The years allotted in this endeavour had shown positive results. However, the restructuring process is still considered generally quite slow with respect to the attainment of the economic reform targets. — VNA/VNS Photo Ngoc Ha

HA NOI (Biz Hub) — The next phase of Viet Nam's economic development model should consider the role of science, technology and modern management, said experts at a workshop yesterday in Ha Noi.

Economic Commission Head Vuong Dinh Hue shared that restructuring the economy had been a priority in the implementation of the 2011–2015 socio-economic development plan.

The Vietnamese economy had seen some improvement in the first three years of implementing the plan, but many weaknesses remained, revealed Hue. The information had been disclosed in the workshop in Ha Noi yesterday, which was conducted by the Central Committee of Economy, the State Auditing and the Nhan Dan (People) newspaper. It focused on the Vietnamese economy as the country enters a new phase of development.

He noted that there was no consensus on a new growth model for Viet Nam. Moreover, Hue pointed out that the country's economic growth still heavily relied on capital, natural resources and cheap labour, rather than knowledge and technology.

He said that the economy still faced numerous risks and administrative reforms were slow. He also disclosed that growth was causing negative impacts on the environment.

Thuan Huu, editor in chief of the Nhan Dan newspaper, said that three years had been spent in restructuring the local economy, which focused on three key sectors: public investment, financial and banking system and state-owned enterprises.

The years allotted in this endeavour had shown positive results. However, the restructuring process is still considered generally quite slow with respect to the attainment of the economic reform targets.

Huu expressed his hope that the experts attending the dialogue would be able to offer more solutions on building a specific economic growth model in the future.

Nguyen Quang Thai, deputy chairman of the Economic Science Association of Viet Nam, shared that the model of economic growth used over the past years lacked efficiency and competitive ability.

The failure of the domestic economy to pay attention to efficiency and creation resulted in low labour productivity and reduction in efficiency, Thai explained.

The economy was facing difficulties in adapting to the rapid economic development. It also found it challenging to adjust to the advancements brought forward by science and technology. No innovation should lag behind, he said.

Thai advised that the new economic development model should follow the world economic development standard.

The state should attach immense importance to the private economic sector during the integration period in the future, he advised.

Luu Bich Ho, former head of the Development Strategy Institute under the Ministry of Planning and Investment, said that the new economic development model should push the local economy to aim for sustainable development in terms of productivity, quality and efficiency. Viet Nam should apply modern technologies, scientific breakthroughs and management skills for the development of the local economy and strive to achieve high quality in workforce and input sources. — VNS