Monday,  Oct 22, 2018,20:48 (GMT+7) 0 0
SIHUB proposes changing economic model
By Trung Chanh
Wednesday,  Jun 13, 2018,14:28 (GMT+7)

SIHUB proposes changing economic model

By Trung Chanh

Huynh Kim Tuoc, SIHUB director, makes a point in his presentation at the seminar held in the Mekong Delta city of Can Tho on June 12 - PHOTO: TRUNG CHANH

CANTHO – To achieve a breakthrough in Vietnam’s economic development in general and that of Can Tho City in particular, the economy model needs to be changed, director of the Saigon Innovation Hub (SIHUB) under the HCMC Department of Science and Technology Huynh Kim Tuoc said.

Addressing a seminar on startups and innovation held in the Mekong Delta city of Can Tho on June 12, Tuoc noted that it is necessary to switch to a new economic model to achieve further development as the gross domestic product averages out at a low 6.7% per year.

Tuoc pointed to Nokia, previously known as the world’s largest phone manufacturer, as an example of a business failure when the group, due to its belated innovation and change in phone models and styles, was defeated by rivals such as Apple and Samsung.

Among the various solutions proposed to boost the country’s economic development, investment in private businesses and innovation of enterprises’ production are two of the most favorable options, Tuoc stated, suggesting it is innovation with new ideas that will develop private businesses, not startup operations.

However, Tuoc also highlighted the close relationship between startup expansion and innovation in enhancing production.

The country’s economy is still based heavily on agriculture, whereas the world has formed a new and innovative economy over the past 30 years, he noted.

As for Can Tho City, Tuoc suggested the city should produce new crop breeds or create medicines for development instead of cultivating rice and farming fish.

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