Hanoi, Aug. 19 -- In the World Bank (WB)'s classification updated in July, Viet Nam was upgraded to the upper-middle-income economy category. The next challenge for the country is to reduce their reliance on low-cost labor and develop more advanced industries.
According to the WB, an economy is classified as upper-middle income if its gross national income (GNI) per capita ranges from US$4,636 to US$14,375 in 2025. Based on this indicator, Viet Nam is gradually narrowing the gap with Indonesia.
Nikkei Asia highlighted that the nation has increased its national income through an export-driven growth model.
Signing trade agreements with numerous countries and regions around the world has helped Viet Nam attract foreign investment while est...