World Bank unveils plan for Vietnam to reach upper-middle-income status by 2035, Channel News Asia, 23 February 2016.

An edited extract of the original article is reproduced below.

*** AusCham Business Briefings: Hanoi (1 March 2016) and HCMC (2 March 2016). Dr Vo Thi Thanh will discuss the World Bank’s Report referred to below as part of the “Review of the 12th Party Congress”. For details, click on Hanoi and HCMC.***

SINGAPORE: The World Bank on Tuesday (Feb 23) released a new report that lays out the pathway for Vietnam to reach upper-middle-income status in two decades.

The Vietnam 2035 report, themed “toward prosperity creativity, equity and democracy”, suggests that Vietnam foster private sector competitiveness, promote social inclusion and bolster the state’s effectiveness to climb up the economic ladder into a higher bracket. Without this, Vietnam will find it very hard to avoid the “middle-income trap” and will fall well short of its significant potential, it warned…

Reaching upper-middle-income status requires Vietnam to grow at least seven per cent per year, the World Bank noted, calling it an “ambitious goal”…

“Our country is at a turning point of reform and development. We face significant opportunities, but also big challenges. To reach our goal of a becoming a prosperous, creative, equal and democratic Vietnam, our only choice is to implement the reforms recommended by the Vietnam 2035 report,” said Minister of Planning and Investment Bui Quang Vinh as quoted in the World Bank’s statement…

 

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