Chuyển đổi mô hình tăng trưởng kinh tế của thái lan và malaysia sau khủng hoảng kinh tế toàn cầu và bài học cho việt nam tt tiếng anh

VIETNAM ACADEMY OF SOCIAL SCIENCES GRADUATE ACEDEMY OF SOCIAL SCIENCES DANG THANH CHUNG TRANSFORMATION OF ECONOMIC GROWTH MODEL OF THAILAND AND MALAYSIA AFTER THE GLOBAL ECONOMIC CRISIS AND IMPLICATIONS FOR VIETNAM Major: International Economics Code: 9.31.01.06 ABSTRACT Ph.D THESIS OF INTERNATIONAL ECONOMICS HANOI - 2020 Thesis is completed at Vietnam Academy of Social Sciences Science supervisors: Assoc Prof Dr Dinh Cong Tuan Dr Duong Trung Kien Examiner 1: Prof Dr Do Duc Binh Examiner 2: Assoc Prof Dr Pham Quy Long Examiner 3: Assoc Prof Dr Nguyen Van Dan Thesis is to be defended at academy-level thesis appraisal council assembled at……… ….o’clock…………, dated………month……….year…………… Reference of this thesis is available in: INTRODUCTION Necessity of the thesis The implementation of transformation of economic growth model during development process is an indispensable mission of any country when the old economic model, which was based on the old resources, old economic execution measures and resource distribution, old economic management and national governance is no longer suitable This is relevant with all countries and is not an exception for Vietnam During that process, all countries need to know how to exploit success and failure lessons of each other so as to successfully implement the transform of economic growth model, creating new economic growth model with better productivity, quality and competition capability In this respect, in Vietnam today, when the growth model based on large scale, with outdated growth motives no longer with new development context, it is necessary to implement economic growth model transform as a necessity if the country expects to accomplish new economic achievements This process requires internal efforts but also need to refer to experience of other countries, especially countries with similar development level such as Malaysia and Thailand Before and after the global economic crisis (in 2008), like other ASEAN countries, Malaysia and Thailand pursued different economic growth model reform and programs Each transformation program has its own objectives, orientations and specifications depending on flaws of that model, favourable and difficult economic, politic and social conditions ò each country Practice of economic growth model in both Malaysia and Thailand has gained certain achivements in terms of speed and quality of economic growth However, practice of transforming economic growth model of Malaysia and Thailand is said to contain certain failures, in which the most important is the transform process from width economic growth model to depth model in these countries executed to achieve rapid growth by all means bringing about social, environmental consequences and even macroeconomic instability At the same time, behind the differences, the peculiarities of each national program on the transformation of economic growth models of the two countries, there are very basic similarities showing the trend of renewing economic growth models, common practice of the world and the region Therefore, lessons learned from the transformation of economic growth models after their global economic crisis, both successful and unsuccessful lessons, are very useful for Vietnam Although Vietnam is not in the "storm heart" of the global economic crisis, it also affects every aspect of the socio-economic life of the country and in recent years, the economy has revealed a number of failures, suggesting a need for a change in economic growth model In that transition, the study, learning of successful experiences and the lessons of failure of other countries - especially those sharing more or less the common characteristics of culture, geography, Ethnic groups in Southeast Asia such as Thailand and Malaysia are extremely necessary for Vietnam In order to better solve the problems posed in transforming the economic growth model such as: Why must the economic growth model be transformed? What model of economic growth are we pursuing? Is the model really suitable and can be developed sustainably? How to transform the economic growth model successfully? The research and learning experience of countries like Thailand and Malaysia is very necessary That is why the PhD student chose the topic: "Transformation of the economic growth model of Thailand and Malaysia after the global economic crisis and lessons for Vietnam" as a research topic for the PhD thesis of Economics The purpose and task of the thesis research 2.1 Research purposes On the basis of analyzing and assessing the status of changing the economic growth model in two selected countries, Thailand and Malaysia, the thesis draws lessons learned At the same time, he also proposed implications for the transformation of Vietnam's economic growth model in the coming time 2.2 Research mission - Clarify theoretical and practical issues on the model of economic growth and transformation of the model of economic growth - Analyze and evaluate the transformation of economic growth model in two selected countries, Thailand and Malaysia after the global economic crisis; Draw lessons learned and implications for Vietnam - Analyze and assess the impacts of the global economic crisis and the current economic growth model in Vietnam - From the lessons learned about transforming the economic growth model in Thailand, Malaysia and the practices in Vietnam, proposing implications for Vietnam to successfully transform the economic growth model Object and scope of the thesis 3.1 Subject of the thesis research The object of the thesis is the issue of changing the economic growth model