The facade of the National Innovation Center in Ha Noi's Hoa Lac High-tech Park
The new breakthrough is expected to help Viet Nam achieve the ambitious goal of becoming a developed and high-income country by 2045, along with other three breakthroughs institutional development, human resource development, and infrastructure development.
The new breakthrough will be incorporated in the documents to be summited to the 14th National Party Congress scheduled to take place in early 2026.
Only by taking science, technology and innovation as the driving force, can Viet Nam embark on fast and sustainable development and narrow development gap with other countries, emphasized the minister.
From that perspective, the ministry has launched a modern national innovation center (NIC) with an aim to build an innovation ecosystem to support new technology research and startups, thus contributing to help the country move up the global value chain.
Indeed, Viet Nam cannot go alone and there are much work to be done to convert today's "de-risking" trend into long-term prosperity, the UK-based Financial Times suggested.
In an article released last year, the Financial Times assessed that after decades of showing promise, Viet Nam's economic moment may have finally arrived, and the country must capitalize on the manufacturing boom for its long-term development.
In the long run, Viet Nam must leverage the manufacturing growth boon to diversify its economy to become a high-income economy by 2045, wrote the article.
The article suggested that Viet Nam needs to bolster its business environment in the near-term if it wants to continue riding the wave of investor attention
Over the next decade, Viet Nam must raise its productive capacity to meet the growing demands of manufacturers investment plans, and need to reinvest its current growth dividend to support the development of more productive, knowledge-rich sectors. Backbone services like finance, logistics, and legal services create high-skilled jobs and add value to existing industries.
Viet Nam is now the 34th largest economy in the world. In 2023, the Southeast Asian country's GDP size was estimated at US$430 billion and GDP per capita increased by US$160 year-on-year to US$4,284.
Viet Nam was ranked 12th out of 20 countries with the highest rate of economic growth over the past 10 years, according to Yahoo!Finance. The Southeast Asian country maintained an average real GDP growth rate of 6.1 percent over the last decade.
Viet Nam should expedite public investment, boost domestic demand and enhance its resilience to climate change to achieve its goal to be among the world's top 30 largest economies by 2030, Country Director of the Asian Development Bank (ADB) for Viet Nam Shantanu Chakraborty told VGP in a recent interview./.
