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Japanese economic expert sees potential surge in Vietnam’s per capita income

Japanese economic expert sees potential surge in Vietnam’s per capita income

Wednesday, November 29, 2023, 16:21 GMT+7
Japanese economic expert sees potential surge in Vietnam’s per capita income
Vietnamese State President Vo Van Thuong (R) meets with Japanese Emperor Naruhito. Photo: Vietnam News Agency

Japanese Professor Fukunari Kimura, chief economist for the Economic Research Institute for ASEAN and East Asia (ERIA), has affirmed that Vietnam is among the most potential nations to shift from a middle-income to high-income economy amid the globalization era.

A report on policy consultancy covering recommendations to help Vietnam become a high-income nation by 2045 was tabled by the ERIA representative during a meeting with Vietnamese State President Vo Van Thuong and Japanese Prime Minister Kishida Fumio in Tokyo on Monday.

Vietnam aims to be a developed nation with a high per capita income by 2045, when the country celebrates 100 years of the establishment of the Democratic Republic of Vietnam.

Over 20 years is left for the nation to speed up efforts to reach the target.

State President Thuong’s ongoing Japan visit through Thursday is part of Vietnam's bid to fulfill the goal. 

In a joint statement issued on Monday on the elevation of the Japan-Vietnam relations to a comprehensive strategic partnership for peace and prosperity in Asia and the world, the Japanese side underlined that Japan will keep backing Vietnam’s efforts in 2045.

Japan will provide the Southeast Asian nation with advisory services on policies and resources, as well as the report with over 630 pages called ‘Vietnam 2045.’

Prof. Kimura told Tuoi Tre (Youth) newspaper that the report was prepared by several prestigious experts in Japan and Vietnam. They have researched Vietnam’s economic development for ages.

He is co-author of the report’s Chapter 8: ‘New Waves of Digitalization, the Industry 4.0 Era, and Creativity.’

“Vietnam has successfully utilized the driving forces of globalization by accelerating its international economic integration and dealing with challenges to spur industrial development,” said Kimura.

The report includes Vietnam’s achievements, economic status, and future orientations in all fields to offer appropriate recommendations.

Besides, it also encompasses obstacles facing the country during its energy transition and sustainability journey to move toward a comprehensive developed economy.

Professor Fukunari Kimura, chief economist for the Economic Research Institute for ASEAN and East Asia (ERIA). Photo: Foreign Press Center Japan

Professor Fukunari Kimura, chief economist for the Economic Research Institute for ASEAN and East Asia (ERIA). Photo: Foreign Press Center Japan

Prof. Kimura said that in the past, some countries succeeded in leaping to the high-income level from an upper middle income such as Japan and South Korea.

“However, they had made these great strides before the globalization era in the 1990s,” he said.

Now, to make such a great leap is tough, he added.

The biggest challenge encountering developing nations like Vietnam is not the middle per capita income level, he underscored.

It is the fact that no countries have jumped from an upper middle-income economy to a high-income economy to become a developed nation.

“However, Vietnam is one of the potential nations to do it,” he affirmed.

“We believe that Vietnam can make great strides and prove that it is a typical model of rapid development. Japan is always a friend and partner of Vietnam."

As part of the top Vietnamese official’s visit to Japan, State President Thuong and his spouse had a meeting with Japanese Emperor Naruhito and Empress Masako at the Imperial Palace in Tokyo on Tuesday (local time).

Speaking at the reception for President Thuong, Emperor Naruhito said that their traditional friendship and cultural similarities have strengthened the Vietnam - Japan ties as well as boosted bilateral cooperation in various fields.

Vietnamese State President Vo Van Thuong, his spouse and other top Vietnamese and Japanese officials savor banh mi, a Vietnamese baguette filled with pate, cold cuts, herbs, cucumber, chili sauce, and pickles. Photo: Nguyen Hong / Tuoi Tre

Vietnamese State President Vo Van Thuong, his spouse, and other top Vietnamese and Japanese officials savor 'banh mi,' a Vietnamese baguette filled with pate, cold cuts, herbs, cucumber, chili sauce, and pickles. Photo: Nguyen Hong / Tuoi Tre

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Tieu Bac - Duy Linh / Tuoi Tre News

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