PM Chinh plots Vietnam economic growth with US academics

On Thursday evening (Hanoi time), Prime Minister Pham Minh Chinh held a discussion on "Promoting growth and sustainable development in a volatile global economic environment" with professors and researchers from Harvard, Columbia and Yale universities.

He sought their advice on how to promote growth and sustainable development.

David Dapice, chief economist of the Vietnam Program at Harvard’s Kennedy School, said the country’s economy is very open and consequently would be affected by the global economic struggle.

He added that Vietnam needs to be more self-reliant.

David Dapice and Columbia University’s Shang Jin-Wei also believed that Vietnam needs to train human resources to raise its economic efficiency and position in the supply and production chains.

It needs constant improvements to institutions, investment in high-tech fields, guarantee of energy supply, diversification of exports, and improvements to the social security network.

Chinh Chu, a billionaire of Vietnamese descent, said Vietnam’s economy has a bright future and the country should now strengthen its cooperation with the U.S. in high-value industries like technology and semiconductors.

"Vietnam should establish investment companies like Temasek in Singapore."

According to Columbia University professor Nguyen Thi Lien Hang, for Vietnam to be stronger regionally and globally it must use innovative curriculums and teaching methods to create high-quality human resources.

"I want more Vietnamese students to study at Columbia as the university's cooperative program with Vietnam is one of the best that I know of."

Chinh appreciated the suggestions he received on prioritizing emerging industries, digitization, green growth, circular and sharing economies, and infrastructure development, saying Vietnam needs to focus on all of them as it grows and adapts to new trends and shifts in supply chains.

He also agreed that human resources play a decisive role, and promised there would be a focus on training to improve their quality.

He said Vietnam must have solutions to organize production, participate in the supply chain and utilize its young, curious and tech-savvy population.

"Vietnam will align itself with global strengths and combine the strengths [derived] from the people and from the times, internally and externally."

He said President Joe Biden's visit to Vietnam on Sept. 10-11 was historic in that it elevated bilateral relations to a global strategic partnership.

Vietnam appreciated the U.S.'s "respect for Vietnam's political institutions, its independence, sovereignty, and territorial integrity, and support for a strong, self-reliant and prosperous Vietnam."

He said he wanted more in-depth discussions with experts on policy matters and thematic analyses to aid Vietnam’s growth, and hoped for continued support from Harvard, Columbia and other U.S. educational institutions in training and policy advice.

In May 2022, he met Harvard professors and economists in Boston to discuss ways to build an independent, active and global-minded Vietnamese economy.

On a working trip to the U.S. from Sept. 17 to 23 for the United Nations General Assembly and bilateral activities, the PM has been visiting San Francisco, Washington and New York.