Vietnam Launches Doi Moi 2.0 to Transform into High-Tech Economy
Vietnam has initiated Doi Moi 2.0, a comprehensive reform policy aimed at dismantling bureaucratic barriers and transitioning to a high-value technology economy. Following the 14th National Party Congress, the government is merging central ministries and reducing local administrations to improve efficiency. This includes the consolidation of provinces and the establishment of specialized courts for intellectual property. The country is attracting foreign investment, particularly in semiconductor and AI industries, supported by significant infrastructure projects and financial reforms.
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Vietnam has launched Doi Moi 2.0 to accelerate its transition into a high-value technology economy by removing bureaucratic barriers. Following the 14th National Party Congress, the government has merged ministries and reduced the number of provinces from 63 to 34, creating a 'super metropolis' around Ho Chi Minh City.
This restructuring aims to lower public expenditure and enhance decision-making efficiency. A semiconductor fabrication facility has been initiated by Viettel, marking Vietnam's entry into advanced industrial production.
The government is also implementing a large-scale infrastructure program with investments of about $200 billion. Despite increased fiscal deficits, the country's financial stability remains intact, with a government debt burden of 33% of GDP.
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