Tuesday, 11 Dec 2018
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ECONOMY

Escaping middle-income trap is challenging: Vietnam PM

Updated at Thursday, 06 Dec 2018, 10:22
The Hanoitimes - It is difficult to maintain the same growth rate of the last 30 years in the next 30 years.
In the new context, it would be very challenging for Vietnam to escape the middle-income trap and become an upper middle-income country, according to Prime Minister Nguyen Xuan Phuc.
 
Overview of the forum. Source: VGP.
Overview of the forum. Source: VGP.
Phuc acknowledged that Vietnam could face the risk of being left behind and falling into the middle-income trap. 

Over the past few years, the country has been dealing with three major strategic bottlenecks, including the institutional reform, infrastructure and human resources, Phuc said at the Vietnam Reform and Development Forum 2018 held on December 5. 

However, the result left much to be desired and below the country’s expectation for growth in the next period, Phuc continued. 

He expected more support from donors and investors during Vietnam’s quest for development in a world of globalization. 

He said Vietnam has vision and desire to become a prosperous country by 2045, marking the historical milestone of 100 years of independence. However, it is difficult to maintain the same growth rate of the last 30 years in the next 30 years, Phuc said.

Nevertheless, Vietnam would spare no effort in becoming a high-income country and a responsible member of the world community in the next few decades, of which Vietnam’s development is based on sustainability and inclusive growth. 

The economy is expected to place a strong focus on knowledge, technology, innovation, green growth and high resilience against climate change. 

It must be said that there remains work to be done to realize Vietnam’s desire for prosperity, which comes from internal issues and uncertain international environment. 

Back to the three major bottlenecks, Phuc said Vietnam is determined to transform these issues into its breakthroughs for development. 

Regarding institutional reform, the PM stressed that Vietnam will continue to accelerate the process of administrative reform, improving the business environment and creating an interactive channels between citizens and the government. 

The government would focus on digital transformation, giving priority to establishing a legal framework on digitalization and a national online public service portal. 

Phuc made it clear that human resources are key for future success and sustainable development. At present, Vietnam is still among countries unprepared for the Fourth Industrial Revolution, so the Industry 4.0 would be unfeasible without the People 4.0, Phuc stated. 

Additionally, Vietnam considers smart and digital infrastructures vital to enhance connectivity between economic components and resources. 
Nguyen Tung
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