A productivity-driven development model–combining innovation with balanced development and allocation of private, public, human and natural capital–will be key for Vietnam to achieve its goal of becoming a high-income economy by 2045, a new World Bank report suggests.
The “Vibrant Vietnam: Forging the Foundation of a High-Income Economy” report, launched today, comes as the Government of Vietnam is preparing its socio-economic development strategy for 2021-30 and a socio-economic development plan for 2021-25. The report recommends policy options to help Vietnam to maintain quality growth through more dynamic firms, more efficient infrastructure, skills, and a move toward a greener economy.
“Vietnam is one of the greatest development success stories of our time. The country, however, is now at a turning point where some of its traditional drivers of growth are gradually weakening,” saidOusmane Dione, World Bank Country Director for Vietnam. “To achieve its ambition to become a high-income economy by 2045, Vietnam must put productivity growth front and center of its economic model. In other words, it needs to grow not only faster but also better”.
“Vietnam’s commitment to bold economic reform has been a major contributor to its remarkable economic success,” saidH.E. Robyn Mudie, Australian Ambassador to Vietnam. “Australia is proud to have supported this report, which provides clear recommendations on how Vietnam can harness productivity enhancing reforms to improve both the quality and equity of its future economic development”.
Photo: Modern Diplomacy