Vietnam's New Growth Model: Experts Pinpoint Science, Tech, Innovation as Keys

Vietnam is embarking on a new phase of national development, aiming to transition away from its traditional growth model. This shift, guided by the resolutions of the 14th National Party Congress, centers on leveraging science, technology, innovation, digital transformation, and artificial intelligence (AI) as key growth drivers. The new development model is characterized by its ambition to build a nation that is "self-reliant, innovative, humane, sustainable, and globally integrated," placing people at the heart of development. This transition signifies a move from past growth models reliant on capital, resources, and low-cost labor to one that emphasizes higher quality, productivity, and efficient resource allocation. Experts highlight this as a critical turning point for Vietnam's development trajectory. Overseas Vietnamese (OVs) are also recognized as a vital resource. They contribute capital, knowledge, science and technology, management expertise, international networks, and influence, playing a significant role in the country's foreign affairs. Vietnam is also advancing international cooperation in defense and security. Collaborations with Italian high-tech industrial group Leonardo and strengthened defense ties with Australia are notable examples. Furthermore, the country is deepening regional ties through enhanced parliamentary cooperation and legislative experience sharing with neighboring countries like Laos and Cambodia. Domestically, discussions are underway for amendments to the Law on Real Estate Business, emphasizing the need to streamline regulations concerning land, housing, investment, planning, construction, and finance. This aims to concretize resolutions on land law reform from the Party Central Committee and establish a more coherent and enforceable legal framework. On the diplomatic front, the 33rd Diplomatic Conference and the 22nd National Conference on External Affairs have been held to review diplomatic achievements and identify future challenges. Vietnam seeks to maintain a peaceful and stable international environment through strengthened external relations and regional cooperation. The 14th National Party Congress prioritized maintaining a peaceful and stable environment as a foremost national development objective. It also set the goal of building an orderly, civilized, secure, socially protected, and development-oriented society, with a long-term vision of significantly reducing crime, accidents, social evils, and corruption.