On the morning of February 22, 2024, National Economics University (NEU), in collaboration with Japan’s National Graduate Institute for Policy Studies, organized a policy dialogue seminar themed “30 Years of Vietnam’s Development: Looking Back and Responding to New Challenges,” attended by hundreds of delegates from Vietnam and abroad.

An overview of the seminar

Representing central ministries and agencies at the seminar were Pham Thi Hong Yen, Standing Member of the National Assembly’s Economic Committee; Bui Xuan Du, Director of the Secretariat and Editorial Department, Government Office; Nguyen Quang Huy, Deputy Director of the General Economic Affairs Department, Central Economic Commission; Nguyen Hoang Duong, Deputy Director of the Banking and Financial Institutions Department, Ministry of Finance; Vu Thanh Son, Director of the Department of Personnel Training and Development, Central Organization Commission; and Tran Thi Thu, Deputy Director of the Integrated Statistics and Statistical Information Dissemination Department.

Economic experts attending included Prof. Tran Van Tho, Waseda University, Japan, and member of the Prime Minister’s Economic Advisory Group; Prof. Kenichi Ohno, Japan’s National Graduate Institute for Policy Studies (GRIPS); Pham Chi Lan, former Vice President of the Vietnam Chamber of Commerce and Industry; Le Dang Doanh, former Director of the Central Institute for Economic Management; Nguyen Bich Lam, former Director General of the General Statistics Office; Le Xuan Ba, former Director of the Central Institute for Economic Management; Vo Tri Thanh, Institute for Brand and Competitiveness Strategy; Ngo Tri Long, former Director of the Institute for Market and Price Research (Ministry of Finance); Prof. Dr. Sc. Nguyen Quang Thai, President of the Vietnam Economic Science Association; Dr. Nguyen Dinh Cung, member of the Prime Minister’s Economic Advisory Group, former Director of the Central Institute for Economic Management, and senior economist; Dr. Vu Tien Loc, former President of VCCI; and other economic experts.

Representing universities and academies were Dao Ngoc Tien, Vice President of Foreign Trade University; Bui Van Huyen, Director of the Institute of Economics, Ho Chi Minh National Academy of Politics; Le Xuan Sang, Deputy Director of the Vietnam Institute of Economics; Chu Khanh Lan, Deputy Director of the Banking Strategy Institute; and Ngo Tuan Nghia, Director of the Institute of Political Economy.

Representing NEU were Prof. Dr. Pham Hong Chuong, President; Assoc. Prof. Dr. Bui Duc Tho, Secretary of the Party Committee and Chair of the University Council; Assoc. Prof. Dr. Nguyen Thanh Hieu, Vice President; Prof. Dr. Tran Tho Dat, Chair of the Science and Training Council; and Assoc. Prof. Dr. Nguyen Thanh Ha, Chair of the Advisory Council. Also attending were members of the Science and Training Council and Advisory Council; former University leaders; representatives of the leadership of departments, faculties, schools, institutes, and centers; and more than 100 delegates, including scholars and economic experts from Vietnam and abroad, representatives of committees, ministries and agencies, scientists, international organizations, and leaders of institutes and universities.

The seminar aimed to assess Vietnam’s development achievements over the past three decades and identify development challenges in the new context, thereby proposing policy recommendations for Vietnam to achieve sustainable growth and become a high-income country. The seminar’s findings will provide additional information for research and advisory work for the Politburo, Secretariat, National Assembly, and Government on major orientations and policies for the country’s socioeconomic development in the new context.

Prof. Dr. Pham Hong Chuong, President of NEU, delivers remarks.

Speaking at the seminar, Prof. Dr. Pham Hong Chuong, President of NEU, noted that over more than three decades, Vietnam has undergone a major transformation from a centrally planned economy to a market economy; from a closed, import-substitution economy to one of the most open economies; and from a lower-middle-income economy to a middle-income economy. Vietnam is now pursuing the more ambitious goal of becoming a “developed, high-income country” by 2045. According to Prof. Dr. Pham Hong Chuong, achieving this goal will require average annual economic growth of 7% over the next more than 20 years. Vietnam also aims for greener and more inclusive growth, pledging to reduce methane emissions by 30% and end deforestation by 2030, while achieving net-zero emissions by 2050.

The NEU President noted that several major trends are shaping Vietnam’s future. The rapid advancement of the Fourth Industrial Revolution, digital technology, and artificial intelligence offers opportunities to enhance economic competitiveness and sustainability, as well as the quality of products, services, and production processes. However, it also poses numerous major challenges, including infrastructure and an increasingly aging population, among others. These are accompanied by political, social, and institutional issues.

In addition, the global economic environment faces serious challenges arising from instability and political conflicts in many parts of the world. This is creating unprecedented challenges and could undermine the development of Vietnam and humanity as a whole in the coming years.

Prof. Dr. Pham Hong Chuong emphasized that, according to researchers’ general assessment, Vietnam’s economic growth in recent decades has been strongly influenced by well-timed liberalization, its advantageous geographical location, abundant natural resources, and ample labor supply.