of Thailand, Malaysia and Vietnam after the global economic crisis 3.2 Scope of the thesis research - In terms of content: The thesis limits the content of research on transformation of economic growth model Objects of research focus on the effects of the global economic crisis on the economic growth models of countries including conditions, motivating factors, transformation measures and the results of the transformation of their economic growth models after the global economic crisis - In terms of space: The thesis focuses on researching and changing economic growth model in two selected countries, Thailand, Malaysia and Vietnam - In terms of time: The dissertation studied in the scope of time before, during and after the global economic crisis in 2008-2009 to identify the causes, purposes, conditions and measures to change the economic growth model in Thailand, Malaysia and Vietnam Methodology and research methods of the thesis 4.1 Methodology and research methods of the thesis The thesis applies dialectical materialism and historical materialism of Marxism-Leninism in the study of socio-economic issues The research approach of the thesis is a qualitative research approach 4.2 Specific research methods - The method of data collection: Data used in the thesis are mainly exploited from secondary sources, such as published figures such as Statistical Yearbook, reports of competent agencies, books, journals learn and other references - Methods of data collection and processing: These methods include descriptive statistics, comparisons, forecasts, and expert consultations - The logical and historical methods, analysis and collection are used in the thesis to analyze and clarify the theory of economic growth model and transform economic growth model; the impact of the global economic crisis to the transformation of economic growth models and practical research on the transformation of economic growth models after the global economic crisis of selected countries - Comparative method: This method is used to compare reality of changing economic growth model in countries in the region At the same time, it is used to compare growth stages of a country - Methods of generalization and concretization: This method helps the Ph.D candidate propose directions and solutions to help Vietnam continue to implement well the economic growth model transformation in the following years New contributions to the science of the thesis - The dissertation stated, analyzed and evaluated the impacts of science and technology on economic growth models of Thailand, Malaysia and Vietnam, on that basis, clarifying the reasons and the need for transforming economic growth models, economic growth of these countries - The dissertation presented, analyzed and clarified the reality of changing the economic growth model of Thailand and Malaysia, including the purpose, measures, and conversion results; evaluated successes and failures in transformation and draw lessons for Vietnam - The thesis has analyzed and evaluated the reality of changing the economic growth model in Vietnam after the feasibility study Based on the lessons learned, the thesis proposes the implications for transforming the economic growth model in Vietnam in the coming time Theoretical and practical meanings of the thesis The results of the thesis will be of reference for theoretical and practical basis for researchers who are interested in economic growth models and transformation of economic growth models in general and in other countries: Thailand, Malaysia and Vietnam in particular At the same time, contributing to perfecting institutions and policies to transform the model of economic growth in Vietnam, serving the country's development needs in the context of integration In addition, the thesis is an essential document for researching and teaching issues related to economic growth models, economic growth model transformation in Thailand, Malaysia and Vietnam The structure of the thesis In addition to the Introduction, Conclusion, the thesis is structured as follows: Chapter 1: Overview of research works related to the topic of the thesis Chapter 2: Theoretical and practical basis for economic growth model and transformation of economic growth model Chapter 3: Changing economic growth models in Malaysia and Thailand after the global economic crisis Chapter 4: Lessons learned from the practice of changing the model of economic growth in Malaysia and Thailand after the global economic crisis and implications for Vietnam Chapter OVERVIEW OF RESEARCH WORKS RELATED TO THE TOPIC OF THE THESIS 1.1 Literature review of economic growth model and transformation of economic growth model - Foreign research situation - Domestic research situation 1.2 Literature review on changing the world economic growth model after the global economic crisis, especially in Southeast Asian countries of Thailand, Malaysia and Vietnam - Foreign studies - Domestic studies 1.3 The agreed points, gaps and research direction of the thesis 1.3.1 The agreed points - Researches on economic growth models agree that: Each country depends on specific historical conditions to select, build and develop its economy according to its own models All similar to any country At the same time, over each stage of development, an economic growth model has been developed and re-applied that needs to be adapted to the internal and international context of the impact There is no "one-to-one" economic growth model for all stages of development - Most domestic and foreign studies related to the impact of the global economic crisis agreed that: This is a crisis and recession with extremely serious impacts on most economies, from developed countries to developing countries - Due to