Viet Nam
The Economic Outlook for Southeast Asia, China and India is a regular publication on regional economic growth and development in Emerging Asia. It focuses on the economic conditions of the Association of Southeast Asian Nations (ASEAN) member countries: Brunei Darussalam, Cambodia, Indonesia, Lao PDR, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Viet Nam. It also addresses relevant economic issues in China and India to fully reflect developments in the region. This Update presents the region’s economic outlook, depicting rapidly changing trends and macroeconomic challenges amidst external headwinds.
Viet Nam has been quick to recover from the downturns caused by the COVID-19 pandemic, but it faces long-term economic challenges. Boosting labour productivity will be crucial to sustained high economic growth. Attracting further foreign investment and reaping the benefit of advanced technologies will require additional improvements to the business environment through simplifying administrative procedures. Levelling the playing field of competition between state-owned enterprises and private enterprises will also help to maintain Viet Nam’s attraction for international investors. The country is already among the leaders of digitalisation in Southeast Asia, with strong adoption of e-commerce, telemedicine and telework. Further investment in digital skills will be key to maintain this momentum. The authorities have committed to net zero carbon emissions by 2050 and are expanding renewable energy generation capacity. A comprehensive decarbonisation plan would facilitate the transition to greener growth.
Le Viet Nam a réalisé des progrès économiques remarquables ces dernières décennies, en maintenant une croissance économique élevée. L'économie s'est également montrée résistante aux chocs, notamment à la pandémie de COVID-19. Les réformes approfondies et continues menées depuis la fin des années 1980 ont été la clé de cette réussite économique. Néanmoins, face aux défis importants qui l'attendent, le Viet Nam doit redoubler d'efforts pour faire avancer les réformes structurelles qui consolideront encore les forces du marché. La population vieillit rapidement et l'augmentation de la productivité est une priorité urgente. Cela nécessitera de nouvelles réformes pour réduire la participation de l'État, en particulier dans les secteurs de réseau tels que les télécommunications, et pour garantir des conditions de concurrence équitables entre toutes les entreprises. Il est également essentiel d'approfondir l'intégration commerciale pour renforcer les chaînes d'approvisionnement dans un paysage économique mondial en pleine mutation. Malgré l'augmentation récente de l'utilisation du numérique, le Viet Nam doit améliorer les compétences des travailleurs en renforçant la formation professionnelle et l'éducation des adultes. L'engagement de parvenir à des émissions nettes nulles d'ici 2050 nécessite des changements radicaux dans le système économique. Pour réduire la dépendance à l'égard des combustibles fossiles, il convient d'arrêter les nouveaux investissements dans le charbon et d'accélérer la mise en œuvre d'un marché du carbone. Comme ces réformes nécessiteront des ressources fiscales supplémentaires, l'assiette fiscale devrait être élargie afin d'augmenter les recettes publiques.
CHAPITRES THÉMATIQUES : RÉGLEMENTATION DES MARCHÉS DE PRODUITS ; NUMÉRISATION ; CROISSANCE VERTE
Viet Nam has made remarkable economic progress over the past decades, sustaining high economic growth. The economy has also proven resilient to shocks, including the COVID-19 pandemic. Extensive and continued reforms since the late 1980s have been key to this economic success. Nevertheless, with significant challenges ahead, Viet Nam needs to make additional efforts to advance structural reforms that will further strengthen market forces. The population is rapidly ageing and boosting productivity is an urgent priority. This will require further reforms to reduce state involvement, especially in network sectors such as telecommunications, and ensure a level playing field among all firms. Further deepening trade integration is also crucial to strengthen supply chains amid the changing global economic landscape. Despite recent increases in digital uptake, Viet Nam needs to upgrade worker skills by improving vocational training and adult learning. The pledge to achieve net zero emissions by 2050 requires dramatic changes in the economic system. To reduce dependence on fossil fuels, new investment in coal should be halted and the implementation of a carbon market accelerated. As these reforms will require additional fiscal resources, the tax base should be expanded to enhance government revenues.
