Viet Nam Human Rights
Vietnam aims to become industrialised world exporter by 2030
24/3/22
Vietnam has set a target of becoming an industrialized country with highly competitive industries, and among the world's top 15 largest exporters by the end of 2030.
According to a report by the Ministry of Industry and Trade (MoIT), the country's immediate target is to develop 20 products with strong international brands, to strengthen its position in the global supply chain, to bring its supporting industry's capacity to meet 70 percent of domestic demand and localization of production to 45 percent.
The country's supporting industry, which remained underdeveloped and overly reliant on imports, has been identified as a major weakness for Vietnam, especially in key industries such as electronics, textile, leather and footwear, manufacturing and automobile.
The effect has been made painfully clear since the pandemic as Vietnam's top suppliers of parts, including Chia, South Korea and Japan, were hit hard by COVID-19, causing severe disruptions to production in Vietnam.
In addition, over-reliance on outside supplies has crippled the development of indigenous supporting industries while cutting deep into domestic firms' profitability. For example, the Southeast Asian economy relies on China and South Korea for as much as 90 percent of the input materials for textile, footwear and electronics. Experts have long raised concerns over the country's inability to contribute more to product value, putting it at high economic risk in the event large international corporations decided to move production elsewhere.
In order to address the issue, the MoIT has proposed a restructuring plan for Vietnam's industries with a focus on the development of supporting industries. According to the ministry, significant progress had been made in the 2011-20 period with industrial production accounting for around 27.45 percent of the country's total GDP annually.
The ministry advised the government to focus on qualitative development instead of quantitative and to take measures to improve productivity, one of the main weaknesses of the economy. The ministry said by the end of 2030, industrial production is to account for 40 per cent of total GDP, manufacturing value added per capita over USD 2,000 with a 45 percent contribution from high-tech industries.
The ministry said among the top priorities for the next ten years is how to restructure many State-own enterprises under their own management, which have been underperforming and causing losses in the billions of dollars for decades now.
Popular Posts
-
Religion is a part of the spiritual life in society, this phenomenon of the superstructure has been strongly changed with economic - social... -
Vietnam has just done well for the second cycle of Universal Periodical Review (UPR) in Geneva, Switzerland. So, what’s the UPR? an... -
Thai people in Shutdown Bangkok protests Not until this crisis, we have realized the ne... -
Representatives from foreign countries congratulate Viet Nam on its election to the Human Rights Council for the first time on November ... -
A street flowers vendor in Hanoi Another new spring has come to Vietnam, bring... -
If nothing changes, there will be a preferential credit program with hundreds of thousands billion of capital for agriculture and r... -
Recently, several anti-governmental individuals have established series of illegal groups and organizations in the name of civil soci... -
Radio Free Asia (RFA) is a private, nonprofit international broadcasting agency of the United States government that broadcasts and...
All comments [ 20 ]
Since the launch of the Ðổi Mới economic reforms in 1986, Viet Nam has achieved tremendous economic and social progress.
It is one of the most open economies in the world, has enjoyed robust growth and performed well in human development and social inclusion.
Viet Nam now has a window of opportunity to leverage past successes and climb the development ladder.
Reforms are necessary as the global economic outlook is increasingly sluggish, this window of opportunity is potentially quite short and the need for action is mounting.
Today, Viet Nam’s share of trade (export and import) to GDP is 200%, one of the highest of any economy.
Viet Nam is also among the world’s top exporters of a range of agricultural products including coffee and rice.
Looking ahead to 2030 and beyond, Viet Nam will need to focus on sustainability and upgrade its capabilities to tackle increasingly complex economic, social, institutional and environmental challenges.
conomic progress will see society continue to evolve at a fast pace, with demographic change, a growing middle class and urbanisation creating new opportunities but also new demands.
Viet Nam’s impressive natural capital will require greater care to ensure its preservation.
Institutions will need to evolve to accompany Viet Nam’s transformation from a society playing catch-up to a modern creative economy.
Strategies are informed by past experience but are made to navigate the future.
Good governance for technologies and a forward-looking policy approach are key to reaping the full benefits of technological transformation.
The global economic outlook is decelerating, with negative consequences for trade that will likely impact Viet Nam, once the one-off effects of the China-US altercations have run their course.
Development is not about getting everything right, but about getting right what matters most.
With the right choices, Viet Nam has tremendous potential to continue its highly successful development path.
The country’s openness to trade and investment and its recent success in improving its fiscal situation have put it in a good position to benefit from current changes in trade and investment patterns in the region.
With the necessary reforms, Viet Nam has the potential to reach high-income status in about 30 years.
Building on its strong track record of discipline and readiness to reform, Viet Nam must prepare to switch from accumulation to innovation and efficiency gains as drivers of development.
To encourage growth among the most innovative and productive firms, Viet Nam should work towards a competitive market environment that provides equal opportunity to all firms.
Viet Nam should continue to upgrade its tertiary education sector to provide the labour force and firms with the skills for a modern economy.
Your comments