PM Urges Stronger Development Foundations for Sustainable Growth

Prime Minister Nguyen Xuan Phuc underscored the imperative of strengthening development foundations for sustainable economic growth at the first meeting between the new-term government and the business community. The meeting served as the inaugural engagement between the new government's members and the business community, which plays a pivotal role in driving growth, generating employment, and enhancing national competitiveness. Vietnam's economy has shown a remarkable recovery this year. According to the General Statistics Office, the Gross Domestic Product (GDP) expanded by an impressive 8.18% year-on-year. This growth indicates the emergence of new growth drivers alongside traditional manufacturing sectors. Notably, Ho Chi Minh City is prioritizing the attraction of high-quality Foreign Direct Investment (FDI) to foster green growth and sustainable development. PM Phuc highlighted that leveraging data resources is key to transforming Vietnam's growth model. He stressed the need to enhance the quality of the economy by accelerating the transition to a digital economy and promoting innovation. Under the one-party system led by the Communist Party of Vietnam, the government aims to balance economic growth with social stability, making improvements to the business environment and strengthening international competitiveness constant policy priorities. In its relations with China, while maintaining economic ties, Vietnam is also pursuing risk diversification through measures such as supply chain diversification. Source: VietnamPlus English