Asia's Vietnam ascends as a burgeoning economic power, underscoring potential for surpassing Thailand in every sector
Vietnam is embarking on an ambitious plan to become a high-income, high-tech economy by 2045, outpacing Thailand's current trajectory, according to available information.
The Southeast Asian nation aims to achieve this by investing heavily in infrastructure, economic restructuring, innovation, and human resource upgrades. Vietnam's strategy includes massive infrastructure and housing development projects totaling around 1.28 quadrillion dong (approx. 10% of GDP) to stimulate domestic demand and counterbalance vulnerabilities from global trade tensions.
Economic innovation and restructuring are at the heart of Vietnam's plans, focusing on improving macroeconomic stability, financial sector transparency, and reforming state enterprises. The country also plans to target education and training aligned with Industry 4.0 requirements to build a high-skilled workforce.
Vietnam is also promoting science, technology, and research and development through mechanisms encouraging enterprise participation in innovation and technology transfer. The government aims to foster a strong private sector with modern technologies and economic groups as a pivotal growth engine.
Vietnam has set a growth target of 8% GDP growth in 2025, aiming for double-digit growth afterward. This ambitious plan is part of the country's bid to raise per capita income and workplace productivity to levels comparable to developed countries by 2045.
In contrast, Thailand, while having a long-term infrastructure plan in place covering transport, water management, and energy, is perceived to be currently lagging behind Vietnam's economic momentum and ambitious plans. Danucha Pichayanan, Secretary-General of the National Economic and Social Development Council (NESDC), stresses that Thailand's infrastructure investment plans must be implemented in line with budget availability, the public debt-to-GDP ratio, and remaining fiscal space.
Poj Aramwattananont, Chairman of the Thai Chamber of Commerce, suggests accelerating economic restructuring and infrastructure projects, like high-speed rail and airport connections, to stay competitive. However, he acknowledges that Thailand still holds appeal due to its location, robust manufacturing, and exports.
Vietnam's rapid rise has raised concerns in Thailand, as it risks achieving high-income status around the same time as Vietnam, despite setting the target decades earlier. The Thai Chamber of Commerce calls for an urgent infrastructure drive, citing Vietnam's heavy investment as a strategy to sustain growth.
| Aspect | Vietnam (by 2045) | Thailand (current)* | |-------------------------------|---------------------------------------------------|------------------------------------| | Economic Goal | High-income status, high-tech economy | Concern over falling behind Vietnam | | Growth Target | 8% GDP growth in 2025, double-digit growth later | Not specified | | Infrastructure Investment | Massive, 10% of GDP in infrastructure & housing | No comparable large-scale plan detailed | | Economic Model Shift | From export-led to domestic demand and innovation | Export-driven, slower reform pace | | Human Capital Development | High-quality, Industry 4.0 focused | Not detailed | | Science & Technology Focus | Strong government push, enterprise participation | Not detailed | | Private Sector Role | Major driver with modern technology | Not detailed |
*Thailand's current economic plans and progress were not explicitly detailed in the given search results beyond noting concerns about falling behind Vietnam.
In conclusion, Vietnam is implementing a comprehensive, ambitious strategy to become a high-income, high-tech economy by 2045, while Thailand is facing concerns about its slow progress and the need for urgent infrastructure investment and economic restructuring.
Read also:
- Stone mining has transformed the once renowned 'Sada Pathor' into a desolate, post-apocalyptic landscape.
- The Developmental Journey of Digital Supply Chains
- In the Heart of Soho, Manhattan, a New Brewery Emerges Underground
- Financial regulatory body OCC imposes Anti-Money Laundering (AML) disciplinary action against Wells Fargo.
