Towards innovation-led growth-economic strategies leading Vietnam to higher-income status.
Keywords:
Economy, Economic model, Economic strategy, Innovation, Middle-income, Total-factor-productivity, DigitizingAbstract
Vietnam has made remarkable economic advancement over the last 40 years to become a lower-middle income country with high rates of inclusive growth. The path for Vietnam from lower middle-income status to high-income status however will not be easy. Economic advancement will require a shift in focus to enhancing total factor productivity. The research supports the theory that the greatest economic gains in Vietnam can be made through technology adoption and adaptation, especially with one that encourages innovative activities to apply digital technology such as AI, robotics, platforms, the Internet of Things, AR/VR and blockchain, through education, infrastructure investment and ensuring the security of the digital networks rather than investing in the development of leading new technologies in the world. New technology research and development activities will be suitable for the development phase alongside the development of the legal corridor as well as the appropriate infrastructure. As Vietnam further develops, there will need to be another carefully timed switch in economic and investment strategy in order to become an innovation-led economy: one invests heavily in developing new technology, creates new industry sectors and exports knowledge-intensive products and services.
Keywords: 20091801
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2. Aghion Paul, a. P. H. (1992). A Model of Growth through Creative Destruction. Econometrica, 60(2), 323-352.
3. Aghion Paul, a. P. H. (2006). Joseph Schumpeter Lecture—Appropriate Growth Policy: A Unifying Framework. Journal of the European Economic Association, 4(2-3), 269-314.
4. Aizenman, J., Eichengreen, B., & Park, D. (2018). Overcoming the Middle-Income Challenge. Emerging Markets Finance and Trade, 54(6), 1205-1207.
doi:10.1080/1540496X.2018.1451052
5. Baldé, C. P., Forti, V., Gray, V., Kuehr, R., Stegmann, P.,. (2017). The Global Ewaste monitor 2017. Retrieved from
6. Barbour-Lacey, E. (2014a, 7 April 2014). Has Vietnam fallen into the middle income trap? Vietnam Briefing.
7. Barbour-Lacey, E. (2014b, 7 April 2014). Has Vietnam Fallen into the Middle Inocme Trap?. Vietnam Briefing. Retrieved from https://www.vietnambriefing.
com/news/vietnam-fallen-middle-income-trap.html/
8. Benjamin D., L. Brandt, & B. McCaig. (2017). Growth with equity: income inequality in Vietnam, 2002-14. The Journal of Economic Inequality, 15(1), 25-46.
9. Breu, M., Dobbs, R., Remes, J., Skilling, D., & Kim, J. (2012a). Sustaining Vietnam's Growth: the productivity challenge. In: McKinsey Global Institute.
10. Breu, M., Dobbs, R., Remes, J., Skilling, D., & Kim, J. (2012b). Sustaining Vietnam's Growth: The Productivity Challenge. Retrieved from
https://www.mckinsey.com/~/media/McKinsey/Global%20Themes/Asia%20Pacific/Sustaining%20growth%20in%20Vietnam/MGI_Sustaining_growth_in_Vietnam_Full_Report.ashx
11. Buchanan, F. R., Anwar, S. T., & Tran, T. X. (2013). Spotlight on an emerging market: Assessing the footwear and apparel industries in Vietnam. Global Business and Organizational Excellence, 32(2), 38-51. doi:doi:10.1002/joe.21471
12. Bulman, D., Eden, M., & Nguyen, H. (2017). Transitioning from low-income growth to high-income growth: is there a middle-income trap?. Journal of the Asia Pacific Economy, 22(1), 5-28. doi:10.1080/13547860.2016.1261448
13. Cameron A., Pham. T. H., Atherton J., Nguyen D H., P.;, N. T., & Tran S T. (2019). Vietnam's future digital economy -Towards 2030 and 2045.
14. CISCO, O. E. a. (2018). Technology and the future of ASEAN jobs - The impact of AI on workers in ASEAN's six largest economies.
