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The economic growth model of Viet Nam in recent years has shown weaknesses such as decreasing investment effectiveness, permanent threat of two digit inflation, high import surplus that have put pressure on the economy and the weak and backward infrastructure.
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Since 1945, the world has paid high cost for erroneous and one-sided development models. The financial and economic crisis which started from 2008 has resulted in new important perceptions for the international community. The most profound understanding is the bankruptcy of the type of growth of a development model which most countries in the world have followed for many decades.
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Young people are a big labour force of society and important resources for industrialization and modernization. The 7th Plenum of the Central Committee of the Party (10th Tenure) issued the resolution No 25 dated 25 July, 2008 on “Upholding Party’s leadership over young people in the period of national industrialization and modernization.”
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In addition to strengthening management of land, and planning and developing infrastructure, the model of public-private partnership in developing transport infrastructure is a new way of thinking in economic management of Viet Nam, a breakthrough in building infrastructure, especially in transport and energy infrastructure.
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Public investment accounts for a large percentage of total social investment and has made positive contribution to the development of Viet Nam. However, investment efficiency has been low. Investment has been scattered hence investment waste.
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Restructuring commercial banking system is one of the fundamental solutions to restructure the economy of the country at present.
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A cross-cutting policy of our Party and State over the past years has been to strengthen the leading role of the State economy to ensure the socialist-oriented development of the country.
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Years of renovation have resulted in important changes in social structure of Viet Nam. A new social stratum of businessmen has emerged and become stronger. They have increased in number with higher quality and have been operating in many different sectors. They have gradually played a higher role in the socio-political system and have made great contribution to the renovation.
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The Platform on National Construction in the Transitional Period to Socialism (amended and developed in 2011) stated “The socialist society which is being built by the Vietnamese people is a society with prosperous people, strong, democratic, equitable and civilized country. The society is mastered by the people. It has a highly developed economy based on modern labor forces and suitable and progressive production relations…”
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Economic development achieved along with poverty reduction is one of the proud successes of Viet Nam during the stage of renovation. With high determination and creative initiatives, the Party, State and people have made encouraging successes in these two areas.