SPECIAL FEATURES: PRODUCT MARKET REGULATION; DIGITALISATION; GREEN GROWTH
New Feature: Use your document to discover related articles and books
Upload your research outline and use semantic AI in the new Research Assistant to analyse it for key concepts and discover relevant OECD publications
Việt Nam đã đạt được tiến bộ kinh tế đáng kể trong những thập niên vừa qua, duy trì tốc độ tăng trưởng kinh tế cao. Nền kinh tế cũng chứng tỏ khả năng chống chịu trước các cú sốc, gồm cả đại dịch COVID-19. Những cải cách sâu rộng và liên tục kể từ cuối thập niên 1980 đóng vai trò then chốt trong thành tựu kinh tế này. Tuy nhiên, với những thách thức to lớn phía trước, Việt Nam cần nỗ lực hơn nữa để thúc đẩy những cải cách cơ cấu giúp tăng cường mạnh mẽ các lực lượng thị trường. Dân số đang già hóa nhanh, nên tăng năng suất là một ưu tiên cấp thiết. Điều này sẽ đòi hỏi cải cách nhiều hơn để giảm sự can thiệp của nhà nước, đặc biệt trong những lĩnh vực mạng lưới như viễn thông, và bảo đảm một sân chơi bình đẳng giữa tất cả các doanh nghiệp. Hội nhập thương mại sâu sắc hơn cũng hết sức quan trọng để tăng cường các chuỗi cung ứng trong bối cảnh kinh tế toàn cầu đang thay đổi. Dù đã tăng cường áp dụng kỹ thuật số, Việt Nam cần nâng cao kỹ năng của người lao động thông qua đào tạo nghề và giáo dục cho người trưởng thành. Cam kết đạt mức phát thải ròng bằng không vào năm 2050 đòi hỏi những thay đổi mạnh mẽ trong hệ thống kinh tế. Để giảm phụ thuộc vào nhiên liệu hóa thạch, cần phải chấm dứt đầu tư mới cho các nhà máy nhiệt điện than và đẩy nhanh việc thiết lập thị trường các-bon. Do những cải cách này sẽ đòi hỏi thêm nguồn lực tài khóa, cần mở rộng cơ sở thuế để tăng nguồn thu cho chính phủ.
ĐẶC ĐIỂM NỔI BẬT: QUY ĐỊNH THỊ TRƯỜNG SẢN PHẨM; SỐ HÓA; TĂNG TRƯỞNG XANH
The Economic Outlook for Southeast Asia, China and India is a regular publication on regional economic growth and development in Emerging Asia – Brunei Darussalam, Cambodia, Indonesia, Lao PDR, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Viet Nam, as well as China and India. It comprises three parts: a regional economic monitor, special thematic chapters addressing a major issue facing the region, and a series of country notes.
The 2023 edition discusses the region’s economic outlook and macroeconomic challenges at a time of great uncertainty and a slowdown of the global economy, in particular owing to inflationary pressures, capital flow volatility and supply-side bottlenecks. The thematic chapters focus on reviving tourism after the pandemic. Tourism was among the sectors most affected by both the COVID-19 pandemic and responses to it. The report highlights the economic impact of tourism in the region and explores how the sector can be reshaped to regain its significant role in Emerging Asia. The interruption of tourism allowed countries in the region to consider reforms in the sector, including diversifying tourism markets and addressing labour market challenges, while catering to the new needs and preferences of the post-pandemic world, prioritising sustainable and environmentally responsible activities, and accelerating digitalisation.
Skills are the key to shaping a better future, enabling countries and people to thrive in an increasingly interconnected and rapidly changing world. Megatrends such as globalisation, technological progress, demographic change, migration, and climate change, and most recently COVID-19, are reshaping work and society, generating a growing demand for higher levels and new sets of skills.
The OECD Skills Strategy offers a strategic and comprehensive approach to assessing the skills challenges and opportunities of countries and regions for the purposes of helping them build more effective skills systems. The foundation of this approach is the OECD Skills Strategy Framework, which allows for an examination of what countries and regions can do better to: 1) develop relevant skills over the life course; 2) use skills effectively in work and in society; and 3) strengthen the governance of the skills system.
This report, OECD Skills Strategy Southeast Asia: Skills for a Post-COVID Recovery and Growth, applies the OECD Skills Strategy framework to assess the performance of countries in Southeast Asia, identifies opportunities for improvement and provides recommendations based on in-depth desk analysis and consultations with stakeholder representatives.
