Attending the Dialogue session were Mr. Mai Hung Dung - Member of the Standing Committee of the Provincial Party Committee, Permanent Vice Chairman of the Provincial People's Committee (PPC) and leaders of departments, committees and agencies.
Digital economy - Driving force for future development
Delegates said that the digital economy is a development trend of the world, especially developed countries. The application of the digital economic model brings results that directly affect the economy and society of many countries, including Vietnam. It can be seen that Vietnam has great potential when applying this economic model. The digital economic model will bring practical meaning in improving labor productivity for manufacturing, business and service industries in Vietnam, contributing to socio-economic development. At the same time, reducing costs in economic transactions in Vietnam. In addition, it brings strict and scientific management and brings Vietnam to the experience and science in the world. Most importantly, the application of the economic model will help Vietnam develop more and more in all aspects, make people's lives prosperous and bring Vietnam on a par with other countries in the region, step by step joining the ranks of developed countries in the world.
Developing the digital economy and circular economy is not a simple matter, it needs to be done from awareness to action. In order for the circular economy model to be really effective, it requires investment and methodical research in each field of production, business, and service; at the same time, it is necessary to make points and replicate models so that the circular economy can develop quickly and become a driving force for economic development in the future.
Overview of the Dialogue session
According to experts, in order for our country's economy to continue to develop rapidly and sustainably in the next period, reform and restructuring must be based on three pillars, namely institutional reform, infrastructure improvement and human resource development. In which, the basic issues raised are: Stabilizing the macro-economy, enhancing the resilience of the economy; restructuring/reforming the structure of the financial system, state-owned enterprises, public investment; international integration, transformation of foreign direct investment (FDI) attraction strategies associated with transformation of supply chains and global value chains; innovation, strategies to take advantage of the Industrial Revolution 4.0; sustainable development, green growth.
Arousing the potential of trade and investment cooperation
One of the driving forces of Vietnam's economic growth is that FDI is still increasing strongly, which is also a factor that shows the confidence of international investors in the Vietnamese economy. Experts assessed that Vietnam, along with India and the Philippines, are the world's leading countries in terms of both size and growth - the impact of many large international companies and corporations diversifying production strategies and shifting supply chains.
Up to now, India ranks 25th out of 140 countries and territories investing in Vietnam with more than 300 projects, total registered capital of nearly 1 billion USD; focusing most on the processing industry, manufacturing, producing, distributing electricity, mining, etc.
Permanent Vice Chairman of the PPC Mai Hung Dung at the dialogue session
Delegates said that the results achieved in the past time are still not commensurate with the potential that Vietnam - India has. Post-Covid-19 is the "golden" period for India and Vietnam to promote trade and investment cooperation, connect the supply chain of raw materials and production in many fields, including the pharmaceutical and medical fields. Vietnam-India has many opportunities for comprehensive cooperation in both trade and investment, especially in the fields of digital, supporting industries, e-commerce, retail and agricultural products.
India is rising with an expected growth rate of around 9% between 2021-2022. The forecast for next year will fluctuate between 8%-8.5% and become the fastest growing major economy in the world. This entails a number of bold reforms that have been carried out in areas such as agriculture, manufacturing, education, and labor to enhance business experience and potential for foreign enterprises and investors. Meanwhile, Vietnam has also set a vision of achieving the status of a developing country with modern industry, high middle income by 2030 and a developed economy with high income by 2045. The similarity in policies and the spirit of self-reliance of the two peoples is a solid basis for Vietnam and India to arouse the potential for cooperation in trade and investment.
Delegates attend the dialogue session
Over the years, Binh Duong province has always been the bright spot of the country in terms of socio-economic development and foreign direct investment (FDI) attraction. Accumulated up to now, the province currently has 4,069 investment projects from 65 countries and territories with a total registered capital of nearly 39.6 billion USD. In which, India is currently ranked 23rd with 10 projects and total investment capital of more than 116 million USD.
Catching up with the trend, Binh Duong is developing in the direction of prioritizing investment attraction in high-tech, advanced, environmentally friendly, less labor-intensive industries, creating high added value; financial services, logistics and other modern services; supporting industries, high-tech agriculture and especially attracting investment in the Science and Technology Industrial Park on the basis of industry 4.0.
Delegates exchange and discuss after the dialogue session
Simultaneously, diversifying to attract foreign investment from potential markets and partners, focusing on the world's leading developed countries, transnational corporations holding advanced technology and modern management level. India is also one of the countries with which Binh Duong wishes to expand comprehensive cooperation in the fields of economy, culture, health and especially information technology and artificial intelligence.
Appreciating Binh Duong's investment attraction potential and long-term development strategy, experts suggested that the province should closely follow and promote stronger digital transformation, building a digital economy; attract investment selectively, supplement and foster high-quality human resources operating in the field of information technology. Besides, it is building and upgrading infrastructure focusing on traffic and broadband.
Reported by Doan Trang- Translated by Thanh Tam