Vietnam has a lot to do to realize dreams of prosperity

There are many problems Vietnam needs to confront in order to realize its dreams of prosperity, said participants of the Vietnam Reform and Development Forum 2019 in Hanoi on Thursday.

They said Vietnam needs to finalize its modern economic mechanism, free its market of production bottlenecks, finalize administrative systems, and increase the added value of processed or manufactured products.

Pinelopi Koujianou Goldberg, the World Bank chief economist, said Vietnam should participate more in global value chains, improve its human resources, and continue its international integration.

It becomes more challenging, then, its skilled labor force and increases in human capital are crucial, and that is the stage in which Vietnam finds itself right now. So the main message of our work at the WB is that countries that want to move up in the global value chain need to invest in human capital. When it comes to making it to the top stage, so participation in innovation and intensive activities, in some senses, the requirements are similar to the ones that are needed for countries who participated in advanced manufacturing, so one is its skilled labor force, one is human capital.

Prime Minister Nguyen Xuan Phuc said Vietnamese enterprises should make full use of their innovative labor force and step up the application of new technologies to gain greater benefits when joining the global value chain.

Source: VOV5