(MPI Portal) – In the framework of Vietnam 2035 Report, Ministry of Planning and Investment in coordination with World Bank (WB) held Workshop on global megatrends and implications for Vietnam on February 5th 2015. Attending the Workshop, there were Mr. Bui Quang Vinh, Minister of the MPI, Deputy Head of the Steering Committee for Vietnam 2035 Report and Ms. Victoria Kwakwa, WB’s Country Director for Vietnam and the advisors, economists of WB and Vietnam.

Mr. Manu Bhaskaran, WB’s economist at the Workshop. Photo: Thanh Son (MPI Portal)

Presenting Report at the Workshop, Mr. Manu Bhaskaran, WB’s economist showed the overview of scenarrios that would happen in the next 20 years based on the identification of major global megatrends such as the increase of geo-political hot spots, the rise of multi-polar world; faster urbanization, raise of megacities and smart cities; development of new technologies challenging economic models and business; multi-channel integration, the lack of executive apparatus of global economy, instability of financial flow; more competition on water and energy resources, increase of vulnerability; slowness and inadequateness of policy response; the shift of China and India to new positions in the value chain, automation and return to domestic production; the shift from USD to EUR.

The WB’s Report has shown the key results on global growth: average growth rate would be 3% per year, economic scale would double by 2032 and Asian proportion would be highest in global GDP, therefore, implications for Vietnam are the influence of regional and international complex political environment; the direct and quick interaction between technology, resources, climate, finance… containing potentials but also risks. Vietnam should enhance the ability to cope with shocks and its recovery; diversity, flexibility and adaptability will take Vietnam to a better scenario in the future.

At the Workshop, the participants also commented, discussed the situations and economic – political development in the next 20 years, in which, most of them were interested in the development and influence of the emerging countries, scientific – technological development and trend of currency in the world.

Ms. Victoria Kwakwa, WB’s Country Director for Vietnam affirmed that institutional reform plays an important role in Vietnam’s development, contributing to improve tolerance, diversity, adaptation; creating more favorable conditions for private sector would encourage innovative proposals for the economy in particular and the whole society in general of Vietnam.

Minister Bui Quang Vinh speaking at the Workshop conclusion. Photo: Thanh Son (MPI Portal)

Speaking at the Workshop conclusion, Minister Bui Quang Vinh highly appreciated the Report of the WB’s economist and the comments, discuss at the Workshop. He said that in the coming time Vietnam needs to implement well the targets set out, including completing socialist - oriented market economy, creating social justice, narrowing the gap between rich and poor, ensuring social security, building the state of law with streamlined and effective apparatus serving people better. With WB’s support and participation of domestic and international economists, Vietnam 2035 Report will bring new angles and thinking orientation to Vietnam, help to rise adaptation, overcome difficulties, towards comprehensive and sustainable development in the future./.

Nguyen Huong

MPI Portal