Technology Plays Key Role in Helping Vietnam Get Rid of Middle Income Trap

Diep Nguyen

16:28 09/05/2019

BizLIVE -

ADB Director, Eric Sidgwick, in the mean time, states that Vietnam has just become the middle income country from 2010 and it is still very early to say that Vietnam has been stuck in the middle income trap.

Technology Plays Key Role in Helping Vietnam Get Rid of Middle Income Trap

Prime Minister Nguyen Xuan Phuc - Photo: Thanh Phong

In the National Forum on Developing Vietnam Technology organized today, there have been full of initiatives on developing Vietnam’s technology to support for the economy.
In the forum, Minister of Information and Communications Nguyen Manh Hung stressed that if Vietnam continue the path of installing devices then the matter of low labor productivity and escaping middle income trap cannot be solved.
According to Hung, Vietnam is facing the obstables of increasing labor productivity, maintaining sustainable development, promoting comprehensive development, escaping middle income trap, enhancing Vietnam’s standing in global ranking. Technology can help solve all those problems.
ADB Director, Eric Sidgwick, in the mean time, states that Vietnam has become the middle income country just from 2010 and it is still very early to say that Vietnam has been stuck in the middle income trap but at this time it is necessary to have the policies to increase income and raise the labor productivity.
Apart from that, Eric recommends Vietnam to be well prepared for the middle income trap getover period. Vietnam should be fully prepared for the Fourth Industrial Revolution, using technology to develop digital economy.
According to ADB, Vietnamese government should invest more in technology, education and skill promotion, start up ecosystem, legal environment for pursuing the e-government target.
Representative for the consulting group for South Korean President, Youngrak Choi, takes the example of South Korea. South Korea has changed from the technology importing country to the role of top country for technology.
South Korea currently has enough technology human resouces, from engineers to research and development specialists. The reseach units of South Korea has full capacity to compete in the global scale. 
South Korea also owns many chaebols like Samsung, LG, Hyundaim; those big companies have the full potentials to develop their own production methods.

DIEP NGUYEN

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