“However, can Vietnam continue to grow rapidly and sustainably and become a high-income country, as South Korea and Taiwan have done in recent decades, or will we fall into the ‘middle-income trap,’ as experts have warned? To keep development moving forward, we need strategic directions and concrete actions to maintain rapid growth sustainably,” said Prof. Dr. Pham Hong Chuong.

Prof. Dr. Ngo Thang Loi, NEU, presents the paper “The Impact of Economic Growth on Social Progress in Vietnam After 30 Years of Doi Moi.”

Prof. Tran Van Tho, Waseda University, Japan, presents the paper “Assessing 30 Years of Vietnam’s Development and Policy Recommendations for Sustainable Growth and Becoming a High-Income Country.”

Prof. Kenichi Ohno, Japan’s National Graduate Institute for Policy Studies, presents the paper “Implementing the Next Stage of Industrialization: Experiences from Countries in the Region and Policy Suggestions for Leaders, Technocrats, and Policymakers.”

According to the general assessment of many economic researchers, Vietnam’s growth in recent years has largely resulted from well-timed liberalization, its advantageous geographical location, abundant natural resources, and ample labor supply, among other factors.

A major question is whether Vietnam can continue to grow rapidly and sustainably, gradually joining the ranks of high-income countries as South Korea and Taiwan have done, or whether it will follow the troubled path of neighboring countries such as Thailand, Malaysia, and Indonesia, which, after a long period, are still struggling to move beyond middle-income status or have fallen into the middle-income trap.

Experts identified 2024-2030 as a decisive period for Vietnam to transform into an industrialized country in line with Vietnam’s Socioeconomic Development Strategy for 2021-2030. This is an important juncture that opens up many development opportunities for the country’s economy, particularly through the effects of globalization, international economic integration, and the Fourth Industrial Revolution. Reviewing and assessing development achievements over the past three decades, as well as analyzing the capacity to respond to the new context, is therefore extremely important.

Speakers exchange views and engage in discussions at the seminar.

At the seminar, many speakers provided an overview of Vietnam’s development over the past 30 years and analyzed shortcomings and issues facing the economy. They also analyzed Vietnam’s development policies, comparing them with the experiences of countries in the region in formulating and implementing development policies. In addition, they offered policy suggestions for the Government, administrators, and Vietnam’s business community to respond to new challenges.

Prof. Dr. To Trung Thanh, Head of the Department of Research Management, moderates the seminar program.

Selected images from the seminar:

Article and photos: Department of Communications

Media coverage of the seminar:

National Assembly Television: Vietnam responds to new challenges

Vietnam News Agency Television: Many challenges after 30 years of reform and development

VTC10 Television: Vietnam responds to new challenges to sustain rapid and sustainable growth

Vnexpress: Experts suggest ways for Vietnam to overcome the middle-income trap

CafeF: Moving beyond lower-middle-income status after 30 years: What is the ideal development path for Vietnam to become a high-income country by 2045?

Vietnam Financial Times: With growth showing signs of “losing steam,” Vietnam needs concrete actions

An opportunity for Vietnam’s economy to transform and escape the middle-income trap

Nhan Dan: Vietnam responds to new challenges to become a prosperous nation

Vneconomy: Experts suggest five policies to help Vietnam become a high-income country

People’s Deputies: Policy discussion on “Vietnam’s 30 years of development: Looking back at the past and responding to new challenges”

Preparing for an era of innovation-driven growth

Policy flexibility is needed to achieve economic development goals

Labor: Continuous increases in labor productivity are needed to avoid the middle-income trap

Vietnam News Agency: Vietnam responds to new challenges to sustain rapid and sustainable growth

Capital Security: Vietnam: Responding to new challenges to join the ranks of high-income countries

Saigon Liberation: Growth shows signs of “losing steam”

Banking Times: Overcoming challenges to escape the middle-income trap

Business Forum: What should Vietnam do to achieve its ambitious development goals?

There are many reasons why household businesses are reluctant to become enterprises

Equality of opportunity determines economic equity

VOV: What is the key to helping Vietnam escape the middle-income “trap”?

Vietnam responds to new challenges to sustain rapid and sustainable growth

Investment: Taking action to move beyond middle-income status

Vietnam Law: Vietnam’s growth: Policy and private-sector dynamism

Customs: Escaping the income trap and creating a “playing field” where enterprises can do business freely

Financial and Monetary Market Review: Major trends shaping Vietnam’s future

Vietnam Entrepreneur Magazine: Experts: Growth is showing signs of “losing steam” over time, with the risk of a middle-income trap becoming apparent

Vnbusiness: What does Vietnam need to do to join the high-income group alongside South Korea and Taiwan?

Vietnam Entrepreneur Magazine: Avoiding the middle-income trap and achieving sustainable development will be priorities for Vietnam’s economy in the coming period

Merchant Newspaper: Vietnam responds to new challenges to become a prosperous nation

Enterprise & Green Economy Magazine: Experts recommend a range of solutions to help Vietnam achieve rapid and sustainable growth

Social Security Magazine: How can Vietnam become a high-income country by 2045?

Petro Times: Vietnam’s economic development: Looking back at the past and responding to new challenges

This is an automated translation. If you notice any errors, please contact the Department of Communications, National Economics University at phongtruyenthong@neu.edu.vn.