Vietnam Aims to Enhance Competitiveness by Transforming Growth into Investment

Vietnam has long been an attractive destination for international capital, underpinned by numerous fundamental advantages. However, as investors become increasingly discerning and market options proliferate, there is a growing imperative for Vietnam to transform its economic growth into deployable, long-term investment opportunities to secure its next competitive edge. To address this challenge, Vietnam is exploring various growth strategies. One avenue being considered is its engagement with the expanded BRICS (Brazil, Russia, India, China, South Africa) group, potentially as BRICS+18, which could serve as a new engine for growth. This initiative is expected to deepen international cooperation and strengthen ties with diverse economic blocs. Furthermore, energy transition is emerging as a crucial strategy. For instance, companies like SCG (Siam Cement Group) are presenting models that promote growth through energy transformation in Vietnam. This aligns with global trends towards achieving Sustainable Development Goals (SDGs), aiming to balance environmental protection with economic expansion. Vietnam's unique growth model and its future trajectory are also under scrutiny. The data economy, in particular, shows high potential and is viewed as a promising growth market. Additionally, the "silver economy" (economy for the elderly) is being suggested as a potential new driver of growth, indicating a search for approaches that address an aging society while stimulating economic activity. These initiatives represent strategic moves by Vietnam to adapt to evolving circumstances and maintain or enhance its competitiveness on the international stage. By linking growth to sustainable investment, the nation aims to achieve further development of its economy. Source: Nhan Dan