shocks in the future, PM Phuc said institutional reform would help.

The Prime Minister referred to the classical economic book “Why Nations Fail” authored by Daron Acemoglu and James A. Robinson, saying “We have to continue heeding their warnings… the institutional corridor must be aligned with the market economy.”

It is important that the Vietnamese change mindset and methods to realize the aspiration of economic prosperity, he said.

2017 was a successful year of Vietnam’s economy with growth of 6.81% and a place in the group of fast-growing countries. However, Vietnam’s economy is still facing many challenges in the medium and long terms, including how to gain rapid, sustainable growth and escape the middle-income trap, according to the PM.

Ministries, agencies and localities have been told to target growth higher than assigned by the National Assembly (NA), boost labor productivity, enhance competitiveness in every field, locality and business, and improve people’s lives.

Dung said that after 30 years of economic reform, Vietnam has become an active market economy and become an attractive destination for investors. Nonetheless, Vietnam needs to be persistent with transforming growth models based on productivity and innovation, reducing dependence on natural resources and cheap labor.

Vietnam advised to use renewable energy to save costs

By Tu Hoang

The Saigon Times Daily

HANOI – Vietnam should not use thermal power resources, which the world is turning its back on, but instead makes use of natural resources like solar, wind and biomass energy, said former U.S. Secretary of State John Kerry. 

At the Vietnam Economic Forum 2018 held by the Central Economic Commission, Kerry said that Vietnam is still dependent on coal, a resource that leaves negative impacts on the environment.

With up to 26 coal-run power plants, Vietnam can use coal for power generation in the 30 years to come. However, the world has turned away from this kind of power, he added.

Last year, Hanoi experienced several days of air quality staying below international standards. Besides, more than 23,000 people in Vietnam have got respiratory diseases, cancer and lung diseases due to pollution.

According to Kerry, Vietnam has advantages of solar radiation, wind and biomass, but 45% of the country’s energy is generated from coal and gas.

Vietnam has developed policies on renewable energy development based on its natural conditions and should become a model for other countries when it comes to renewable energy.

Coal is not cheap compared to solar, wind and biomass energy as it entails transportation and land costs, not to mention bad impacts on communities and air.

Kerry said China has focused on developing solar energy and turned away from coal power in the past years. Regional countries like Malaysia, Indonesia and India are also promoting renewable energy, while Sweden is entirely using renewable energy.

The world is changing, and Vietnam should be part of the change and save dozens of billions of dollars, he noted.

Though the U.S. has withdrawn from the Paris climate change agreement, governors of U.S. states are still committed to the deal at state level, Kerry said. He added that renewable energy is not an easy choice, but a solution to protect the people and environment of Vietnam.

 

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