the impact of the global economic crisis, it is necessary to reevaluate the economic growth models that countries are pursuing, based on which they seek to adjust or reform to find a The new model is more relevant to the new domestic and international circumstances With the current nature of deeper and deeper international integration, researching and learning from experiences of transforming economic growth models of other economies is an indispensable objective objective With the agreed issues from the above-mentioned domestic and foreign research works, they are of reference value and selected by the PhD candidate in the course of their research 1.3.2 The gap and research direction of the thesis Firstly, there are very few studies on transforming the economic growth model after the global economic crisis in Thailand and Malaysia Most studies mention these two countries only as part of the study on economic growth model transformation in Southeast Asia Domestic and foreign studies on this topic mainly focus on countries in East Asia such as Japan, Korea, and China as examples of successful economic growth model transformation after crisis Global economic crisis However, the PhD student said that it is necessary to focus on a deep research on the transformation of economic growth model of Thailand and Malaysia because these countries share many common cultural and geographical features Ethnicity in Southeast Asia with Vietnam; At the same time, although their economic growth model conversion has not been successful, it will be valuable lessons for Vietnam in the economic growth model transformation Secondly, in Vietnam, although the transformation of economic growth model after the global economic crisis is still underway, looking at the statistics of Vietnam's economic growth rate, The growth rate is still on a downward trend, the most worrying thing is that the labor productivity gap between Vietnam and other countries continues to increase Each Vietnamese employee has a productivity of only 42.3% of Indonesia; 56.7% of the Philippines and especially 87.4% of labor productivity in Laos [13] Obviously, Vietnam's economic growth model is still not suitable for economic change Therefore, changing the economic growth model is still an indispensable requirement of Vietnam And the study of changing the economic growth model of Thailand and Malaysia to draw lessons from experience, implications for Vietnam is very necessary This is also the content that the PhD student will clarify in the thesis 1.4 Research questions and analytical framework of the thesis 1.4.1 Research questions To accomplish the research objectives, the thesis focuses on answering the following research questions: Why must economic model be transformed? What can the experience of changing the economic growth model in Malaysia and Thailand after the global economic crisis be applicable to Vietnam? What model of economic growth are we pursuing? Is the model really suitable and can be developed sustainably? How to transform the economic growth model successfully? 1.4.2 Analytical framework of the thesis Chapter THEORETICAL AND PRACTICAL BASIS ON THE MODEL OF ECONOMIC GROWTH AND TRANSFORMATION OF THE ECONOMIC GROWTH MODEL 2.1.3 The speed and quality of growth in the economic growth model When studying the growth process, it is necessary to fully consider both the quantity and quality of economic growth in a close relationship with each other Growth quality is a concept that reflects the internal content of the growth process, manifested in the means, modes, objectives and effects on the environment containing that growth process The growth rate reflects the outside of the growth process, expressed in the extent, large number of small, fast or slow scale expansion economic growth models after the global economic crisis, the basic orientations for transforming economic growth models and generalizing the actual transition process out in these countries; From there, draw some lessons for Vietnam 3.1 Transforming the model of economic growth in Malaysia after the global economic crisis 3.1.1 Issues raised with Malaysia's economic growth model since the global economic crisis Firstly, Malaysia, despite being an advanced developing country with impressive economic growth, at the beginning of the 21st century, is also stuck in the general difficult situation of the global economy and is seeking how to get out of the middle income trap Secondly, even before the onset of the global economic crisis, Malaysia tried to diversify its export markets to help reduce the country's economic vulnerability to external impacts , and recently there have been policies to fully exploit the domestic market, but due to the relatively small size of the domestic market, the future of Malaysia's economy will continue to depend on the success or failure of the economy However, some of Malaysia's main partners (such as the US, Japan, China, EU and ASEAN) have so far consumed a significant portion of Malaysia's exports Third, with the long-term efforts of the government of former Prime Minister Mahathir Mohammed, Malaysia is considered to be the most advanced developing country in ASEAN, with the most developed infrastructure and caring human resources in all three areas of education, health and social security However, compared with the set goals as well as the development requirements to become "Tigers in Asia", these areas in Malaysia are still considered underdeveloped, inadequate, and being major obstacles to the development of both the economy and the life of the people Fourth, although Malaysia's politics is not wobbly and prolonged as a few neighboring ASEAN countries, the domestic political order is changing 11 rapidly