Vietnam on right track to shape growth for next 5–10 years
(VOVWORLD) -An article published on siliconcanals.com, an English-language technology media platform and online news site in the Netherlands, says Vietnam has carried out its most significant reforms in decades, including a major leadership reshuffle, and these changes are expected to play a critical role in shaping Vietnam’s economic direction over the next 5–10 years.
The article says the deep structural changes implemented by the Vietnamese Government over the past 12 months are impressive and could open up real growth.
The article outlines the key changes in the next phase of Vietnam’s economic development. First, Resolution 68 signals that Vietnam’s growth will be driven by the private sector, a meaningful shift for sustainable, long-term growth. Second, with the integration of the informal economy into the formal system, household businesses will contribute 20-30% of Vietnam’s GDP. Third, the introduction of stricter regulations could ensure a fairer and more competitive market in the long term.
Vietnam has also implemented a number of other reforms, including provincial mergers, a roll-out of electronic national IDs, and broader digitalization of government processes.