Multi-dimensional Review of Viet Nam
Towards an Integrated, Transparent and Sustainable Economy
Since the launch of the Ðổi Mới economic reforms in 1986, Viet Nam has achieved tremendous
economic and social progress. Today, it is well integrated on global markets, has
enjoyed robust growth, and has seen remarkable poverty reduction. With its recent
successful fiscal consolidation, its attractiveness as a trading destination and rapidly
growing domestic middle class, Viet Nam faces a window of opportunity for its transition
to an inclusive market economy. Three guiderails should form the basis of this strategy:
integration, transparency and sustainability. Better integration between state-owned
enterprises, foreign investors and domestic private companies in open markets will
be key to future performance gains. Partnerships between universities and enterprises
would also help upgrade skills and create innovation, thereby making the integration
durable. Transparency and performance of government are prerequisites for trust and
a key lever to enhance efficiency and productivity in most areas of the state and
the economy. A more sustainable development path will need better management of water,
air and energy to address climate change. Reforms of the social security system can
also ensure that no one is left behind, especially in the face of a fast ageing population.
Published on July 01, 2020
In series:OECD Development Pathwaysview more titles