New Knowledge and Technology-Focused Development Model in Vietnam
The Communist Party of Vietnam is shifting to a new economic model based on productivity and innovation as traditional growth factors reach their limits.
At the third plenary session of the 14th Central Committee of the Communist Party of Vietnam, it was decided to transition to a new development model based on productivity, knowledge, technology, and human resources.
Background of the New Development Model
At the third plenary session of the 14th Central Committee of the Communist Party of Vietnam, it was determined that one of the four strategic transformations is to establish a development model based on productivity, knowledge, technology, and human resources. It was stated that traditional driving forces have reached their limits.
Limits of Traditional Growth Factors
After forty years of the reform process, although Vietnam has recorded economic growth, the advantages of capital, land, and cheap labor have now reached their limits. This situation has necessitated a fundamental change in the economic structure.
Global Competition and Innovation-Driven Approach
As international competition has shifted toward technology, data, innovation, and high-quality human resources, it was emphasized that growth must be based on productivity and added value rather than the expansion of inputs.
New Priorities in Technology and Investments
It is aimed to make science and technology a directly productive force, to place businesses at the center of the innovation ecosystem, and to prioritize quality in foreign direct investments.