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Taking Stock, March 2023: Harnessing the Potential of the Services Sector or Growth

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dc.contributor.authorWorld Bank
dc.date.accessioned2023-03-14T14:57:53Z
dc.date.available2023-03-14T14:57:53Z
dc.date.issued2023-03-14
dc.description.abstractThe services sector has been a critical contributor to economic growth in Vietnam but its performance lags comparators The services sector has been the economy’s largest sector for the past decade. Looking ahead, services could play a crucial role in supporting Vietnam to sustain productivity growth and achieve its ambition to become a high-income economy by 2045. However, the performance of Vietnam’s services sector lags peer countries. Small scale of firms, restrictions to services trade, low technological adoption and few inter-sectoral linkages affect productivity. Based on the preliminary analysis presented in this report, the four broad policy directions can be identified. First, Vietnam could further reduce restrictions to services trade and foreign investment. Second, Vietnam should encourage further adoption of digital technologies within firms to spur innovation. Third, focus should be on strengthening workers skills especially basic digital skills and the capabilities of firms and managers. Lastly, Vietnam should leverage services to promote further growth of other sectors, especially manufacturing.en
dc.identifierhttp://documents.worldbank.org/curated/en/099544403132351453/IDU0343e48530e212043860bee605aae66cfb04a
dc.identifier.doi10.1596/39524
dc.identifier.urihttps://openknowledge.worldbank.org/handle/10986/39524
dc.languageEnglish
dc.language.isoen_US
dc.publisherWashington DC
dc.rights.holderWorld Bank
dc.subjectSERVICES SECTOR
dc.subjectECONOMIC GROWTH
dc.subjectDIGITAL TECHNOLOGIES ADOPTION
dc.subjectSKILLS
dc.subjectMANUFACTURING
dc.titleTaking Stock, March 2023en
dc.title.subtitleHarnessing the Potential of the Services Sector or Growthen
dc.typeReport
dspace.entity.typePublication
okr.crossref.titleTaking Stock, March 2023: Harnessing the Potential of the Services Sector or Growth
okr.date.disclosure2023-03-14
okr.date.lastmodified2023-03-14T00:00:00Zen
okr.doctypeEconomic & Sector Work::Economic Updates and Modeling
okr.docurlhttp://documents.worldbank.org/curated/en/099544403132351453/IDU0343e48530e212043860bee605aae66cfb04a
okr.guid099553403132341869
okr.guid099544403132351453
okr.identifier.doihttps://doi.org/10.1596/39524
okr.identifier.externaldocumentum34020339
okr.identifier.internaldocumentum34020339
okr.identifier.report180806
okr.import.id68
okr.importedtrueen
okr.language.supporteden
okr.pdfurlhttp://documents.worldbank.org/curated/en/099544403132351453/pdf/IDU0343e48530e212043860bee605aae66cfb04a.pdfen
okr.region.administrativeEast Asia and Pacific
okr.region.countryViet Nam
okr.topicMacroeconomics and Economic Growth::Economic Growth
okr.topicMacroeconomics and Economic Growth::Economic Forecasting
okr.unitEFI-EAP-MTI-MacroFiscal-1 (EEAM1)
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