and it is also one of the main drivers of the transition, changing the economic growth model of this country 3.1.2 Some key directions in transforming the economic growth model The directions for changing Malaysia's main economic growth model are reflected in the New Economic Model (NEM), published on March 30, 2010, replacing the new economic policy (New Economic Policy - NEP); and Malaysia's 11th Plan, 2016-2020 (Rancangan Malaysia KesebelasRMKe-11) Transitions aimed at shifting from a race-based policy, giving preference to Malaysians to priority action policies for problem-solving, demand-driven, liberalizing the economy and eliminating gradually the deep protection and intervention of the State, in order to make Malaysia's economy more competitive, more marketable and more investor-friendly, with high growth and quality, and people have higher incomes; In order to achieve the vision to turn Malaysia into a developed and high-income country by 2020 3.1.3 Some practical transformation after the crisis In order to implement orientations for changing the economic growth model after the global economic crisis, Malaysia has made the following major adjustments: Firstly, reform economic institutions, improve transparency; Second, adjust economic policies; Third, increase investment in developing human resources, science and technology; Fourth, accelerate the process of regional economic integration 3.1.4 Assessment of economic growth model transformation in Malaysia Major achievements - GDP per capita growth rate shows that Malaysia's economy is in the process of strong growth; - Agricultural, industrial and service sectors have achieved significant achievements; 12 - Infrastructure construction and transportation - Investment and trade field Outstanding issues: The Economic Transition Program (ETP) in 2009, aimed at attracting large investment in Malaysia with the aim of promoting GDP growth to over 6% per year, aims to increase the country's per capita income to the level of USD 15,000 / year since 2019, aiming to put Malaysia on the list of high-income countries in 2020 But in fact, after years of implementing the conversion policy, this target only reaches about 5%, making the above goal impossible to achieve One of the reasons why Malaysia fell into the middle-income trap is that the country has not changed development policies since the period of getting out of poverty Income inequality in Malaysia is also an issue Malaysia's education system is also thought to be problematic, particularly failing to meet the labor market's needs and with many limitations 3.2 Transforming the economic growth model in Thailand after the global economic crisis 3.2.1 Issues raised with Thailand's economic growth model since the global economic crisis Firstly, for a long time, Thailand achieved rapid growth but mainly relied on capital intensity, including domestic and foreign capital Secondly, rapid growth but low quality of human resources is one of the reasons for the low labor productivity in Thailand Third, rapid growth creates inequality in Thailand's income distribution Fourthly, income inequality is one of the reasons limiting the poor's access to education and health opportunities Fifth, Thailand's financial structure is also an obstacle to long-term growth 13 Sixth, monopoly power still exists in state-owned enterprises, and there are provisions to prohibit adequate competition in some vital economic sectors, especially in the areas of value-added services soaring, like finance and telecommunications Consequently, the creative dynamism of the business sector, especially small and medium-sized private enterprises, is not promoted well Seventh, institutional weaknesses and constant political instability are the most important impediments to Thailand's long-term growth Eighth, although Thailand has been very successful in achieving its economic concentration goals fast, increasing GDP per capita, these successes have caused the country to pay too high prices on environmental issues, such as pollution, exhaustion of natural resources and forest destruction 3.2.2 Orientations to transform the economic growth model The implementation of the Thai Government's socio-economic development plans shows that the stages of economic development are divided into three main stages as follows: - First stage: Focus on rapid economic growth This period extends from the First Plan to the end of the Seventh Plan (from 1961-1996) with the main strategy of exploiting resources and labor - Second stage: Towards a full economy This period extends from the 8th Plan to the 10th Plan (from 1997-2011) This period particularly focused on social development through human capital development, along with economic stability - The third phase: Towards a full economy and sustainable development This period begins with the 11th Plan (from 2012-2016), based on a harmonious combination of human capital, technology and innovation The directions for transforming Thailand's economic growth model after the global economic crisis are integrated into Thailand's 5-year economic and social development plans, focusing on Plans 10 and 11 Plans follow the 14 King's Philosophy of "a sufficient economy", to enhance the "resilience" of the economy in addition to the conventional growth model 3.2.3 Policies implemented - In order to improve the competitiveness from which to increase exports, Thailand has pursued a liberalization policy based on the implementation of a range of appropriate market access strategies, but focusing on only a few sectors and a number of products in each industry the country having strength - The Thai government has consistently carried out flexible monetary and fiscal policy reforms, helping