15. Era Dabla-Norris, G. H., and Annette Kyobe,. (2015). Structural Reforms and Productivity Growth in Emerging Market and Developing Economies
16. Florida, R. (2014). The Rise of the Creative Class - Revisited: Revised and Expanded: Basic Books.
17. Gene M. Grossman and Elhanan Helpman. (1991). Quality Ladders in the Theory of Growth. The Review of Economic Studies, 58(1), 43-61.
18. General Statistics Office. (2017). Social and economic situation in 2017. Retrieved from http://www.gso.gov.vn/default_en.aspx?tabid=622&ItemID=18670
19. Gill, I. S., & Kharas, H. (2007). An East Asian renaissance: ideas for economic growth: The World Bank.
20. Guerrieri, P. a. C. P., Pier,. (2012). Innovation-Driven Growth: Analytical Issues and Policy Implications. 247--279. doi:10.1596/9780821389423_CH08
21. Han, X., & Wei, S.-J. (2017). Re-examining the Middle-Income Trap Hypothesis (MITH): What to Reject and What to Revive? Journal of International Money and Finance, 73, 41-61. doi:doi.org/10.3386/w23126
22. IMF. (2020). General Government Debt.
23. Kim, J., & Park, J. (2017). The Role of Total Factor Productivity Growth in Middle-Income Countries - ADB Economics Working Paper 527. In Asian Development Outlook 2017: Asian Development Bank.
24. Klaus Schawab. (2009). The global Competitiveness Report 2009-2010.
25. Lauren I. Labrecque, J. v. d. E., Charla Mathwick, Thomas P. Novak, Charles F. Hofacker,. (2013). Consumer Power: Evolution in the Digital Age. Journal of Interactive Marketing, 27, 257 - 269.
26. Levine Aghion, P. H. a. R. L. (2018). Financial Development and Innovation-led growth.
27. OECD. (2018). Urban Policy Reviews - Vietnam. In: OECD.
28. Oxford Business Group. (2017). The Report: Vietnam 2017. Dubai, United Arab Emirates: OBG.
29. Page, J. (1994a). The East Asian Miracle: Four Lessons for Development Policy. NBER Macroeconomics Annual, 9, 274-280. doi:10.2307/3585091
30. Page, J. (1994b). The East Asian miracle: four lessons for development policy. NBER macroeconomics annual, 9, 219-269.
31. Paul M. Romer. (1990). Endogenous Technological Change. The University of Chicago Press,, 98(5), 71-102.
32. Philippe Aghion, U. A., Antonin Bergeaud, Richard Blundell, David Hémous,. (2019). Innovation and Top income inquality. The Review of Economic Studies, 86(1), 1-45. DOI:https://doi.org/10.1093/restud/rdy027
33. Research, K. F. (2017). The Wealth Report. Retrieved from Knight Frank.
34. S. Umit Kucuka, S. K. (2007). An analysis of consumer power on the Internet. Technovation, 27(1-2), 47-56.
35. Silja Baller, S. D., and Bruno Lanvin,. (2016). The global Information Technology Report 2016.
36. Venzon, C. (2014, 8 September 2014). New ADB chief economist says middleincome trap a myth. Nikkei Asian Review.
37. VNS. (2017, 14 December 2017). Productivity key to escaping mid-income trap. VietNam News.
38. World Bank. (2017). World Development Indicators. Retrieved from http://data.worldbank.org/
39. World Integrated Trade Solution. (2011). Labor value added of all sectors for final output or exports of Vietnam in 2011.
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Published
15-07-2020
How to Cite
Cameron, A. (Lucy), Hien, P. T., & Giang, N. H. (2020). Towards innovation-led growth-economic strategies leading Vietnam to higher-income status. Journal SCIENCE AND TECHNOLOGY POLICIES AND MANAGEMENT, 9(2), 1–20. Retrieved from https://vietnamstijournal.net/index.php/JSTPM/article/view/343
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STUDIES OF STRATEGIES AND MANAGEMENT
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