Abstract:
The quality of Vietnam’s economic growth has been constrained by the persistent misallocation of capital toward speculative activities rather than production and innovation. This pattern has amplified risks of financialization, exerted upward pressure on the ICOR, and limited improvements in total factor productivity. This paper proposes the Real Growth Capital Model (RGCM), a three-layer integrated framework consisting of (i) identifying real value priorities of the economy, (ii) designing effective capital transmission channels, and (iii) establishing mechanisms to prevent capital misallocation. The model is developed through a synthesis of economic theory, an analysis of Vietnam’s capital flow structure, and international comparative experience. RGCM is introduced as a new institutional framework to guide capital toward productivity-enhancing activities, thereby improving the quality and sustainability of growth in the coming period.
Keywords: Capital allocation; Real growth; Innovation; Total factor productivity; Financialization; RGCM model.
Huỳnh Thanh Điền. (2025). Real Growth Capital Model: A Capital Allocation Framework for Productivity Enhancement and Innovation. Zenodo. https://doi.org/10.5281/zenodo.17701274
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