The statement was made by Deputy Minister of Planning and Investment Nguyen Chi Dung at the first high-level meeting of the Global Alliance for Effective Development Cooperation in Mexico on April 16.

Dung affirmed that Vietnam agreed with the meeting’s joint statement that called on development partners to adopt a new approach in funding and cooperative policies of MICs.

Dung stated that Vietnam has been listed among MICs with an economic scale of nearly US$154 billion and an average income of US$1,700 per capita, integrated deeper into the regional and international economy with an annual trade growth rate of over 20%.

Dung said that Vietnam is facing issues of the transformation process from low-income nations to MICs such as poor infrastructure and competitive edge, and lack of high quality human resource, the gap between the rich and the poor and impact of climate change.

He added that if Vietnam fails to overcome these difficulties, it is likely to fall into the so called “middle-income” trap..

With determination to turn Vietnam into a modern industrialized nation by 2020, the Government of Vietnam has focused upon on three strategic breakthroughs including perfection of market-economy mechanism, construction of uniform infrastructure and development of human resource.

During the meeting, Dung participated in seminars and visited the Vietnamese embassy in Mexico and some historical and cultural relic sites in the country.

Source: www.intellasia.net