Vietnam has received many positive reviews from foreign organizations and experts about its economic development prospects.
Business Times (Singapore) recently called the positive assessment by global economic forecasting and analysis firm Moody’s Analytics that Vietnam’s economy is a “bright spot” amid fluctuations in the region.
Accordingly, Moody’s Analytics explains that Vietnam continues to benefit from investment flows coming out of China, and that it is the only Asia-Pacific economy with strong GDP growth. Moody’s Analytics predicts that Vietnam’s GDP growth will reach 8.5% by 2022 – the highest in the region.
According to the economists at this analysis firm, after Vietnam reopened earlier this year, the economy has quickly caught up in industrial production and exports, along with support from foreign direct investment.
At the end of last month, The Star (Malaysia) newspaper said, citing research by experts from the Harvard Growth Lab (Growth Lab, Harvard University, USA), that Vietnam is expected to be one of the fastest growing economies in the world by 2030. .
In particular, the above research shows that countries that are diversifying production into more complex sectors such as Vietnam and China are the countries that will experience the fastest growth in the next decade.
Three new growth poles are expected to lead the world by 2030, including Asia, East Africa and Eastern Europe. In particular, China, Cambodia, Vietnam, Indonesia, Malaysia and India are the representatives in Asia deemed qualified to drive the fastest growth in the next decade.
Photo: PwC
“Education for Development”
Earlier, the World Bank (WB) released a forecast for Vietnam’s economic growth, estimated at 7.5% in 2022, thanks to the resilient industrial manufacturing sector and the strong recovery of the service sector as the driving force behind the post-pandemic economy.
World Bank data shows that Vietnam’s economy grew by 5.2% in the fourth quarter of 2021 and then grew by 5.1% and 7.7% in the first and second quarters of 2022, respectively.
Inflation is expected to average 3.8% in 2022.
The World Bank report entitled “Leveraging Power: Education for Development” highlights the transformation of the higher education system as key to boosting the country’s productivity and achieving development goals in the context of Vietnam’s post-pandemic recovery in the context of a challenging global environment .
Statistics show that the population of Vietnam has an average number of years of education of 10.2 years, second only to Singapore of the countries in the Association of Southeast Asian Nations (ASEAN).
However, the skill level of Vietnamese university graduates is still low.
A World Bank survey on skills and business published in 2019 also said that 73% of Vietnamese companies participating in the survey said they have difficulty recruiting staff with leadership and management skills, 54% of companies have problems with recruiting employees with socio-emotional skills, and 68% of companies have problems with employees with subject-specific expertise.
The World Bank report, which focuses on higher and postgraduate education, recommends reforming the education system to improve quality and accessibility, thereby equipping workers with the necessary skills.
The World Bank also said reforms in Vietnam’s higher education system could help support development goals.
While efforts to improve the business environment are crucial for job creation, policymakers should also take steps to reduce skills shortages and improve the quality of Vietnam’s workforce, according to the World Bank.
@ cafefu
