​The Seminar was attended by Mr. Nguyen Tan Loi - Chairman of the EIU Council; Dr. Ngo Minh Duc – President of EIU; speakers, scientists, experts, managers, representatives of enterprises and universities in the province.

Mr. Nguyen Tan Loi - Chairman of the EIU Council speaks at the ceremony.

Speaking at the Seminar, Dr. Ngo Minh Duc said that the Seminar was a very good opportunity for delegates from many fields and industries with multi-dimensional perspectives to share knowledge and experience as well as come up with solutions to help Viet Nam overcome economic challenges in the current volatile context, aiming to become a high-income country by year 2045.

As one of Viet Nam's leading industrial development provinces and the first locality that will face the challenge of overcoming the middle-income trap, Binh Duong in general and the provincial enterprise community has been making efforts to recover and stabilize the economy after the pandemic, ensuring socio-economic development goals in the direction of green, smart and sustainable development based on innovation and science - technology. In recent years, Binh Duong has had policies and focused resources on the project of Binh Duong Smart City and Innovation Zone. Particularly, EIU has played a key role in the innovation ecosystem, development of science and technology; and provided high quality human resources for the province. In that context, it is an important strategic significance to grasp the country's macroeconomic picture to understand Viet Nam's current situation, opportunities and challenges in the general movement and trends of the world.

Dr. Ngo Minh Duc – EIU President speaks at the Seminar

At the Seminar, delegates listened to 02 presentations from experts on the country's economic prospects in the new development period. Specifically, Prof. Tran Van Tho - Professor Emeritus of Waseda University, Tokyo, Japan, an expert with many years of experience in teaching, researching and participating in consulting positions with the Vietnamese Government and the Japanese Government presented the paper "How can Viet Nam escape the middle income trap?"; Assoc. Prof. Dr. Nguyen Chi Hai - University of Economics and Law, Viet Nam National University, Ho Chi Minh City presented the paper "Viet Nam's economy in 2023 and new opportunities and driving forces for sustainable growth".

Prof. Tran Van Tho said that policies for a country to escape the middle-income trap include expanding and deepening industrialization; creatively destroying the informal sector and promoting the development of small and medium-sized enterprises (SMEs); reforming factor markets; increasing the supply of high-skilled labor; enhancing innovation capacity. If the above proposed groups of policies are implemented, Viet Nam will have significant changes in the process of restructuring in the industrial sector, formalizing the informal sector, effectively allocating capital and labor, increasing labor quality and technological innovation capacity. As a result, capital accumulation will be promoted towards efficiency and stimulates innovation. Increased capital per labor ratio and increased efficiency due to structural transformation and institutional reforms in capital and labor markets will increase the productivity of the whole society.

Prof. Tran Van Tho - Professor Emeritus of Waseda University, Tokyo, Japan presents the paper "How can Viet Nam escape the middle-income trap?"  

According to Prof. Tran Van Tho, continuously increasing productivity is the basic factor to avoid the middle-income trap; promoting structural transformation and transferring resources from low productivity areas to high productivity areas is the driving force to increase productivity and maintain international competitiveness over time. In that process, capital accumulation and technical and technological progress are all important although the relative role of each factor may change depending on the developmental stage.

Assoc. Prof. Dr. Nguyen Chi Hai - University of Economics and Law, Viet Nam National University, Ho Chi Minh City presents the paper "Viet Nam's economy in 2023 and new opportunities and driving forces for sustainable growth"

Assoc. Prof. Dr. Nguyen Chi Hai recommended that in order to unlock resources, create and effectively exploit "new driving forces" for economic growth in the coming time, firstly in 2024, Viet Nam should be steadfast in its goal of macroeconomic stability, controlling inflation, improving growth quality and sustainable development;  harmoniously combine fiscal policy and monetary policy in macroeconomic management, in which fiscal policy needs to promote more of its "leading" role in economic growth; resolving "bottlenecks" in real estate market development is a lever for economic growth in 2024; public investment, domestic consumption and boost exports remain the driving forces for economic growth.

On this occasion, Prof. Tran Van Tho launched the book "For a Viet Nam with rich people and strong country" edited by him with the participation of scientists and experts.

 Launching the book "For a Viet Nam with rich people and strong country"