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Institutional reforms key to Vietnam reaching high-income status by 2045, WB says

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(VOVWORLD) - For Vietnam to realize its aspiration for reaching high income status by 2045, it will need to shift its economic growth model and sharply improve the government’s capacity to coordinate and implement economic policy reforms and public investments, a World Bank Group report says.
Institutional reforms key to Vietnam reaching high-income status by 2045, WB says - ảnh 1An overview of the ceremony in Hanoi on May 18, 2022 to launch the report 

A report titled “How Will Vietnam Blossom? Reforming Institutions for Effective Implementation”, released on Wednesday,  analyzes Vietnam’s development priorities and proposes institutional reforms to help the government realize those priorities more efficiently.

According to Tran Thi Lan Huong, a Senior Public Governance Specialist with World Bank Vietnam, “First, it’s necessary to outline a firm institutional framework to carry out any goals. Mechanisms must be empowered to direct and closely monitor the goals. Second, is administrative procedure reform. It’s important to apply market mechanisms to increase transparency and competitiveness in the market and to encourage more responsible behaviors to implement Vietnam's development goals. Finally, reform processes require transparency of information.”

“The uniform implementation of institutional reforms will increase the quality of the implementation of Vietnam's reforms and help Vietnam achieve its goal of becoming a high-income country by 2045,” Huong added.

World Bank Country Director for Vietnam Carolyn Turk said institutional reforms can help Vietnam avoid the middle-income trap by increasing its efficiency in responding to new and complex global and domestic challenges.                                                                       

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