Regulatory reforms have long been a focus for Southeast Asian nations, often as a way to improve the business climate and policy frameworks for trade and investment. The recent COVID-19 pandemic has spurred countries around the world to review and update their regulatory policies to respond to the current crisis and prepare for the next one. This publication presents a snapshot of the current state of regulatory reform across the region, with country profiles from all 10 Member States of the Association of Southeast Asian Nations (ASEAN) highlighting practices in three priority areas: whole-of-government initiatives, good regulatory practices, and use of digital technologies. It also offers an analysis of common themes identified across the profiles, including trends in regulatory reform, common challenges faced by countries, and future priorities in the region. It was developed in collaboration with the members of the ASEAN-OECD Good Regulatory Practices Network, and key regional partners including the ASEAN Secretariat and the Economic Research Institute for ASEAN and East Asia (ERIA).
The Government of Viet Nam has made progress in recent years to improve its frameworks for the ownership and corporate governance of its state-owned enterprises (SOEs). This review assesses the corporate governance framework of the Viet Nam state-owned sector relative to the OECD Guidelines on Corporate Governance of State-owned Enterprises (SOE Guidelines). It then puts forward recommendations to help the Vietnamese authorities address remaining challenges and further professionalise the state ownership function.
Trong những năm gần đây, Chính phủ Việt Nam đã đạt được nhiều tiến bộ trong việc cải thiện khuôn khổ quyền sở hữu và quản trị công ty của các doanh nghiệp nhà nước (SOEs). Báo cáo này đánh giá khuôn khổ quản trị công ty của khu vực doanh nghiệp nhà nước Việt Nam so với Hướng dẫn của OECD về Quản trị công ty doanh nghiệp nhà nước (Hướng dẫn SOE). Đánh giá đưa ra các khuyến nghị giúp các cơ quan chức năng Việt Nam giải quyết những thách thức tồn tại và chuyên nghiệp hóa chức năng sở hữu nhà nước.
Under BEPS Action 14, members of the OECD/G20 Inclusive Framework on BEPS have committed to implement a minimum standard to strengthen the effectiveness and efficiency of the mutual agreement procedure (MAP). The MAP is included in Article 25 of the OECD Model Tax Convention and commits countries to endeavour to resolve disputes related to the interpretation and application of tax treaties. The BEPS Action 14 Minimum Standard has been translated into specific terms of reference and a methodology for the peer review and monitoring process. The peer review process is conducted in two stages. Stage 1 assesses countries against the terms of reference of the minimum standard according to an agreed schedule of review. Stage 2 focuses on monitoring the follow-up of any recommendations resulting from jurisdictions' Stage 1 peer review report. This report reflects the outcome of the Stage 2 peer monitoring of the implementation of the BEPS Action 14 Minimum Standard by Viet Nam.
This annual publication compiles comparable tax revenue statistics for Australia, Bangladesh, Bhutan, Cambodia, People’s Republic of China, Cook Islands, Fiji, Indonesia, Japan, Kazakhstan, Korea, Kyrgyzstan, Lao People’s Democratic Republic, Malaysia, Maldives, Mongolia, Nauru, New Zealand, Pakistan, Papua New Guinea, Philippines, Samoa, Singapore, Solomon Islands, Thailand, Tokelau, Vanuatu and Viet Nam. It also provides information on non-tax revenues for selected economies. Based on the OECD Global Revenue Statistics database, the publication applies the OECD methodology to Asian and Pacific economies to enable comparison of tax levels and tax structures on a consistent basis, both among the economies of the region and with other economies worldwide. This edition includes a special feature on strengthening tax revenues in developing Asia. The publication is jointly produced by the OECD’s Centre for Tax Policy and Administration and the OECD Development Centre, in co-operation with the Asian Development Bank, the Pacific Island Tax Administrators Association and the Pacific Community.
