INDUSTRIAL DEVELOPMENT AS A KEY TOOL FOR CHANGING THE SUSTAINABLE ECONOMIC GROWTH MODEL OF THE SOCIALIST REPUBLIC OF VIETNAM

Currently, considerable attention is being paid to the issues of tools for sustainable growth of the national economy. An analysis of the role of industry and an assessment of the state of industrial development within the framework of a model of sustainable economic growth using the example of the Socialist Republic of Vietnam reveal the promising development of the economy in many developing countries of the world. This article examines the development of industry as a key tool for changing the model of sustainable economic growth in Vietnam. In this context, the main directions of modeling economic growth and the perspective on the definition of the concept of “industrial development” have been identified. Based on the calculation of the contribution of industrial development to the growth of Vietnam’s GDP and a comparative analysis of the data on the development of industry in new industrial countries, for example, the Philippines and Indonesia, the current state of development of the Vietnamese economy and ways to implement the model of sustainable growth until 2030 in Vietnam are shown. The effective implementation of the state strategy on the development of industry is evaluated on the basis of a comparison of the goal forecast and reality in Vietnam until 2020. The article presents a conceptual model of sustainable economic growth on the basis of industrial development, developed on the basis of a systematic approach, combines the organizational, institutional and economic factors of industrial development and links it with the triad of sustainable development. The main problems of the development of industry in Vietnam are identified on the basis of an assessment of the development of industry in accordance with the main blocks of the model of sustainable economic growth. In conclusion, recommendations are proposed for improving the management of industrial development in Vietnam in the framework of this model.

economic growth, sustainable economic growth, a sustainable model of growth, newly industrialized countries, conceptual model, industrial development, role, key tool, structural adjustment of the economy, Socialist Republic of Vietnam.

Lo Thi Hong Van. Industrial development as a key tool for changing the sustainable economic growth model of the Socialist Republic of Vietnam. Business. Education. Law, 2020, no. 3, pp. 222–229. DOI: 10.25683/VOLBI.2020.52.379.