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HO CHI MINH CITY, Nov. 3 (Xinhua) -- Vietnam is gearing towards renewing its growth model by enhancing productivity, and adopting technological advances to create new competitive edges and driving forces for economic growth, Deputy Prime Minister and Foreign Minister Pham Binh Minh told the Vietnam Summit 2016 Thursday.
At the summit themed "Smooth Sailing Ahead," co-organized by the Vietnamese Ministry of Foreign Affairs and the British The Economist magazine, Minh said the government advocates pushing forward free trade, export, domestic production and consumption, while making reform in the fields of agriculture, industry, and finance.
In agriculture, the rate of workforce is expected to fall to 40 percent from 60 percent, and a majority of them will switch to the service industry.
To improve economic growth quality, the government set the education reform as one of the breakthroughs, with a focus on vocational training, aiming to deal with unemployment in the face of the fourth science-technology revolution, Vietnam News Agency reported.
Vice President of the Asian Development Bank for East Asia, Southeast Asia and Pacific Stephen Groff said in the next five years, Vietnam will meet challenges in workforce training and retention in the context of global free trade.
To attract foreign direct investment, Vietnamese and foreign experts suggested developing not only labor-intensive but also breakthrough areas, seeking to join global value chain, reduce the manufacture of goods reliant on imported materials, as well as settle remaining issues to avoid stalled capital attraction.
According to the Ministry of Investment and Planning, Vietnam is likely to make economic growth of 6.3 percent this year, while keeping inflation rate below 5 percent. Enditem
