Việt Nam's economy could reach US$2 trillion by 2050: expert

Speakers and young people attend the talkshow. — VNA/VNS Photo

HCM CITY — Việt Nam's economy could reach a value of US$2 trillion by 2050, said Professor Klaus Schwab in a talk show held on Sunday by the HCM City People’s Committee.

Klaus Schwab, founder and chairman of the World Economic Forum (WEF), said that it was based on large market size with more than 100 million people. Gross domestic product (GDP) this year was expected to reach $430 billion and GDP growth rate ranges from six to seven per cent.

The talk show, with the theme Knowledge Economy - The Foundation for a Prosperous Future and Youth Action, featured about 1,200 leaders of departments, businesses and outstanding young citizens in HCM City.

Prof. Schwab said that the world was changing rapidly, the globalisation process and the Industry 4.0 were taking place more and more strongly, requiring countries and localities to constantly develop.

They agreed hat HCM City, a leader in the field of innovation, has been actively and proactively transforming the growth model to a green, digital and sustainable economy.

Each citizen of the city should equip themselves with new and appropriate knowledge and skills to be ready to adapt to the rapid changes in technology and information.

“Building and developing a market economy is not only a trend but also an urgent requirement that needs to be carried out in parallel with the industrial transformation process, to equip workers with necessary knowledge and skills to seize opportunities and face challenges of the times,” he said.

He said that the shift from a traditional economy to a market economy required a comprehensive restructuring process that must be realised not only simultaneously but also in a harmonious and reasonable manner.

In particular, human resources will be the main target and driving force to enhance the market economy.

Speaking at the talk show, the Chairman of the HCM City People's Committee Phan Văn Mãi said that the city is on track to achieve the dual goals of green transformation and digital transformation to push up growth.

The city is the centre of talent from the whole country, a fertile land for nurturing and developing high-quality human resources.

Every year, science and technology innovation competitions are held, attracting thousands of ideas and projects from students of all levels to university students and young scientists, including many initiatives related to technology, new materials and environmental engineering.

The explosion of the scientific and technological innovation affirms that the youth in HCM City have capacity, courage and creativity to build a market economy – a key factor in sustainable development and international integration.

Mãi hopes that the youth will work together to build a stronger city.

The market economy was the future, and drastic actions of the young generation would be the decisive factor for the success, he said.

Also attending the talkshow, Associate Professor Võ Thị Ngọc Thuý, Principal of the Hoa Sen University, added that the market economy required young people not only to have professional knowledge but also to have enthusiasm, innovative thinking and a spirit of dedication.

She said, "More than anyone else, the young generation is the core force, playing a decisive role. Every step of the young people, every start-up idea, every innovation initiative contributes to the common prosperity".