Deputy Minister of Planning and Investment Tran Quoc Phuong speaking at the Survey Announcement Ceremony. Photo: nhandan.vn

“Vietnam’s strong economic growth has led to remarkable social progress over recent years, and its economy has been resilient to shocks,” Acting Deputy Director of the OECD’s Economic Country Studies Branch, Vincent Koen said, presenting the Survey in Hanoi on Wednesday.

“Further reforms to improve the business climate, spur competition, and expand the pension and welfare system are necessary for Vietnam to continue on its path of economic and social progress and to fully benefit from its deep integration in global trade.”

According to the OECD, the openness of Vietnam’s economy leaves it exposed to geopolitical uncertainties and potential supply chain disruptions. Weathering significant challenges ahead, Vietnam needs to make additional efforts to advance structural reforms that will further strengthen market forces.

The Survey said Vietnam needs to further improve the business environment and facilitate the digital transformation process to maintain high economic growth after recovery.