Economic Expert: Vietnam Must Have A Period of 'Economic Miracle' to Meet 2045 Development Goals

On Nov 22 at the Embassy of Japan in Hanoi, Professor Tran Van Tho (Graduate School of Social Sciences, Waseda University) held a presentation of his book "Japan's Economy Miracle 1955-1973 and Implications for Vietnam today" as part of an event series to celebrate the 50th anniversary of Vietnam - Japan diplomatic relations.
November 24, 2022 | 07:11

To celebrate the release of the new book "Japan's Economy Miracle 1955-1973 and Implications for Vietnam today" by Vietnamese professor Tran Van Tho, a Honorary Professor from Waseda University (Japan), he and the Embassy of Japan in Hanoi co-organized a book talk and discussion about the economy development of Vietnam and Japan.

In particular, a period of "miracle" economic development for Japan is from 1955-1973, which is referred the Japan's Economy Miracle. At the event, Prof. Tran Van Tho presented about the fundamental factors of high growth in Japan and its implication for Vietnam's economic developement in the coming time. There were 2 sessions: The first one was held in Japanese, the second one was in Vietnamese.

Japanese Ambassador to Vietnam Yamada Takio gave the opening remark of the event, stressing the significance of the establishment of diplomatic relations between Japan and Vietnam in 1973 in terms of economic development. He also thanked presenter Prof. Tran Van Tho and the attendees for supporting the event series to celebrate the 50th founding anniversary of Vietnam - Japan diplomatic relation organized by the Embassy of Japan in Hanoi.

Economic Expert: Vietnam Can Learn from Japan's Miracle Period to Meet 2045 Development Goals
Prof. Tran Van Tho's book: Japan's Economy Miracle 1955-1973 and Implications for Vietnam today (Photo: SGGP)

In the presentation, Tho introduced how the Japanese economic development transformed thanked to the Miracle Period 1955-1973. According to Tho's study, this period experienced an impressive sustained prosperity and high annual growth rates, which averaged 10 percent in 1955–60 and later climbed to more than 13 percent, changed all sectors of Japanese life.

The two leading factors accounted for this transformation are building a "developmental state" and strong social capacity. said the Vietnamese economist.

In relation to Vietnam's economic development today, Tho said: Vietnam has yet to experience a period of fast-paced, intense growth rate. Vietnamese economy needs a period of miracle development to reach the goal to become an upper middle-income country by 2045.

In spite of the current social and political context nationally and internationally, with the global science and technology trend, Vietnam has a lot to learn from Japan's Economic Miracle to avoid the middle income trap, to establish a developmental state, and most importantly, to stimulate capital accumulation and technology innovation.

The presentation was followed by a Q & A session with nearly 30 attendees.

More about Prof. Tran Van Tho

Economic Expert: Vietnam Can Learn from Japan's Miracle Period to Meet 2045 Development Goals

Economist Tran Van Tho served for nearly 10 years as one of three foreigner advisor to the Economic Council of Japan (1990-2000).

From 2000-2020, Tho taught Economics at the faculty of Social Sciences of Waseda University. Also, Tho was the initiator of the establishment of the "Asia-Pacific Economic Center" to promote research exchanges between Vietnam and Japan and other countries in the region.

When teaching in Japan, Tho joined Japanese bank’s ODA assessment committee as expert advisor. In Vietnam, Tho was a member of the Economic Advisory Group and the Policy Research Department during the terms of late Prime Minister Vo Van Kiet and Phan Van Khai. In July 2017, he joined the Economic Advisory Group of Prime Minister Nguyen Xuan Phuc.

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