Looking back on 40 years of innovation, turning challenges into opportunities to help Vietnam develop

Speaking at the conference, Prof.Dr. Nguyen Xuan Thang, Politburo member, Director of the Ho Chi Minh National Academy of Politics, emphasized that after nearly 40 years of reform, Vietnam has transformed from a centrally planned economy to market mechanism, proactive and positive comprehensive and extensive international integration.


Accordingly, with innovative thinking and working methods, Vietnam has achieved great and historically significant achievements. From a backward, agricultural country, Vietnam has left the group of low-income countries since 2008, with an economic scale of 430 billion USD, ranking 35th among the 40 largest economies in the world…

Also from a closed, closed economy, Vietnam became the 22nd largest trading partner globally. In 2023, total import-export turnover will reach nearly 700 billion USD, attracting foreign investment to reach 23 USD, this is the highest level ever.

Prof. Dr. Nguyen Xuan Thang, Director of Ho Chi Minh National Academy of Politics and Politics.  Bright.
Prof.Dr. Nguyen Xuan Thang, Director of Ho Chi Minh National Academy of Politics.

Mr. Nguyen Xuan Thang hopes that international experts and scholars will evaluate the 40-year process of innovation to add an objective and substantive perspective so that Vietnam can take advantage of new development opportunities and overcome them in a way See challenges as an opportunity to develop in the new period. At the same time, draw lessons from experience, new ways of doing things, and policy orientations to inherit the achievements and achieve success in the next period.

The workshop is an important part of a series of studies to summarize 40 years of innovation in Vietnam supported by the Vietnam-Australia Center, to analyze and make policy recommendations on important development issues. of the country, contributing to realizing Vietnam’s development vision until 2045.

The research results are expected to be input for the development of a draft report summarizing 40 years of innovation and draft documents to be submitted to the 14th National Congress of the Party.

Speaking at the conference, Mr. Andrew Goledzinowski, Australian Ambassador Extraordinary and Plenipotentiary to Vietnam, said that he is making efforts to support Vietnam in realizing the 2045 vision.

According to Mr. Andrew Goledzinowski, the relationship between the two countries has never been stronger than it is at this time. From there, we will promote cooperation in areas of mutual interest, based on trust as stated in the declaration. Joint statement on upgrading Australia and Vietnam relations to a comprehensive strategic partnership.

Many experts from Australia share their experiences and support Vietnam in realizing its vision in the coming years.
Many experts from Australia shared their experiences and supported Vietnam in realizing its vision in the coming years.

Also according to Prof.Dr. Nguyen Xuan Thang, this cooperation will continue to strengthen the relationship between Vietnam and Australia that has been built and nurtured over the past 50 years and is increasingly developing, especially the relationship that the two countries have just upgraded.

Since the two countries upgraded their strategic partnership from 2018 until now, economic – investment – trade cooperation has always been of interest, promoting development and achieving many positive results. Regarding investment, with more than 630 projects and more than 2.03 billion USD in registered capital, Australia ranks 20/145 countries and territories investing in Vietnam, the majority in the field of processing and manufacturing. On the contrary, Vietnam has invested in Australia in more than 90 projects with a total investment capital of more than 550 million USD.

Regarding development cooperation, Australia is one of Vietnam’s leading development partners with a total accumulated ODA capital of approximately 3 billion AUD, of which the two sides have coordinated to implement many key and widespread projects. radiate and have positive socio-economic impacts in the fields of innovation, infrastructure development (such as My Thuan Bridge), and training high-quality human resources.

Regarding trade, with the advantage of new generation free trade agreements that the two sides are members of, the trade turnover between the two countries has marked remarkable developments. In 2023, bilateral trade between the two countries will reach about 14 billion USD, among the top 10 trading partners of each other.


Sharing at the conference, Mr. Dao Ngoc Bau, Deputy Director in charge of the Institute of International Relations, Ho Chi Minh National Academy of Politics, pointed out global trends and great opportunities for Vietnam.

Accordingly, one, the development trend of technology. Currently, the global economy relies on technology and innovation instead of resources, capital and the environment. In particular, artificial intelligence will create advantages for emerging economies to leapfrog in the context of The advantage of cheap labor is no longer available.

Besides, the value chain is distributed to central countries, not to peripheral countries.

Two, global climate change trends. Currently, there is a global conflict between economic development and energy, population, and environmental issues, so many countries are promoting the transition to a green economy. Governments are changing their perception of global policy coordination.

Father, population aging trend.

Four, new globalization trend – globalization 4.0. Accordingly, multilateralism no longer governs the global economy but is replaced by multi-partnerism. Along with that, the new trend is that machines will replace humans faster, requiring human society to adapt to changes created by machines.

Facing major trends in the context of global development, representatives of the Ho Chi Minh National Academy of Politics mentioned 3 huge opportunities for Vietnam. The first opportunity is to innovate thinking and new awareness about industrialization, modernization and the model of growth and development of a socialist-oriented market economy.

The second opportunity is to help Vietnam form a connection industry and establish digital infrastructure.

The third opportunity is that Vietnam can also take advantage of its geostrategic advantages to create a bridge country, a “buffer zone”, and a “balance point” in international and regional political and economic relations. .

However, according to Mr. Bau, Vietnam cannot avoid many new challenges when new generation FTAs ​​can become “integration traps”, cheap labor is no longer an advantage due to the process of automating production and Pressure from big countries requires our country to be smart to maintain balanced relations.

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