HA NOI (Biz Hub) — The report "Viet Nam 2035: Toward Prosperity, Creativity, Equity and Democracy" was released in Ha Noi yesterday, laying out a path for the country to reach upper-middle income status by 2035.

At the launch ceremony, Minister of Planning and Investment Bui Quang Vinh said the report, which was jointly prepared by the World Bank (WB) and the Vietnamese Government, comprised of seven chapters that deal in-depth with three development pillars and make recommendations for turning Viet Nam into an upper-middle income country by 2035.

The Southeast Asian nation must have a high and continuously stable growth rate in the next two decades, with annual GDP growth of 7 per cent, reaching US$15,000–18,000 per capita by 2035.

The report focuses on three areas: improving productivity and private-sector competitiveness, promoting equity and social inclusion and improving public sector effectiveness.

It proposes strengthening the economy and the financial sector, focusing on more effective regulation, protection of property rights and enforcement of competition policies.

It also recommends Viet Nam consider new policies and investments supporting the growth of industries linked to global supply chains, along with smarter use of international trade agreements like the Trans-Pacific Partnership.

Improvements to the agriculture sector – which employs nearly half of the nation's workforce – as well as stronger environmental protections and better planning for clean energy generation are recommended.

Deputy Prime Minister Vu Duc Dam (left) and WB Group President Jim Yong Kim release the report. — Photo: VNA

The report also calls upon Viet Nam to continue fostering equality and social inclusion by providing greater access to opportunities for minorities, people with disabilities and women, and delivering public services that provide for an aging, urbanised and middle-class society.

The report recommends governance improvements to help boost accountability and transparency, and ensure Viet Nam has strong institutions to keep pace with the country's rapid development. Another recommendation calls for Viet Nam to strengthen state accountability by ensuring checks and balances between the three branches of government and creating opportunities for citizen feedback on public service delivery.

At the ceremony, Deputy Prime Minister Vu Duc Dam highlighted achievements during the doi moi (renewal) process launched in 1986, noting that aspirations for a bright future with an affluent economy, sustainable environment and a free, prosperous and happy life for all people required more effort from Viet Nam.

He said "Viet Nam 2035" was an important report on Viet Nam in the next 20 years. The Vietnamese Government will refer to its suggestions while making policies, including the socio-economic development plan for 2016–20 and the socio-economic development strategy for 2020–30.

Meanwhile, World Bank Group President Jim Yong Kim considered the report important to both Viet Nam and the World Bank, adding that their co-operation in preparing the report illustrated the World Bank's commitment to helping with Viet Nam's development.

Viet Nam has a strong aspiration, which is to become a modern industrialised country toward prosperity, creativity, equality and democracy. That aspiration can be realised through institutional reforms and support policies based on the three pillars: economic prosperity with environmental sustainability, equity and social inclusion, and a capable and accountable state, he noted. — VNS