Vietnam Determines to Become Upper Income Country by 2035

Diep Nguyen

11:55 06/12/2018

BizLIVE -

From the bright side, Vietnam still enjoys a lot of advantages: the favorable working population, the higher rate of educated laborers and the much better chances of international integrity.

Vietnam Determines to Become Upper Income Country by 2035
At the Vietnam Reform and Development Forum 2018 organized yesterday in Hanoi by the Ministry of Planning and Investment, Prime Minister Nguyen Xuan Phuc stressed that Vietnam still faces to a lot of disadvantages in global competition. 
PM Phuc committed that Vietnam will continue to improve administrative procedures, build the economic infrastructure so that all economic actors will have chance to join in the process of planning for policies.
Speaking at the opening session of the Vietnam Reform and Development Forum 2018, Minister of Planning and Investment Nguyen Chi Dung highlighted that current is the golden period, if Vietnam cannot carry out the development initiatives seriously, Vietnam will lag behind other countries.
From the bright side, Vietnam still enjoys a lot of advantages: the favorable working population, the higher rate of educated laborers and the much better chances of international integrity.
What is more, there is high possibility that Vietnam will get more investment capital from developed countries, from multinational companies. 
“Time and chances do not wait for anyone. There is a must that Vietnam must grab this chance. We need to innovate and develop with all our determinations, with the power that we can do 30 years ago”, Minister Dung stressed.
Vietnam has set target of increasing GDP per capita to $6,500 in 2030, and $10,000, or four times the current value, in 2035.
The GDP in 2030 and 2035 would then be $670 billion and $1.05 trillion, according to an economic policy framework for the period up to 2035 recently issued by the Ministry of Planning and Investment. This level of income will make Vietnam an upper middle-income country. 
Accordingly, Vietnam has also targeted to reduce its poverty rate to 1 percent and increasing the middle-class rate to 50 percent by 2035.
Chief economist of East Asia and Pacific region of World Bank, Sudhir Shetty nicely compared the development process with beauty contest in which Vietnam must be the best. Vietnam should be more perfect by non-stop innovation, improve competitiveness and become more attracted to foreign investors.

DIEP NGUYEN

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