WB: VN needs bold reforms to take off

World Bank (WB) Country Director for Vietnam Ousmane Dione at the  Viet Nam Reform and Development Forum, Ha Noi, September 19, 2019 - Photo: VOV

Director Ousmane Dione made the point on September 19 in Ha Noi at the Viet Nam Reform and Development Forum themed “Viet Nam: Aspiration for Prosperity – Priority and Action.”  

He stressed that “We are living in turbulent times when borders are closing, trade disputes are on the rise.”

Mr.  Ousmane Dione underlined that technological change is taken place at an unprecedented fast rate. These changes play an important role for Viet Nam which heavily relies on global trade as a driving force for growth. The economic modal is coping with some domestic challenges including rapidly aging population, capital formation, low return on investment, natural capital degradation, weak manpower capital, and declining rate of productivity. 

According to Mr. Ousmane Dione, even though Viet Nam has potentials for success, it is necessary for the country to introduce bold reforms to seize future opportunities and manage risks. 

The Director suggested Viet Nam raise productivity by optimizing the fourth industrial revolution; successfully build effective market mechanisms; and figure out a socio-economic development strategy.

Mr.  Ousmane Dione expressed his hope to discuss and support Viet Nam to arrange fields of priority and build a feasible reform program in the next decade./.

By Khanh Phuong