Vietnam Pledges New Development Model at 14th CPV Congress
The 14th Congress of the Communist Party of Vietnam (CPV) has marked a significant transition in Vietnam’s economic strategy. With a focus on innovation, productivity, and enhancing the quality of the national economy, the Congress aims to move beyond traditional low-cost labor models.
Vietnam’s New Development Model
Vietnam is evolving into a new phase of development that emphasizes high-value industries and advanced technology. Experts like Trân My, the director of the Vietnamese Innovation Network in France, underscore the importance of investing in research and technology to maintain a competitive edge.
Key Objectives of the 14th CPV Congress
- Shift from low-cost labor to high-value growth models.
- Enhance productivity and competitiveness.
- Focus on innovation and technology.
Trân My points to examples like the Paris-Saclay innovation hub. This model shows the potential for Vietnam to establish new growth centers while reducing dependence on labor-intensive sectors. There is growing interest in Vietnam from French and European partners in sectors such as:
- Digital technologies
- Semi-conductors
- Renewable energy
- Smart logistics
- Aerospace
Encouraging Young Entrepreneurs
The 14th CPV Congress has recognized that fostering a stable political and regulatory environment is crucial. Trân My emphasizes the importance of the following:
- Establishing transparent and predictable policies.
- Creating dedicated support mechanisms for young entrepreneurs.
- Encouraging private sector involvement in public policymaking.
She compares Vietnam’s situation to India’s “Pravasi Bharatiya Divas,” which effectively engages the Indian diaspora in economic development. Similarly, Vietnam could benefit from nurturing its overseas entrepreneurs, providing them with innovative support and investment opportunities.
Strengthening Ties with the Vietnamese Diaspora
For the diaspora, the annual remittances to Vietnam exceed $19 billion. Trân My advocates for redirecting these funds toward strategic investments in technology and green energy, simplifying administrative processes, and recognizing overseas Vietnamese networks as key stakeholders in the country’s economic integration effort.
With a well-defined strategy, young Vietnamese entrepreneurs abroad can play a pivotal role in achieving the objectives outlined by the 14th Congress. Their engagement can be a driving force behind Vietnam’s modern development model, emphasizing sustainability and inclusivity.
