Vietnam development model needs upgrade: WB

Vietnam has reached an inflection point in its economic development and needs to look for new models, the World Bank says.

In a report it released on Wednesday, ‘Vibrant Vietnam: Forging the Foundation of a High-Income Economy’, the WB said domestic and foreign business environments in Vietnam are volatile, and the nation should not rely too much on past successes and has to make upgrades to its current economic model if it wants to continue to flourish.

Vietnam has achieved impressive economic, social and educational development over the past two decades, it acknowledged.

But, especially with the global pandemic, conditions that acted as favorable tailwinds and helped Vietnam grow quickly could now turn into headwinds, it warned.

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Ha Thu