The past and the Hopeful Future of Vietnam’s Economy

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Vietnam has high growth potential. Moreover 65 percent  of population is working age, there is an attractive dosmetic market. Vietnam’s economy has to shift to a market economy to reform the economy – a structural reform needed to modernize the economy. Provetly levels have dropped dramatically. The government allows state-owned companies to diversify their investments. That is one of the easiest ways to increase GDP. The combination between Vietnam and the world is very impressive. It has joined many economic associations and signed trade agreements. Vietnam could expect to increase GDP from TPP and AEC. Vietnam’s eagerness to sign the TPP and restructure the economy to prepare for future competition.
Vietnam ranked 68 out of 144 economies in the Global Competitiveness Index for the period 2014-2015. There is a lot of room to improve, and Vietnam needs to reform otherwise it will face the risk of falling into the middle income trap. Vietnam has advantages in terms of market size, health, primary education and labor market efficiency – but it suffers from infrastructure. Vietnam must move from a low-wage economy to a highly skilled and trained country. Vietnamese enterprises must stick to the global value chain. The Vietnamese government has streamlined the bureaucracy and improved the role of civil society. Integration will require new standards of fair competition and transparency from the government. I believe that if Vietnam can burn the creativity and dynamism of its people, Vietnam should have the opportunity to thrive and take advantage of its integration into the world economy.

Writer: Nguyen Thu Ha (No.06)

Source of the Article: “The past and the Hopeful Future of Vietnam’s Economy” – by Le Dang Doanh

2 thoughts on “The past and the Hopeful Future of Vietnam’s Economy”

  1. You can find creativity in many ways in Hanoi. For example, Hanoi Creative City at 1 Luong Yen Street is a model of creative and artistic population which is oriented to become the first creative arts center in Hanoi. It brings organizations, businesses, individuals, products and services as well as the most outstanding activities of the Vietnamese creative industry.

  2. Good abstract of the article : I believe also that creativity of people could help them to innovate and be able to change the world. Do you have an example of creativity in Hanoi ?

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