Hanoi (VNA) – In order to overcome the trap and become a high-income nation, Vietnam needs to rethink and reshape its development trajectory for the future, and the key lies in technological innovation, institutional reform, and industrial upgrading, said a Chinese professor.

Prof. Lin Yifu, Dean of the Institute of New Structural Economics at Peking University – one of China’s top university made the advice at a symposium themed “Vietnam's prosperity in the new era” held by the Vietnam National University, Hanoi (VNU-Hanoi) on April 15 on the occasion of the state visit to Vietnam by General Secretary of the Communist Party of China Central Committee and President of China Xi Jinping on April 14-15.

In his speech on Vietnam's prosperity in the new era and a perspective from new structural economics, Lin said that the pursuit of prosperity, though challenging, presents equal opportunities for all countries, especially developing economies.

The reality shows that most of the latecomer economies that have succeeded in recent decades have followed development paths that differ significantly from established theoretical models. This calls for continued research and synthesis to draw valuable lessons, he stated.

According to the professor, who is former World Bank Chief Economist and Senior Vice President for Development Economics, most developing countries are stuck in the middle-income trap. For Vietnam, Lin noted that the renewal period in the late 1980s and early 1990s marked a significant turning point for the country.

Vietnam is entering a new era – the era of the nation’s rise and its people are united in building a strong and prosperous nation. Therefore, now more than ever, it must continue to address the challenges faced by the current generation in this century, he added.

The symposium aimed to create a forum for academic and policy exchange, connecting experts, researchers, policymakers, and businesses to explore and discuss new economic models, structural reforms, and innovation-driven growth strategies, with the goal of advancing Vietnam toward sustainable and inclusive prosperity in the new era.

Speaking at the event, VNU-Hanoi Vice President Pham Bao Son said that in the context of growing global economic uncertainties and significant shifts in the international trade order, the role of international cooperation and sustainable development has become increasingly important.

These changes require each country to adopt flexible and innovative strategies to ov꧙ercome challenges and seize opportunities. With the participation of leading experts, the university believes that the symposium will offer fresh perspectives and practical solutions to promote Vietnam's prosperity in the new era, Son stated./.