Viet Nam potential to become US$2 trillion economy by 2050, says WEF Founder

Viet Nam is highly potential to grow into a US$2 trillion economy by 2050, said Prof. Klaus Schwab, Founder and Executive Chairman of the World Economic Forum (WEF).

Schwab made the above statement during a talk show with young businessmen and students in Ho Chi Minh City on Sunday.

The projection is based on Viet Nam's population size of 100 million and annual economic growth rate of 6-7 percent, he said.

Schwab suggested Viet Nam should utilize digital technologies to maintain its competitive edges as digital technologies, artificial intelligence and automation are transforming industries and shaping global trade in an unprecedented manner.

Viet Nam has grasped new technological trends through introduction of ambitious policies, including the national digital transformation program, with an aim to make Viet Nam among top 50 countries in terms of digital government and digital economy by 2025.

In its journey into the age of intelligence, cooperation, within ASEAN and globally, will be the essential condition for Viet Nam to fully unlock its potential, emphasized Schwab.