This report assesses Viet Nam’s agricultural sector through the lens of the OECD Agro-food Productivity-Sustainability-Resilience (PSR) Policy Framework. Agriculture has played an important role in Viet Nam’s remarkable economic growth over the past thirty years. In the 1990s, government policies contributed to strong agricultural productivity growth, but this has since fallen. OECD Agri-Environmental indicators also reveal weaknesses in the environmental footprint of growth, notably with respect to nutrient balances, as a result of the excessive use of agro-chemicals and poor animal waste management practices. The agricultural sector faces significant resilience challenges from climate change impacts, including sea level rises and more frequent and severe storm events. Although the level of agricultural support provided to farmers is relatively low, policies such as land use regulations are skewed in favour of rice production, thereby maintaining a production structure dominated by small part-time household farms that limit innovation. Viet Nam’s support for general services for agriculture (GSSE) was equivalent to 2.5% of agricultural value added in 2018-20, well below the OECD average. Shifting the focus of support towards research, development, and innovation partnerships with the private sector will contribute to improving the agri-environmental performance of agriculture in Viet Nam. This should ideally be accompanied by a reform of land use regulations.
The Economic Outlook for Southeast Asia, China and India is a regular publication on regional economic growth and development in Emerging Asia. It focuses on the economic conditions of Association of Southeast Asian Nations (ASEAN) members: Brunei Darussalam, Cambodia, Indonesia, Lao PDR, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Viet Nam, as well as China and India. It comprises two main parts. The first part presents the regional economic monitor, depicting the economic outlook and macroeconomic challenges in the region. The second part consists of special thematic chapters addressing a major issue facing the region. The 2022 edition addresses financing sustainable recovery from the COVID-19 pandemic. The COVID-19 pandemic is proving to be extremely costly, both economically and socially and sustainable financing solutions are crucial for an equitable and inclusive recovery. The report explores how governments can obtain additional financing by harnessing bond markets, and use green, social and sustainability bonds to achieve policy objectives.
Today, the global youth population is at its highest ever and still growing, with the highest proportion of youth living in Africa and Asia, and a majority of them in rural areas. Young people in rural areas face the double challenge of age-specific vulnerabilities and underdevelopment of rural areas. While agriculture absorbs the majority of rural workers in developing countries, low pay and poor working conditions make it difficult to sustain rural livelihoods. Potential job opportunities for rural youth exist in agriculture and along the agri-food value chain, however. Growing populations, urbanisation and rising incomes of the working class are increasing demand for more diverse and higher value added agricultural and food products in Africa and developing Asia. This demand will create a need for off-farm labour, especially in agribusinesses, which tends to be better paid and located in rural areas and secondary towns. It could boost job creation in the food economy provided that local food systems were mobilised to take up the challenge of higher and changing domestic demand for food.
Chỉ trong một khoảng thời gian ngắn, nhờ những cơ chế hỗ trợ thuận lợi mở đường cho đầu tư tư nhân, Việt Nam đã vươn lên trở thành thị trường năng lượng tái tạo hàng đầu của khu vực. Với đà phục hồi nền kinh tế sau đại dịch mạnh mẽ hơn trong thập kỷ tới, nhiệm vụ đảm bảo tăng trưởng bền vững cùng với tích hợp tỷ trọng ngày càng cao công suất điện từ các nguồn biến thiên sẽ là thách thức lớn cho các nhà hoạch định chính sách của Việt Nam. Bên cạnh đó, Việt Nam vẫn là một trong những quốc gia có mức tiêu hao năng lượng cao trong phát triển kinh tế, những nỗ lực cải thiện hiệu quả năng lượng trong các chương trình điều chỉnh thị trường sắp tới sẽ tạo tiềm năng khai thác nhiều lợi ích kinh tế mới. Báo cáo Đánh giá chính sách Đầu tư và Tài chính cho Năng lượng Sạch tại Việt Nam trình bày một quan điểm tổng thể về khung chính sách hiện tại, nêu bật những thành công, xác định những cơ hội củng cố các cơ chế, chính sách còn chưa khai thác có khả năng giúp nâng cao quy mô đầu tư và hoạt động tài chính vào năng lượng sạch. Cùng với đó, báo cáo cũng đưa ra một số khuyến nghị thích hợp dành riêng cho Chính phủ và các đối tác phát triển của Việt Nam. Tài liệu đánh giá này được lập trong khuôn khổ Chương trình Huy động Đầu tư và Tài chính cho Năng lượng sạch (CEFIM), một chương trình hỗ trợ các quốc gia đang phát triển khai thác nguồn vốn đầu tư và tài chính trong lĩnh vực năng lượng sạch.
