Ways to Improve Vietnam’s Competitiveness and Economic Recovery in the Context of a Pandemic

Abstract

There is currently no official research and publication by an authoritative organization on the state of the world economy in crisis. The economic downturn and negative growth of many leading countries show the huge impact of the COVID-19 pandemic on the world economy. Solving the problem of Vietnam’s economy’s recovery from this situation actualizes the issue of justifying effective development strategies. This is indeed a complex process that results in achieving a competitive position compared to the ASEAN region. The content of the scientific paper is based on the materials from current sources, i.e. international organizations and periodicals, summary data from publications of the Vietnamese statistical office, as well as historical and economic literature. The factors ensuring the country’s competitiveness were analyzed on the basis of ratings of international organizations whereby it is possible to determine the most competitive elements of the Vietnamese economy and propose priority directions for state development. Key recommendations include structural reforms aimed at changing the growth model from a factor to productivity, improving the quality of technologies and human resources, as well as improving the business environment, ensuring macroeconomic stability, upgrading infrastructure and encouraging innovation.