Former UN Resident Coordinator Kamal Malhotra in an interview with VOV

Former UN Resident Coordinator Kamal Malhotra said Artificial Intelligence will bring both opportunities and challenges, putting Vietnam at a turning point similar to 1945, 1954, 1975, and the 1986 reforms. To move forward, Vietnam needs a new Reform 2.0 that builds on the 1986 reform with a focus on long-term economic strategy for even greater progress.

Malhotra said, "If you just look at it technically from an economic benchmark, a country is declared “developed” by the World Bank when it reaches a per capita income of 14,000 USD. Vietnam is still under 4,000 USD, which means it has to increase its per capita income by a minimum of 10,000 USD per year."

He added, "that is very challenging. But even if it does, I would argue. Firstly it's the low end of the benchmark. Some economists believe that to be a developed country, you should have per capita income of between 25,000 to 30,000 USD and that is not achievable for Vietnam. But even if it achieves 14,000 USD, the real benchmark for a developed country is maturity in the political system."

And for all of this to be achieved, Vietnam needs high caliber economists at the highest level, he added.

Mr. Malhotra said Vietnam needs a skilled workforce and advanced technology to succeed, and it should also develop small and medium-sized enterprises in key sectors and expand them globally to improve competitiveness.