Hanoi, Sept. 4 -- Bold institutional reforms are crucial for Vietnam to escape the "middle-income trap" and achieve its ambitious goal of becoming a high-income nation by 2045, a process that will require strategic vision, close coordination, and sustained investment in implementation capacity, according Shantanu Chakraborty, Country Director of the Asian Development Bank (ADB) for Vietnam.

"Reform is like a marathon, not a sprint," requiring strategic vision, close coordination, and sustained investment in implementation capacity to reach the finish line successfully, the ADB official stressed.

A boost for national competitiveness

After nearly four decades of "Doi moi" (renewal) with achievements recognised by the international commun...