the country to overcome economic shocks - To improve low labor productivity, the Thai Government has introduced human resource development policies, science and technology and is integrated into the country's five-year plans - In addition, economic restructuring along the line of sustainable development has been included in Thailand's 5-year plans - In order to resolve the development gap between regions, the Thai Government has adopted regional balance development policies by clearing the excessive concentration of economic, trade and financial activities in the region, Bangkok and some surrounding areas - To promote the sustainable development of agriculture, Thailand has adopted a number of strategies such as: enhancing the role of individuals and organizations operating in the agricultural sector; Improve professional skills of farmers; strengthening social insurance for farmers, solving well the debt problem in agriculture; reduce risk and establish a system to ensure risks for farmers 3.2.4 Evaluation of economic growth model transformation in Thailand Major achievements Implementing the economic growth model transformation after the effects of the global economic crisis, Thailand has achieved certain achievements: 15 Transforming the model of economic growth has helped Thailand improve its poverty status and be able to meet most of the Millennium Development Goals (MDGs) Transforming the economic growth model contributes to improving the income of households, giving them the opportunity to invest more to improve the quality of life and education Regarding economic growth, although the period of 2014 - 2015 was delayed due to internal political instability; From 2016 to the present, the Thai economy has recovered, GDP growth rate in 2016 was 3.3% (412 billion USD), 2017 was 3.9% (455 billion USD) and Quarter I In 2018, it was 4.8% Inflation in 2016 was 0.2%; 2017 was 0.7% and in the first months of 2018 was 1.5% The Thai economic outlook is currently well evaluated by international financial institutions, but due to the internal political situation, there are still many risk factors, so it is difficult to forecast growth in the coming time; Thailand's economic growth rate in 2018 does not exceed 3.9% and forecasts for 2019 are about 3.7% Some economic sectors which Thailand has identified as the key include: Tourism, agriculture and fishery (rice ranked first in the world, seafood export ranked third in the world), automation and auto parts, electronics, food and agribusiness Existing issues: Research on the practice of exchanging economic growth models shows that Thailand only achieved the target of rapid growth in a certain period and the growth rate tended to decrease, this demonstrating the unsustainability of growth Despite these adjustments and efforts to transform the economic growth model, those adjustments have not yet adapted to the changes in the internal and external environment The fact shows that Thailand still maintains the signs of growth model in the phase out of poverty, that is, it still uses development policies based on cheap labor and low innovation capacity 16 3.3 Similarities in the transformation of Malaysia and Thailand's economic growth models Malaysia and Thailand pursue different economic reform and transformation programs Each transition program has specific goals, orientations or content depending on the shortcomings of the model itself, on specific (economic, political, and social) conditions of each nation However, also from the above analysis, we also see that behind the differences, the characteristics of each of these national programs, there are very basic similarities showing the trend of renewing the economic growth model, common practice of the world and the region Chapter LESSONS LEARNED FROM PRACTICE TRANSFORMING THE ECONOMIC GROWTH MODEL OF MALAYSIA AND THAILAND AFTER THE GLOBAL ECONOMIC CRISIS AND IMPLICATIONS FOR VIETNAM 4.1 Lessons learned from changing practices of economic growth models of Malaysia and Thailand after the global economic crisis Lesson on implementing macroeconomic policies in a timely, synchronized and effective manner Lesson on financial market stability and restoring public confidence Lesson on restructuring the economy after the crisis Lesson on deep concern about social security 4.2 Implications for Vietnam 4.2.1 Scientific basis for identifying a new economic growth model in the post-crisis period in Vietnam - Global economic crisis and problems raised for Vietnam's economic growth - New features in the international context affecting the transformation of Vietnam's economic growth model - Issues raised for Vietnam's economic growth model after the global economic crisis 17 + Growth depends more on capital increase + Unstable macroeconomic stability + Low investment efficiency + Low labor productivity and slow increase + National competitiveness is slowly improving + The goals of institutional reform have not been given adequate attention 4.2.2 Practical transformation of economic growth model in Vietnam from 2011 to the present - Objectives, missions of economic growth model transformation + Period from 2011 to 2015 + Period from 2016 to 2020 - Achievements in economic growth model transformation from 2011 until now + From economic growth aspect + From social aspect - Challenges to economic growth model transformation nowadays in Vietnam + From economic aspect + From economic growth connected with social development +From economic growth connected with environmental protection 4.2.3 Suggested experience for Vietnam on innovation of growth model - Perspective on growth model: Innovating growth model must grasp a thorough view, that is, economic growth must ensure sustainable and effective