The World Bank said that to maintain rapid growth and achieve its ambitious development goal, Vietnam must deepen the sweeping institutional reforms that are underway, strengthen the legal and regulatory environment, and improve both the scale and quality of public investment.
To overcome the middle-income trap and become a high-income nation, Vietnam must rethink and reshape its development trajectory. The key lies in technological innovation, institutional reform, and industrial upgrading, according to a Chinese professor.
Pambudi noted that Indonesia's economic growth rate has hovered around 5% for the past two decades, preventing the country from attaining a high-income status.
Funabashi Gaku, a senior advisor at the Japan International Cooperation Agency (JICA), has made an encouraging assessment about Vietnam’s industrial development prospect and insights into the country’s economic transformation.
The next several years of the decade will play a decisive part in transforming Vietnam into an industrialised nation, achieving its goal of sustainable development and breaking into the world's high-income group.
Indonesian Trade Minister Zulkifli Hasan has urged regional governments to support the micro-, small-, and medium-sized enterprises (MSMEs) to step up digital transformation so as to enhance competitive edge for domestic products.
Malaysia’s Madani Economy policy plan requires determination and implementation to free the country from the middle-income trap and head towards a high-income country, said Bank Negara Malaysia (BNM).
Malaysian Deputy Prime Minister Ahmad Zahid Hamidi on February 9 said that the country must climb out of the middle-income trap after languishing more than two decades in the upper middle-income bracket as per the World Bank classification.
The Indonesian economy must grow between 6-7 percent from 2022 to escape the middle-income trap, Minister of National Development Planning and head of the National Development Planning Agency (Bappenas) Suharso Monoarfa has said.
Lawmakers proposed solutions to promote socio-economic development in the 2021-2025 period during the 10th sitting of the 14th National Assembly (NA) in Hanoi on November 3.
The Thai government is pushing ahead with the bio-economy concept to modernise agriculture with advanced technology in a move to improve the national economy, local media reported.
Prime Minister Nguyen Xuan Phuc emphasised the important role of the Ministry of Planning and Investment (MPI) and asked it to take the initiative in solving development conundrums while addressing a conference in Hanoi on January 9.
Middle-income trap, climate change and international economic integration are posing great challenges to agriculture, farmers and rural areas in Vietnam, Minister of Agriculture and Rural Development Nguyen Xuan Cuong said at a conference held in Hanoi on October 5.
The Government Office, the Ministry of Planning and Investment and the US Agency for International Development (USAID) launched the USAID Linkages for Small and Medium Enterprises (LinkSME) in Hanoi on September 24.
The Vietnam Reform and Development Forum 2019 (VRDF 2019) will focus on the reform of market economic institutions and innovations in order to help Vietnam escape from the middle-income trap.
Information and technology (IT) firms will lead the country’s digital transformation in all sectors, said Phan Tam, Deputy Minister of Information and Communications (MIC).
Minister of Planning and Investment Nguyen Chi Dung has stressed the urgent significance of improving labour productivity in promoting growth, overcoming the middle-income trap, avoiding falling behind and narrowing down development gap with other countries.
Technology is the main factor to develop Vietnam’s economy, help it escape from the middle-income trap, and transition into a developed nation, Prime Minister Nguyen Xuan Phuc affirmed at a forum in Hanoi on May 9.
