Vietnamese economy projected at US$2 trillion by 2050: WEF leader Schwab

A large market of more than 100 million consumers, a steady, high economic growth, and a young population with a median age of just over 30 are all significant prerequisites for Vietnam to realize its development goals, the WEF founder said at an economic forum on a knowledge economy in Ho Chi Minh City on October 6.

Prof. Schwab emphasized that the development of a knowledge economy is an inevitable and urgent trend globally that requires workers to be equipped with new knowledge and skills to seize opportunities and overcome the challenges posed by the technological era.

As industries evolve, continuous learning and adaptability become essential for ensuring competitiveness and innovation in the workforce, he said.

According to the WEF founder, the transition from a traditional economy to a knowledge economy requires a comprehensive and rational restructuring, with people as a key pillar driving this process.

Ho Chi Minh City has many advantages for developing a knowledge economy, such as a young, creative workforce that is quick to adapt to technology. However, to turn these advantages into reality, breakthrough solutions in education and training are necessary to closely align with the practical needs of the economy, stated the WEF chairman.

The Professor identified four key areas where technology is reshaping the Vietnamese economy, including artificial intelligence, automation in manufacturing; e-commerce and digital services; investment in digital infrastructure and smart urban development; and sustainable development and green technology.

However, alongside these opportunities, he said Vietnam also faces challenges related to social inequality, and the risk of increasing poverty and unemployment, necessitating appropriate management policies to mitigate negative impacts.