Viet Nam 2045: Development Issues and Challenges

Edited by Fukunari Kimura

No 978-602-5460-53-1 in Books from Economic Research Institute for ASEAN and East Asia (ERIA)

Abstract: Viet Nam's impressive economic growth has been driven by a socialist-oriented market economy often recognised as the 'Viet Nam model.' This model, in combination with an open-door policy promoting economic integration with regional and global partners, has been pivotal in shaping the country's advancement. Notably, Japan's Official Development Assistance has played a central role in improving infrastructure to attract foreign direct investment, thereby reinforcing the expansion of exports. With the goal of achieving high-income status by 2045, Viet Nam must navigate a trajectory of consistent growth, aiming to surpass an annual growth rate of 5.4% leading up to 2045. In this pursuit, this publication highlights seven critical sectors poised to guide this growth. Amongst them, the digital business sector emerges as supremely significant. The wave of digital transformation acts as a pervasive catalyst for innovation, a cornerstone in Viet Nam's endeavour to break free from the middle-income trap. In the drive towards sustainable industrialisation, Viet Nam faces two challenges: firstly, the necessity of combating climate change and embracing green transformation - this involves ensuring a robust energy supply while adhering to a carbon-neutral framework. Secondly, fostering social inclusion to nurture a burgeoning middle class is equally vital. As we commemorate the 50th anniversary of diplomatic relations between Viet Nam and Japan, this publication delves deep into the economic synergy between the two nations. With a primary focus on digital transformation and green transition, it illuminates the dynamic cooperation between Viet Nam and Japan that paves the way for a promising future.

Date: 2023
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