requirements in the long term The above general view is concretized as follows: (i) Growth in a concentrated direction (not spread, dispersed); (ii) making the private sector a real driver of economic growth; (iii) vigorously renovate economic management institutions towards greater accountability and transparency; (iv) build industrial production capacity to become the foundation of 18 economic growth; (v) economic growth is closely linked to social progress and justice, focusing primarily on improving the well-being of the population; (vi) closely associate economic growth with ensuring environment-friendly goals and climate change adaptation - Content of growth model Based on practice and research objectives; Based on the roadmap defined in the Socio-Economic Development Strategy of Vietnam (in this Strategy, the contents of socio-economic goals are also set until 2020 and followed by the vision to The thesis divides the implementation schedule into two phases: Phase from 2011 to 2020, and phase from 2021 to 2030 Specific content and proposed goals and solutions for the main economic growth model in the thesis focused on phase (2021 - 2030) The growth model in this period is aimed at sustainable and effective goals for people on the basis of: (i) Focusing on capital investment and in-depth labor activities across the whole economy; (ii) promoting competitive advantages by industry, product and dynamic region developed in the period 2011-2020; (iii) smoothly operate the market economy mechanism and closely link the growth process with the implementation of social progress The specific content of the mechanism of operating the economic growth model phase is reflected in the following main aspects: First, move to in-depth growth across the entire economy Secondly, perfecting and exploiting the competitive advantages that have been created, continuing to restructure the economic sector in the direction of increasingly effective Thirdly, perfect and exploit the advantages thanks to the scale and the network of the growth motivation regions 19 Fourthly, smoothly operate the market mechanism Fifth, growth coincides with income improvement for the underdeveloped regions through the income redistribution policy Sixth, growth places emphasis on environmental friendliness and climate change adaptation - Some conditions to transform economic growth model Firstly, the most important factor in renewing the economic growth model is the qualified and highly productive labor force Secondly, saving capital and improving the efficiency of capital use are one of the important conditions to transform the economic growth model Thirdly, the government needs to implement flexible and transparent macroeconomic policies to share growth results fairly Fourth, there must be a strong State apparatus 4.2.4 Some key solutions to continue to transform the economic growth model in Vietnam in the coming time - Solutions to continue performing economic restructuring + Firstly, restructuring the economy by industries and trades: (i) Selecting and forming a list of spearhead product industries; (ii) Developing auxiliary industries to shorten the processing period, gradually increasing high value-added deep-processing products in processing industries (iii) Restructuring and improving the efficiency of exports (iv) improve the level of contribution to the economic growth of the service sector, especially high-quality services + Second, restructuring according to economic sectors + Thirdly, economic restructuring by territory - improving the efficiency of growth driver areas: (i) continue planning, reorganizing and reorganizing 20 key economic regions (restructuring the regional system key economic) (ii) Improve the system of mechanisms and policies to develop key economic regions (iii) Arranging and organizing the economic activities of industrial parks towards sustainability and high efficiency + Fourthly, restructuring investment and improving the efficiency of use of investment capital: (i) changing investment structure towards increasing the proportion of capital investment from the private sector, gradually reducing the proportion of investment State capital; (i) Improve the efficiency of investment from State capital - Solutions to improve the competitiveness of the economy Firstly, improve the business environment Second, promote the prevention and fight against corruption Thirdly, promote technological innovation, improve the competitiveness of enterprises - Solutions to enhance in-depth investment in resource factors are the foundation for long-term sustainable growth Firstly, increasing investment in building infrastructure systems paves the way for long-term and sustainable economic growth Secondly, increasing investment creates favorable conditions to improve labor productivity Thirdly, increasing investment in developing human resources in quantity and constantly improving in quality Fourthly, increase investment in science and technology - Solutions to Accelerating Institutional Reform Firstly, continue to review to eliminate, amend or supplement backward and inadequate institutions, and at the same time establish missing institutions to 21 adjust newly arising economic and social relations, development process of the market economy and the process of international economic integration Secondly, to accelerate the renovation of the work of planning in order to clearly identify the socio-economic contents that each level of government needs to plan; at the same time calculate the balance of resources corresponding to the identified goals to guide the development of the market Thirdly, it is necessary to be persistent in the perspective of sustainable development, paying more