Experts gather to chart course for Vietnam’s 2045 high-income status

Co-hosted by the Economic Research Institute for ASEAN and East Asia (ERIA) and Dong A University, the two-day event unveils key findings from the ERIA Report, a two-year research project titled "Vietnam 2045: Issues and Challenges for Development". This comprehensive study was submitted to leaders of both Vietnam and Japan in November 2023.

The workshop features four working sessions and a forum, bringing together 14 thematic reports offering insights into Vietnam's economic landscape.

The opening session set the tone with discussions on balanced development models, growth model transformation, and policies to avoid the middle-income trap. Speakers delve into the new wave of digital transformation, the fourth industrial revolution, the Internet of Things (IoT), and artificial intelligence (AI).

The subsequent sessions explore the impact of the external environment, drivers of industrial development, and emerging issues relevant to Vietnam's development goals until 2045.

Tran Van Tho, Emeritus Professor at Waseda University of Japan, stressed that escaping the middle-income trap and achieving sustained growth requires Vietnam to prioritise policies that foster industrialisation, support small- and medium-sized enterprises (SMEs), enhance manufacturing-driven markets, elevate education and training, and invest in research and development.

Prof. Yasuhiro Yamada, senior policy fellow at ERIA, underscored the necessity for Vietnam to achieve an annual growth rate of 5.4% to attain the status by the date. This goal necessitates productivity and industrial upgrades, and a shift from input-based growth to innovation-driven one, with key industries such as electronics, advanced agriculture, apparel, digital transformation sectors, automotive, health care, and energy poised to lead the charge toward a thriving circular economy.

Vice Chairwoman of the municipal People’s Committee Nguyen Thi Anh Thi called for ongoing reform and innovation to fuel economic growth. She highlighted the rapid advancement of the fourth industrial revolution, AI, and IoT as essential components of this transformative journey.