An effective socio-economic development strategy will not only focus on economic growth but also address the causes of poverty. The state must work to ensure the lawful collection of wealth, eliminate hunger and poverty, promote regional development, and narrow the social development gap. It should create the necessary enabling environment to ensure that the people can generate wealth and meet the social requirements. A proactive policy aimed at enhancing human capital, gender equality, and children’s development must be implemented.
The Vietnamese government has outlined a 10-year socio-economic development strategy for the remainder of the decade. The strategy is a vitally important step in ensuring the country’s long-term economic growth. It will promote accelerated industrialization and socialist modernization, and lay the foundation for a basic industrialized nation by 2020. However, it should be noted that the government is still in the initial stages of developing a strategy.
According to the 13th National Party Congress, the ratio of total factor productivity (TFP) will be 45 per cent by 2025 and labour productivity will increase by 6.5% per year. The goal is to raise labour productivity to over six percent annually. By the end of the next decade, the ratio of TFP will reach 45%. The government also aims to make all inputs of the production process more efficient. By the end of the strategy, Vietnam hopes to boost its economy by over 6% per annum.
To further achieve its goals, the government needs to restructure the state’s budget to provide more resources to the people. This will also be necessary to encourage the development of new sectors and industries. Developing the state’s budget is an integral part of this process. As a result, the government should consider the role of other institutions in mobilizing resources for social and economic development. This will ensure that the nation is well-prepared to take advantage of the many opportunities that come with the Fourth Industrial Revolution.
The next socio-economic development strategy should be based on the values of the people. The country must be able to sustain a sustainable, modern economy. It must be able to apply high-tech industry to develop the country. The goal should be to reach the upper middle income level by 2030, or US$7500 per person. By 2045, Vietnam should be a high-income nation. With this strategy, the nation will be able to reach its goals.
The Vietnam government must base its strategies on a ten-year socio-economic development strategy. Its ten-year strategy must be based on the guidance for the establishment of enterprises, institutes, and universities as research entities. It should adhere to principles of fairness and transparency. The objective of these programmes is to increase the country’s innovation index. This will allow the country to be more competitive in the global economy.