Saturday, September 19, 2020 9:51:26 AM - Markets open
VN-INDEX 900.95 +6.91/+0.77%
HNX-INDEX 129.20 +0.73/+0.57%
UPCOM-INDEX 60.59 +0.72/+1.20%
Industry has important role to overcome middle income trap in VN
Vietnam News - 5/26/2019 4:12:47 PM
 (0 ratings. You must sign in to rate.)
Policies to develop the industrial sector will be the key to keeping Việt Nam’s out of the middle income trap, according to experts.
 
The middle income trap is closely tied to economic growth, so if growth doesn’t stay high and for decades and there is not high income per capita, the nation will fall into the middle income trap, Deputy Director of the Central Institute of Economic Management (CIEM) Nguyễn Thị Tuệ Anh said at a workshop in Hà Nội on Thursday.
 
Policy is one of the most important factors to promote industrial development, she said.
 
Việt Nam is also facing challenges in overcoming the middle income trap requiring suitable management from the Government, she said.
 
According to Deputy Director of General Economics Department under the Central Economic Committee Hoàng Trường Giang, the labour force and workers’ skills are hugely important, so Việt Nam must improve labour productivity of workers and enterprises.
 
Ngô Minh Tuấn, CIEM researcher, said Việt Nam must focus on developing several fundamental industries and meeting the demand for basic means of production in the economy.
 
Việt Nam also needs to focus on developing support industries, strengthening links between multinational corporations and domestic enterprises, forming support industrial complexes and linking commodity chains, he said.
 
Tuệ Anh said so far, only a few countries have overcome the middle income trap. According to the CIEM's research, productivity growth is a decisive factor in Việt Nam’s solutions on overcoming the middle income trap, with support from reforms of technology and institution.
 
The Government has directed economic restructuring towards industrialisation and transformation from agricultural economy to industrial economy, aiming to increase labour productivity and income per capita as well as to upgrade all industrial sectors.
 
First of all, the processing and manufacturing industry produces higher value-added and more complicated products and increase labour productivity, she said.
 
In addition, the Government has employed a solution to restructure the manufacturing and processing industry from producing consumer goods such as food, garment, tobacco and wood, to capital goods such as chemicals and metals, machinery and equipment and motor vehicles.
 
According to Tuệ Anh, the Government, the authorities need to find ways to mobilise maximum potential and take advantage of opportunities for focusing on support industrial development, wit a focus on the private sector.  VNS
 
Read original article here
Newer News
14/09 Construction steel sales projected to recover in year-end months
11/09 VN energy sector a magnet for foreign investors
05/09 HCM City maintains export growth in eight months
27/08 Import-export expected to drive credit growth
24/08 Việt Nam shrimp exports to South Korea to edge up: VASEP
19/08 Seafood exports increase after EVFTA comes into effect
18/08 Vietnam opposes Indonesia’s conclusions on anti-dumping investigation on steel sheets
14/08 Export set to hit 340 billion USD in 2025
07/08 Vietnamese consumers became the most avid savers globally
04/08 EVFTA expected to contribute to EU recovery after coronavirus crisis
Older News
25/05 Aquatic businesses feel windfall from CPTPP
24/05 Vietnam, US to augment ties in economy-trade investment, defence
24/05 Vietnam’s exports to Thailand shoot up
23/05 Petrolimex plans convenience stores at gas stations
22/05 Deputy PM wants to increase value of Vietnamese brands
21/05 Vietnam-Russia economic, trade relations continue to thrive
19/05 Fund for development of SMEs to established
17/05 Vietnamese firms move to foster apparel exports to Canada
16/05 Industry 4.0 could boost Việt Nam’s GDP by up to 16 per cent
16/05 Vietnam enjoys advantages for raising grass-fed cattle
 
Newsletter Signup
Top Stories
Reference exchange rate down 5 VND on September 15
Construction steel sales projected to recover in year-end months
HVN: Vietnam Airlines increases flights from/to Da Nang
Local ETFs draw foreign attention
Plastics industry shrugs off pandemic, interests stock investors
Market Update
Last updated at 3:10:06 PM
VN-INDEX 900.95 +6.91/+0.77%
Real-time chart
Top 5 Actives
Top 5 Gainers
Top 5 Losers
My Favorite Quotes
Your most recently viewed tickers will automatically show up here if you type a ticker in the Get Quotes box on the top of the page.
Company Research
Type in the symbol above for thorough background information, key statistics and financial information.
Stock Sectors
We continuously improve our services, here are the latest updates...
Portfolio
Allow you to monitor a customised group of securities. You can set up multiple Portfolios to help you better manage your investments.
Trigger Alerts
Get up-to-date alerts delivered directly to your email address.
Stock Screener
Allow you to filter the market and find exactly what sort of company you are looking for.
Live Terminal
Get instant access to FREE REAL-TIME streaming quotes for hundreds of stocks from HOSE, HNX and UPCOM exchanges.