Prime Minister Nguyễn Xuân Phúc (right) visits tech booths at the Forum on Developing Việt Nam’s Technology Companies on Thursday. — VNA/VNS Photo Thống Nhất HÀ NỘI – Supporting local tech firms as they strive for technological advancements is a vital part of Việt Nam’s efforts to beat the middle-income trap and become a developed economy, heard a forum on Thursday. To escape the middle-income trap, Việt Nam must have a yearly growth rate of 6.5-7 per cent or individual income must grow 5.5-6 per cent each year, according to Nguyễn Xuân Thành from Fulbright University Vietnam. It normally takes 30-50 years for a country to transform from a middle-income economy to a high-income one without using modern technologies, Thành told the forum on developing Việt Nam’s technology companies. “The use of technologies and support for tech companies allow an economy to leap-frog and achieve higher growth in a shorter period,” Thành said. In the past 10 years, the value of tech companies has risen and now accounts for 15 per cent of the global gross domestic product (GDP). Their average growth rate outperforms the world average by 2.5 times. “Technologies can boost productivity of an economy by 0.8-1.4… Read full this story
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