HÀ NỘI — Việt Nam should focus on a productivity-driven development model to become a high-income economy by 2045, according to the latest report from the World Bank (WB).
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Author: Editorial Board (Editorial Board)
Report: Vibrant Vietnam: Forging the Foundation of a High-Income Economy | World Bank
The growth framework for Vietnam during 2021–2030 must put productivity growth front and center. It has to be based on a balanced accumulation and efficient and productive allocation of different types of capital—private, public, human, and natural—as well as innovation, which in turn will be driven in large measure by deeper institutional and market reforms.
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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.
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Despite the troubled global economic environment amid the COVID-19 pandemic, the Vietnamese government remains sanguine about the nation's economic prospects and sets an ambitious growth rate target for this year.