Viet Nam's recent reclassification by the World Bank (WB) Group as an upper-middle-income economy marks an important milestone in the country’s development trajectory, said Mariam J. Sherman, WB Director for Viet Nam, Cambodia, and Lao PDR, noting that while the upgrade reflects Viet Nam's remarkable progress, it also brings a new set of growth challenges as the country pursues its ambition of becoming a high-income economy by 2045.