According to the World Bank, Vietnam has a good chance of becoming a high-income country by 2045, which is quite a long time, in a way.
The article highlights that the country’s strengths include a stable economy, a young workforce, a good location, and also a capacity for reform. However, reaching the goal requires strengthening productivity, innovation, and domestic companies, as well as significant investment in skills, infrastructure, and capital markets. This year, Vietnam rose to the status of an “upper-middle-income country.”
Vietnam has officially moved into the upper-middle-income group after 17 years, marking an important milestone in the country’s development.
The achievement reflects decades of sustained reforms, strong economic growth, and steadily improving living standards.
In an interview with Tuoi Tre (Youth) online newspaper, Sherman said achieving high-income status by 2045 will depend on Vietnam’s ability to maintain the quality of its economic growth and continue implementing reforms.
As countries move to higher stages of development, the nature of their growth challenges also changes.