Minister of Planning and Investment Nguyen Chi Dung
Minister of Planning and Investment Nguyen Chi Dung emphasized that Viet Nam would miss valuable opportunities of the fourth industrial revolution (Industry 4.0) without timely and acumen actions.
Minister Dung made the prediction on January 30 at a meeting on economic visions in 2019.
According to the Minister, the economy has encountered challenges and upheavals when it is being opened largely. Viet Nam may fall into the middle-income trap, a large challenge, said Minister Dung.
According to Mr. Dung, to overcome the middle-income trap, Viet Nam must attain faster economic growth rates and catch up with other countries. Meanwhile, the country has to maintain macro-economic stability; constantly high growth rate.
Regarding Industry 4.0, Minister regarded this as a valuable opportunity for Viet Nam. Without acumen and timely action, Viet Nam would miss the opportunity.
He also said that as an important strategic consulting office, the Ministry of Planning and Investment would focus on human-oriented development so that no one is left behind.
Three important pillars for sustainable development
Minister Dung stressed three pillars for sustainable growth including economics, society, and the environment. These pillars must focus on humans.
Viet Nam’s average GDP growth rate is 6.8%. The economic size is US$ 245 billion. GDP per capita is US$ 2,587.
However, these figures remain modest in comparison with regional peers.
Viet Nam belongs to the group of low medium income countries in which average GDP per capita ranks 138th out of 188 countries and territories./.