However, challenges still abound, as the GDP per capita and productivity remain low and Vietnam is at great risk of being caught in the middle-income trap and lagging behind other countries economically. The income gap between different classes of the population is widening, while Vietnam is also facing great challenges from environmental and climate change issues as well as rapid technological evolution.
For now, strong growth, coupled with environmental sustainability, social equality, and integration will be the main pillar of any economy, including Vietnam’s. Sustainable development is indisputably the goal of any country in the world. Experts have advised that Vietnam should take action to achieve steady growth and environmental sustainability.
Accordingly, it is necessary to continue refining institutions and policies to create a full market economy that is efficient and integrated into the global economy. At the same time, an equal business environment is needed to restructure state-owned enterprises and promote the private sector’s rapid growth.
In Vietnam today, although many have been lifted out of poverty, the devastating effects of natural disaster can mean they are again thrown into economic desperation. As such, in order to achieve its sustainable development goals, Vietnam needs appropriate solutions to support the vulnerable population.
As the fourth industrial revolution is making inroads into every aspect of life, Vietnam needs to create more jobs for highly-skilled workers, train unskilled workers, and protect the livelihood of its citizens by increasing their incomes and improving their access to social insurance.
Furthermore, if the workforce is not equipped with new skills, they will not be able to catch up with scientific and technological advances. It must be acknowledged that Vietnam’s educational sector remains ineffective when a large proportion of students have yet to be equipped with the necessary skills. Therefore, Vietnam needs to put a greater focus on education to ensure it can produce a crop of highly-qualified workers.
