Modernization and industrialization aid Vietnam’s development

(VOVworld) – Vietnam’s economy has been restructured toward modernization and industrialization after 30 years of renewal. Deputy Prime Minister Nguyen Xuan Phuc said at a symposium in Hanoi on Tuesday that international economic integration has brought both opportunities and challenges for Vietnam.

Modernization and industrialization aid Vietnam’s development - ảnh 1

He said that the achievements of the modernization and industrialization process had helped to improve people’s living conditions, reduce poverty, ensure political and social stability, safeguard national defense and security, and raise Vietnam’s global status: “Our economic restructuring has been basically successful. The agricultural proportion of GDP fell from 38.1% in 1986 to 18.4% in 2013 while the industrial proportion increased from 28.9% to 38.3%. A number of key economic zones have been established to generate growth momentum. Many industrial, processing and high-tech zones have been established nationwide, helping to speed up labor restructuring and improve economic competitiveness.”