To Lam calls for innovating development mindset, effectively mobilizing people's resources for national development
VGP – General Secretary and State President To Lam has called for radical innovation of development mindset and effective utilization of all resources for sustainable growth.
General Secretary and State President To Lam the video-conference held on Monday to disseminate the content of the Resolution adopted at the second plenum of the 14th Central Committee of the Communist Party of Viet Nam
The top Party and State leader made the call in his remarks at the video-conference held on Monday to disseminate the content of the Resolution adopted at the second plenum of the 14th Central Committee of the Communist Party of Viet Nam.
He pointed out that for a long time, Viet Nam has mainly relied on land and public investment as key growth drivers. If this approach is not changed, it would become a huge hurdle for national development process in the next period.
From that perspective, the State needs to transition from being a direct investor to creating an environment in which all social resources can be mobilized and utilized in a transparent and stable institutional framework, To stressed.
State capital must be redefined correctly as "seed capital" or "foundational capital" to shape development spaces, thereby leading and effecively activating non-State capital inflows.
Enterprises' capital, including both private and FDI sectors, should be directed toward high value-added manufacturing industries, innovation projects, and knowledge-based value chains.
Meanwhile, foreign loans must be utilized based on a strategic selection logic, aligned with absorption capacity and long-term debt repayment ability, prioritizing key infrastructure projects and sectors with high spillover potential.
The financial market, including capital, credit and bond markets, must truly become a channel for medium and long-term capital mobilization for the real economy. The focus is to direct capital flows into manufacturing, innovation, and essential infrastructure systems, thereby enhancing the quality of growth.
To also underscored the need to unlock people's resources, considering it as a strategic breakthrough in the new development era, adding that if effectively activated, these resources can be transformed into a powerful endogenous driver, contributing to enhancing the national economy's self-reliance./.
