A symposium on the future of Viet Nam's economy before world’s changes recently took place in Da Nang.

The event was jointly organised by the Publicity and Training Board of the Da Nang Party Committee, the city’s Department of Science and Technology, and the Party organisation of the municipal Union of Science and Technology Associations following the direction of the Standing Board of the local Party Committee.

In attendance at the symposium were Standing Deputy Secretary of the municipal Party Committee cum People's Council Chairman Luong Nguyen Minh Triet, People's Council Vice Chairwoman Cao Thi Huyen Tran, and People's Committee Vice Chairwoman Ngo Thi Kim Yen.

Presenting a topic ‘Future of Viet Nam's economy before world’s changes’ at the event, Prof. Tran Van Tho from the Waseda University in Japan’s Tokyo shared his perspective on Viet Nam from the world.

He also briefed the participants on some changes and new trends of the world and their effects, Viet Nam today and towards 2045, the country’s ’strategies and policies to have a solid and developed economy, and the city’s journey to realise its goal of turning itself into an ideal city.

According to Prof. Tho, Da Nang is endowed with rare and precious natural resources. Over the past years, Da Nang has strived to build itself into an ideal city that is different from other cities, especially with a friendly administrative model and a safe living environment.

Prof. Tran Van Tho suggested Da Nang set up police booths to ensure local safety and order, and give active and timely support to locals and tourists such as returning lost property or giving directions.

In addition, heed should be paid to building more public toilets, and standard toilets in schools.

Moreover, Mr. Tho stressed the need for the city to raise public awareness of environmental protection, traffic safety, etc.

Besides, importance should be attached to maintaining the friendly attitude and behaviour of administrative service providers towards both local residents and businesses.

Thanks to this, the city can attract more talents, investors and businesses, as well as create many other positive effects.

Prof.Tran Van Tho said that since the 1990s, a new factor has appeared in industrial production. They have been the global supply chain and the global value chain. Following countries can develop quickly if they successfully join in these two chains.

In addition, the technological revolution is changing labour supply and demand. Meanwhile, COVID-19 also disrupted supply chains, adjusted the globalisation process, and sharply reduced labor demand.

Also, the world’s political economy also has many fluctuations, particularly the strong rise of China, and the conflict between Russia and Ukraine.

Prof. Tran Van Tho remarked that Viet Nam’s economy was easily affected by the pandemics and new trends of the world’s political economy. Viet Nam's level of integration is very high, but this only concentrates on a few markets and the structure is unsustainable.

Viet Nam also has a fairly large labor force, but most of them are not qualified, have not yet adapted to new needs and are currently a simple labor exporter. Faced with this situation, Viet Nam's medium-term strategy only pays attention to expanding domestic markets, deepening industrialisation, increasing production and strengthen the network of essential goods.

Also, economic security and priority resources for labour training have been focused on.

In the long term, it is necessary to change development thinking and innovate to grow quickly and sustainably and escape the middle-income trap.

Within the framework of event, Prof. Tran Van Tho introduced and signed autographs of his book ‘Japan’s economy - The miracle development period 1955-1973.

The book discusses the factors that make up a modern Japan nowadays, including the building of a constructive State and social capability country, and time analysing the education - training, technology, official-business relationship of Japan.

The book is a satisfactory, accurate and convincing explanation of what makes Japan's miracle.

Reporting by PHONG LAN - Translating by M.DUNG