The second Vietnam Reform and Development Forum (VRDF) takes places in Hanoi on September 19, 2019. (Photo: VOV)

The annual forum also touched upon innovative solutions to overcome the middle-income trap in the midst of the Fourth Industrial Revolution, and set out a plan of action for Vietnam’s development.

Minister of Planning and Investment Nguyen Chi Dung spoke of Vietnam’s recent achievements at the opening session, including fine-tuning its socialist market-oriented economic institutions and promoting global integration. Vietnam has become an attractive investment destination with a more open economy and culture of innovation. Still, Vietnam needs to see more initiatives to boost labor productivity and national competitiveness. Minister Dung stressed innovations and reforms as keys to development and prosperity.

He said: “We are determined to reach our ambitious goal of a prosperous Vietnam. We need to set our priorities and plan of action in the short and long term, figuring in our limited resources. This forum aims to collect opinions on three major issues: establishing modern, integral economic institutions, promoting innovations to overcome the middle-income trap, and setting priorities and a plan of action for a prosperous Vietnam.”

According to Ousmane Dione, Country Director for the World Bank in Vietnam, Vietnam has the ability to maintain its growth but will need breakthrough reforms to seize future opportunities and manage risks.

He said: “Designing an economic development strategy for Vietnam is critical, but successful implementation will probably be even more important. For this reason, priorities and actions need to be clearly identified which should be made practical for implementation. Bearing in mind our context, this is exactly what we would want to get out of our dialogue today.”