Despite the country’s success in the textile industry, Vietnam is keen to expand other business areas and reduce its reliance on one main industry. The country is also eager to move away from simply assembling products to more value-added types of activities in order to keep income levels rising in the country.
If the country fails to expand its economic focus, it risks falling into the dreaded “middle income trap”, an economic situation where a country is able to achieve a certain level of income but finds it impossible to move beyond that amount. Economic growth in the country stagnates as a result.
According to official government development plans, certain industries will be prioritized in the future, these include the processing and manufacturing industries, the electronics and telecommunications industries, as well as the new energy and renewable energy industries.
- See more at: http://www.vietnam-briefing.com/news/vietnam-worlds-fourth-largest-textile-exporter.html/#sthash.qhcmfnF2.dpuf
Despite the country’s success in the textile industry, Vietnam is keen to expand other business areas and reduce its reliance on one main industry. The country is also eager to move away from simply assembling products to more value-added types of activities in order to keep income levels rising in the country.If the country fails to expand its economic focus, it risks falling into the dreaded “middle income trap”, an economic situation where a country is able to achieve a certain level of income but finds it impossible to move beyond that amount. Economic growth in the country stagnates as a result.According to official government development plans, certain industries will be prioritized in the future, these include the processing and manufacturing industries, the electronics and telecommunications industries, as well as the new energy and renewable energy industries.- See more at: http://www.vietnam-briefing.com/news/vietnam-worlds-fourth-largest-textile-exporter.html/#sthash.qhcmfnF2.dpuf
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