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Sep 26, 2019 / 10:35

WB backs Vietnam’s efforts to move higher in global value chain

Ngoc Thuy

Human resources are the most valuable asset of a country, so the key issue would be to reform education at university level and vocational school, in turn improving the quality of the education system in overall, said World Bank’s expert.

The World Bank (WB) is willing to support Vietnam’s efforts to move up the global value chain and becoming a high income country, according to Pinelopi Koujianou Goldberg, chief economist of the WB. 
 
Pinelopi Koujianou Goldberg, chief economist of the WB. Source: VGP.
Pinelopi Koujianou Goldberg, chief economist of the WB. Source: VGP.
The problem that Vietnam is facing in quest of prosperity is similar to that of other developing countries, so the country’s socio-economic development strategy in the next period is to ensure Vietnam’s further integration in the global value chain, said Goldberg in a meeting with Deputy Prime Minister Vuong Dinh Hue on September 23. 

Goldberg said in the agricultural sector, instead of exporting raw materials, Vietnam should focus on exporting processed products, or in the industrial sector, companies are required to move on from basic tasks to more sophisticated work, with emphasis on greater technological content and innovation. 

According to Goldberg, Vietnam has overcome tremendous hardship in the past, particularly during the wars, which is a valuable lesson for Vietnam to choose a right direction for development. 

Goldberg said human resources are the most valuable asset of a country, so the key issue would be to reform education at university level and vocational school, in turn improving the quality of the overall education system. 

The current market requires the labor force to have soft skills and proficiency of foreign language. Vietnamese students are good at math and science, but have to be better equipped with soft skills. 

At the meeting, Deputy PM Hue said the WB has been providing concessional loans worth US$24 billion for Vietnam, of which US$18 billion has been disbursed. The government considered this an important resource for Vietnam to address poverty, promote sustainable development, and stabilize macro-economic conditions. 

Hue stated Vietnam is currently a low-middle income country, with modest productivity level, while the country’s competitiveness level remains low. 

In a fast-changing world with growing uncertainties and fiercer economic competition, the advent of the Fourth Industrial Revolution has brought along new technologies and business models. This circumstance means both challenges and opportunities for Vietnam, particularly the risk of falling into the middle income trap and being left with an aging population when the economy is still developing, Hue said. 

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