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Multi-dimensional Review of Viet Nam

Towards an Integrated, Transparent and Sustainable Economy

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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.

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Ensuring sustainability through better environmental and energy management in Viet Nam

Remarkable economic development over the past 20 years has taken a heavy toll on the environment and the availability of resources in Viet Nam. Demographic and economic trends will exacerbate these environmental issues. Moreover, electricity demand is spiking, exerting pressure on national power capacity and environmental sustainability. To improve environmental quality, Viet Nam needs to strengthen horizontal and vertical institutional co-ordination, reform regulations to ensure coherence, implementability and enforceability, and streamline the use of policy instruments. Compliance assurance strategies need revision, while access to environmental information could improve their effectiveness. To achieve energy security and independence, Viet Nam has to rebalance its energy portfolio by better planning and financing the low-carbon transition.

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