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    Vietnam’s Low National Competitiveness: Causes, Implications and Suggestions for Improvement

    Le, Quoc Phuong | April 2018
    Abstract
    The World Economic Forum’s (WEF) annual assessment using the Global Competitiveness Index (GCI) since 2006 shows that Vietnam’s national competitiveness has been relatively low. Globally, Vietnam has been in the middle of economies surveyed. Regionally, Vietnam has been in the middle of ASEAN countries. Regarding level of development, before 2015 Vietnam was in stage 1 (factor-driven), which includes ASEAN’s less developed countries (Cambodia, Laos and Myanmar). Since 2015 Vietnam has shifted to a transition toward stage 2 (efficiency-driven), which includes Brunei and the Philippines. The country has lagged behind Indonesia and Thailand (in stage 2), Malaysia (in transition to stage 3) and Singapore (in stage 3, innovation-driven). To complement the WEF’s assessment, this study provides some in-depth analyses of main causes of Vietnam’s low competitiveness. These are structural problems due to its factor-based growth model, expansionary policies to aid growth, slowly improved business environment, low R&D expenditure, low-quality higher education and under-developed infrastructure. The research also examines implications of these shortcomings for Vietnam. These are low productivity, diminishing GDP growth, middle income trap, macroeconomic instability, low business competitiveness, low technology level, low human capital quality and environmental degradation. Based on the analyses, policy measures are proposed to improve Vietnam’s competitiveness. Major suggestions include structural reforms to change the growth model from factor-based to productivity-based, raising technology level, enhancing human capital quality, improving business environment, ensuring macroeconomic stability, upgrading infrastructure and learning from advanced economies such as Korea.
    Citation
    Le, Quoc Phuong. 2018. Vietnam’s Low National Competitiveness: Causes, Implications and Suggestions for Improvement. © Korea Institute for International Economic Policy. http://hdl.handle.net/11540/8396.
    Print ISBN
    978-89-322-4275-0
    Keywords
    Global Development Learning Network
    Globalization And Development
    International Development Strategy
    Policy Development
    Human Capital Development
    Human Development
    Human Resources Development
    Skills Development
    Management Development
    Vocational Education
    Curriculum development
    Educational aid
    Economic development
    Industrial projects
    Career development
    Vocational education
    Industrialization
    Vocational training
    Technological institutes
    Job searching
    Labor market
    Work experience programs
    Business planning
    Human rights and globalization
    Occupational training
    Technological innovation
    Labor and globalization
    Manpower policy
    Labor policy
    Rural manpower policy
    Career academies
    Professional education
    Show allCollapse
    Citable URI
    http://hdl.handle.net/11540/8396
    Metadata
    Show full item record
    Thumbnail
    WP18-01Vietnam'sLowNational.pdf (3.297Mb)
    Author
    Le, Quoc Phuong
    Theme
    Development
    Education

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    Copyright 2016-2021 Asian Development Bank Institute, except as explicitly marked otherwise