Vietnam pursues an independent economy: PM

Speaking at the Harvard University in Massachusetts, the U.S. on Saturday, Chinh said Vietnam strives to build an independent, self-reliant economy that actively and positively integrates with the world.

As the world moves complexly and unpredictably, countries need to pay attention to build independent economies in order to shield themselves from outside forces during international integration. Being independent and self-reliant however doesn’t mean shutting off from the world; it must go hand in hand with policies for international integration, he added.

An independent and self-reliant economy is also tied to being politically independent. Respecting the differences between different political, economic, historical, cultural and social features would create diversity for the world economy, Chinh said. He also mentioned about respecting nations’ rights and rightful interests in accordance with the UN Charter and international law.

Building such an economy has always been Vietnam’s stance since 1945, and it has withstood multiple shocks, for example the 1997-1998 Asian financial crisis, the 2007-2008 financial crisis and the Covid-19 pandemic.

Vietnam needs to continue to build its economy with the same trajectory to solve multiple challenges, ensure national independence, sovereignty and interests, increase its innate power to integrate into the world economy, and uphold international commitments.

Vietnam’s strategic development goal by 2030 is to become a developing country with modern industry and high income. By 2045, it aims to become a developed country with high income. To achieve that, there needs to be an economy with appropriate, sustainable and effective proportions, as well as being competitive and adaptive.

Localities also need to make use of opportunities given by international integration to recover and sustainably develop. Progress, social fairness and social security remain to be of utmost importance, Chinh said.

The three pillars of such an economy is a socialist-oriented market economy, a socialist state with rule of law, and a socialist democracy. Human beings would be the drive for development, he added.

“There is a need to build and utilize Vietnam’s cultural values and the power of the Vietnamese people to truly possess an innate power and a drive to protect and develop the country,” he said.

For there to be an independent, self-reliant economy, Vietnam needs to maintain its independence, sovereignty and territorial integrity, as well as socio-political stability. It also needs to complete the institution for a socialist-oriented market economy that’s modern and compatible with international commitments; maintain the stability of the macroeconomy; and reorient the economy towards a development model that mainly depends on science and technology, innovation, resource efficiency and green growth.

Vietnam also needs to make use of every resources and utilizes the role of businesses both inside and outside of Vietnam while developing its workforce.

Chinh is in the U.S. for the U.S.-ASEAN Summit on May 12 and 13. He will also work with the U.S. and the U.N. afterwards, where his visit is expected to last until May 17.