EXPERIENCES IN OVERCOMING THE MIDDLE-INCOME TRAP IN SOME COUNTRIES AND POLICY SUGGESTIONS FOR VIETNAM

Abstract

The middle-income trap is when a country is stuck at the middle-income level for a long time after passing the threshold of a low-income developing country. Many countries risk falling into the middle-income trap, requiring timely and comprehensive solutions to develop the country according to the set roadmap. Vietnam's economy has developed strongly in recent years and achieved many positive results. To avoid falling into the middle-income trap, Vietnam must now have a rapid and sustainable economic development strategy, effectively promoting its strengths and potential. This article studies the experiences of overcoming the middle-income trap of some countries, thereby providing some policy suggestions for Vietnam to overcome the income trap.

Keywords: Income trap; Middle-income trap; Vietnam