attention to social and environmental factors in institutional building and implementation Fourthly, continue to promote administrative reform Fifthly, perfect policies and laws for market types in line with the goal of restructuring the economy Sixthly, changing the way of regulation and intervention of the State in the economy through the macroeconomic policies and economic organizations of the State Seventh, continue to renew the decentralization of the Government to local governments CONCLUSION Researches on economic growth models agree that: Each country depends on specific historical conditions to select, build and develop its economy according to its own models all similar to any country; At the same time, over each stage of development, the economic model that has been developed and re-applied needs to be adapted to the internal and international context of the impact There is no "one-to-one" economic growth model for all stages of development At the same time, domestic 22 and foreign studies related to the impact of the global economic crisis agreed that this is a crisis and recession with extremely serious impacts on most economies internationally, from developed countries to developing countries Due to the impact of the global economic crisis, it is necessary to re-evaluate the economic growth models that countries are pursuing, based on which they seek to adjust or reform to find a new model is more relevant to the new domestic and international circumstances With the current nature of deeper and deeper international integration, researching and learning from experiences of transforming economic growth models of other economies is an indispensable objective necessity Thailand and Malaysia are countries sharing common cultural, geographical and ethnic characteristics in Southeast Asia with Vietnam; At the same time, although their economic growth model conversion still has unsuccessful points besides achievements, it will also be valuable lessons for Vietnam in the tissue transformation Figure of economic growth However, there are very few studies on transforming the economic growth model after the global economic crisis in Thailand and Malaysia Most studies refer to these two countries only as part of a study on the transformation of economic growth models in Southeast Asia Domestic and foreign studies on this topic mainly focus on countries in East Asia such as Japan, Korea, and China as examples of successful economic growth model transformation after global economic crisis The thesis bases on generalizing the basic theories about economic growth model clarifying different views and dimensions on the factors of economic growth model At the same time, it also systematized theoretical and practical issues on economic growth model transformation in order to build an analytical 23 framework for the study of economic growth model transformation in Thailand, Malaysia and Vietnam In particular, by using qualitative research methods such as analysis, comparison, etc… the thesis clarifies the cause, orientation, content and method of transforming the economic growth model in Malaysia and Thailand After the crisis, assess the achievements and limitations in the transformation of economic growth models of the two countries; compare the points of agreement and differences in Malaysia and Thailand's conversion practices From there, draw lessons learned and implications for Vietnam in the economic growth model transformation in the coming time In order to make policy suggestions about the solution to continue transforming the economic growth model for Vietnam, the thesis has analyzed in depth and clarified scientific grounds to determine the economic growth model New in Vietnam, which is the impact of the crisis and the international context on the Vietnamese economy; characteristics, achievements and difficulties and difficulties faced by the Vietnamese economy after the crisis and in the transition process up to now At the same time, the thesis also identifies the content of economic growth model transformation in the next period from 2021-2030 and the conditions for successful transformation On that basis, propose specific solutions 24 SCIENTIFIC WORKS OF RESEARCH DISCLOSURE RELATED TO THE THESIS Dang Thanh Chung, The relationship between economic growth and sustainable development: Experience of Thailand, African and Middle East Research Journal, No (155), July 2018 Dang Thanh Chung, Regarding the model of Vietnam's economic growth since the global economic crisis up to now, Asia Pacific Economic Review, No 518, June 2018 Dang Thanh Chung, Lessons learned from the transformation of Malaysia and Thailand's economic growth models after the global economic crisis, African and Middle East Research Journal, No 164, April 2019 Dang Thanh Chung, The necessary prerequisites for transforming the economic growth model in Vietnam in the near future, Asia Pacific Economic Review, No 546, August 2019 Dang Thanh Chung, Transformation of Malaysia’s economic growth model for the period ò 2011 – 2020 and lessons learned for Vietnam, Asia Pacific Economic Review, No 563, April 2020 ... experience of countries like Thailand and Malaysia is very necessary That is why the PhD student chose the topic: "Transformation of the economic growth model of Thailand and Malaysia after the global... growth model in Vietnam - From the lessons learned about transforming the economic growth model in Thailand, Malaysia and the practices in Vietnam, proposing implications for Vietnam to successfully... MODEL OF MALAYSIA AND THAILAND AFTER THE GLOBAL ECONOMIC CRISIS AND IMPLICATIONS FOR VIETNAM 4.1 Lessons learned from changing practices of economic growth models of Malaysia and Thailand after