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Friday, July 19, 2024

The persistent paradoxes

By An Nhien

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Ph.D. Tran Dinh Thien, former director of the Vietnam Economic Institute, delivered a verdict during the Socio-Economic Forum 2023, organized by the National Assembly’s Economic Committee on September 19, 2023, stating, “Vietnamese enterprises exhibit commendable resilience, but their growth is sluggish and maturation is challenging.” The Socio-Economic Forum 2023, themed “Enhancing Internal Capacity and Fostering Sustainable Growth and Development,” drew approximately 400 participants and also featured online connections with universities, speakers, and experts from both Vietnam and overseas. During the discussions on “Enhancing Internal Strength and Unlocking Resources to Help Enterprises Overcome Difficulties,” Ph.D. Tran Dinh Thien, a prominent economist, addressed key issues that highlight ongoing challenges in Vietnam’s institutional reform. On a positive note, Thien acknowledged that compared to other nations, Vietnam has demonstrated the remarkable staying power and the ability to weather economic challenges over the past years. However, a closer examination of the situation reveals two significant concerns. Firstly, there is a continuous and prolonged decline in the motivation for economic growth. Over nearly four decades of economic reform (doi moi), the average gross domestic product (GDP) growth has decreased by nearly one percentage point every decade. Secondly, Vietnam’s economic development process often appears to be characterized […]
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