Viet Nam has become a leading regional market for renewable energy in a short space of time led by private sector investment facilitated by favourable support mechanisms. Maintaining market growth sustainably while integrating higher shares of variable generation will be a key challenge for Viet Nam’s policy makers over the next decade as the post-pandemic economic recovery builds momentum. Viet Nam's economy also remains highly energy intensive and energy efficiency improvement has the potential to unlock multiple economic benefits with further market interventions.
The Clean Energy Finance and Investment Policy Review of Viet Nam provides a comprehensive overview of the current policy framework, highlighting progress and identifying untapped opportunities for strengthening policy interventions that can help scale up clean energy finance and investment. It also provides a number of tailored recommendations for the Government of Viet Nam and development partners. The Review was undertaken within the OECD Clean Energy Finance and Investment Mobilisation (CEFIM) Programme, which supports governments in emerging economies to unlock finance and investment in clean energy.
Regulation is one of the key tools governments can use to respond to the COVID-19 pandemic and move towards recovery. While the pandemic underscores the need for well-designed, evidence-based regulatory policies, the extraordinary pressures it imposed often forced governments to shorten procedures and launch new forms of co-ordination to urgently pass regulatory measures. This can make regulatory policy making more challenging, but also provides opportunities to innovate. This policy brief analyses how Southeast Asian (SEA) countries approached these challenges and opportunities, and shares lessons learned and practices among the SEA and OECD communities.
Viet Nam’s sustained economic development is driving increasing demand for electricity with generation capacity predicted to nearly double over the next decade. With the majority of economic hydropower resources utilised, delays in coal power pipelines, and increasing energy insecurity, Viet Nam has pivoted its electricity sector development plans to further prioritize the deployment of wind and solar generation. A clean energy transition such as this can deliver multiple social and economic benefits related to cost reductions, improved energy security, and public health.
This working paper was prepared to support least-cost energy sector planning in Viet Nam particularly for the upcoming Viet Nam Energy Outlook 2021 (VEO21) being prepared in partnership between Viet Nam’s Ministry of Industry and Trade (MOIT) and the Danish Energy Agency (DEA). This working paper discusses the use of discounting in energy models and the potential impact discount rate selection may have on a model’s cost-optimised technology selections. The paper also analyses the clean energy finance environment in Viet Nam to identify opportunities for policy levers to reduce the prevailing cost of capital and how these cost implications can be tested in the VEO21 modelling exercise.
The main outputs of this working paper are two sets of model inputs, an estimate for an appropriate social discount rate and secondly a set of high and low financial hurdle rates for renewable energy technologies for use in sensitivity or scenario analysis.
Revenue Statistics in Asia and the Pacific is jointly produced by the Organisation for Economic Co-operation and Development (OECD)’s Centre for Tax Policy and Administration (CTP) and the OECD Development Centre (DEV) with the co-operation of the Asian Development Bank (ADB), the Pacific Island Tax Administrators Association (PITAA), and the Pacific Community (SPC) and financial support from the governments of Ireland, Japan, Luxembourg, Norway, Sweden, Switzerland and the United Kingdom. This edition includes a special feature on the emerging challenges for the Asia-Pacific region in the COVID-19 era and ways to address them. It compiles comparable tax revenue statistics for Australia, Bhutan, People’s Republic of China, Cook Islands, Fiji, Indonesia, Japan, Kazakhstan, Korea, Lao People’s Democratic Republic, Malaysia, the Maldives, Mongolia, Nauru, New Zealand, Papua New Guinea, Philippines, Samoa, Singapore, Solomon Islands, Thailand, Tokelau, Vanuatu and Viet Nam ; and comparable non tax revenue statistics for Bhutan, the Cook Islands, Fiji, Kazakhstan, Lao People’s Democratic Republic, the Maldives, Mongolia, Nauru, Philippines, Papua New Guinea, Samoa, Singapore, Thailand, Tokelau, Vanuatu and Viet Nam. The model is the OECD Revenue Statistics database which is a fundamental reference, backed by a well established methodology, for OECD member countries. Extending the OECD methodology to Asian and Pacific economies enables comparisons about tax levels and tax structures on a consistent basis, both among Asian and Pacific economies and with OECD, Latin American and Caribbean and African averages.