Vietnam, Indonesia strive to achieve developed country status by 2045
Vietnam and Indonesia have both ambitious plans to leave their status as developing countries with an emerging lower-middle income status behind and reach developed status by 2045.
In Vietnam, where the shift from a centrally planned to a market economy has transformed the country from one of the poorest in the world into one of the world’s fastest-growing economies, the new 2022 Socio-Economic Development Plan sets the target to raise the country’s nominal per capita gross domestic product (GDP) from $2,786 in 2020 to $3,900 in 2022 and to subsequently $5,000 by 2025 as a foundation to attain developed status by 2045.
The plan envisages other goals including an annual GDP growth rate of between six and 6.5 per cent with the processing and manufacturing sector accounting for approximately 26 per cent of GDP.
The country further expects to raise the trained labour force to 67 per cent of the total workforce, keep the urban unemployment rate below four per cent and achieve an annual average growth rate of labour productivity of 5.5 per cent. The annual poverty reduction rate has been set at between one and 1.5 per cent.
Six definitive targets for Indonesia
Indonesia, for its part, carved out six targets to turn the country into a developed nation by 2045.
Indonesian finance minister Sri Mulyani revealed the plan on December 10 and said that it would include improvements in infrastructure, quality of human resources, technology, government administration, regional spatial planning and economic and financial resources.
In terms of infrastructure, Indonesia needs to build proper infrastructure starting from basic infrastructure such as sanitation, water supply to those that create connectivity and support mobility and productivity, Mulyani said.
Skills improvement, broader healthcare services and social protection
Regarding human resources, the Indonesian government aims at developing its workforce and ensuring that they get education, health facilities and social protection, in order to create productive, healthy and creative human resources for the nation, she added.
The government must be able to guarantee the procurement of technological innovations that play an important role in responding to industrial challenges in the future, Mulyani said, noting that the government further needs to improve administrative service quality and business process efficiency, while keeping “healthy state revenue and expenditure levels.”
Most of all, to become a developed country by 2045, Indonesia would have to strive to maintain the positive levels it achieved before the COVID-19 pandemic broke out, such as stable economic growth, a lower unemployment rate and a shrinking poverty ratio, Mulyani said.
[caption id="attachment_37888" align="alignleft" width="300"] Ho Chi Minh City's impressive skyline[/caption] Vietnam and Indonesia have both ambitious plans to leave their status as developing countries with an emerging lower-middle income status behind and reach developed status by 2045. In Vietnam, where the shift from a centrally planned to a market economy has transformed the country from one of the poorest in the world into one of the world's fastest-growing economies, the new 2022 Socio-Economic Development Plan sets the target to raise the country’s nominal per capita gross domestic product (GDP) from $2,786 in 2020 to $3,900 in 2022 and to subsequently...
Vietnam and Indonesia have both ambitious plans to leave their status as developing countries with an emerging lower-middle income status behind and reach developed status by 2045.
In Vietnam, where the shift from a centrally planned to a market economy has transformed the country from one of the poorest in the world into one of the world’s fastest-growing economies, the new 2022 Socio-Economic Development Plan sets the target to raise the country’s nominal per capita gross domestic product (GDP) from $2,786 in 2020 to $3,900 in 2022 and to subsequently $5,000 by 2025 as a foundation to attain developed status by 2045.
The plan envisages other goals including an annual GDP growth rate of between six and 6.5 per cent with the processing and manufacturing sector accounting for approximately 26 per cent of GDP.
The country further expects to raise the trained labour force to 67 per cent of the total workforce, keep the urban unemployment rate below four per cent and achieve an annual average growth rate of labour productivity of 5.5 per cent. The annual poverty reduction rate has been set at between one and 1.5 per cent.
Six definitive targets for Indonesia
Indonesia, for its part, carved out six targets to turn the country into a developed nation by 2045.
Indonesian finance minister Sri Mulyani revealed the plan on December 10 and said that it would include improvements in infrastructure, quality of human resources, technology, government administration, regional spatial planning and economic and financial resources.
In terms of infrastructure, Indonesia needs to build proper infrastructure starting from basic infrastructure such as sanitation, water supply to those that create connectivity and support mobility and productivity, Mulyani said.
Skills improvement, broader healthcare services and social protection
Regarding human resources, the Indonesian government aims at developing its workforce and ensuring that they get education, health facilities and social protection, in order to create productive, healthy and creative human resources for the nation, she added.
The government must be able to guarantee the procurement of technological innovations that play an important role in responding to industrial challenges in the future, Mulyani said, noting that the government further needs to improve administrative service quality and business process efficiency, while keeping “healthy state revenue and expenditure levels.”
Most of all, to become a developed country by 2045, Indonesia would have to strive to maintain the positive levels it achieved before the COVID-19 pandemic broke out, such as stable economic growth, a lower unemployment rate and a shrinking poverty ratio, Mulyani said.
