Prime Minister: Vietnam increases productivity to overcome middle-income trap

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(VOVWORLD) -Prime Minister Nguyen Xuan Phuc has described increasing productivity as a foundation for improving national competitiveness.  
Prime Minister: Vietnam increases productivity to overcome middle-income trap - ảnh 1

At the Vietnam Development Forum in Hanoi on Wednesday, Phuc called for efforts to increase workers’ productivity, the efficiency of capital use, and total factor productivity: “Increasing total factor productivity is an important task of the government, which strengthens investment in science, advanced technologies, development and research, infrastructure, smart connection, legal reform, governance, business environment, and reducing transaction costs for the economy. We should uphold the people and businesses’ spirit of innovation and creativity and seize opportunities created by the 4th industrial revolution to develop the digital economy and smart industry and cities towards higher productivity and efficiency. On the basis of total factor productivity, Vietnam will have opportunities to overcome the middle-income trap.”

World Bank Country Director in Vietnam Ousmane Dione pointed out 4 factors for Vietnam to increase productivity and meet sustainable development requirements, including macro-economic stability, institutional consolidation, investment in infrastructure, and investment in human resources.

The Vietnam Development Forum, themed “Leveraging productivity growth for sustainable development” was attended by 300 delegates.