Ms. Mariam J. Sherman, Country Director of the World Bank for Vietnam, Cambodia, and Laos.
The old growth drivers have reached their limits.
This assessment was made by Ms. Mariam J. Sherman, Country Director of the World Bank for Vietnam, Cambodia, and Laos, at the UK-Vietnam Business Forum themed “Vision 2045: Building a High-Income, High-Value Economy ”. The event took place on October 29th in Ho Chi Minh City as part of the Autumn Economic Forum 2026.
According to Ms. Sherman, the Doi Moi (Renovation) process has helped Vietnam achieve significant economic successes, transforming it from one of the poorest countries in the world into a dynamic middle-income economy, with GDP per capita increasing sixfold to over $5,000.
This success was built on a formula that proved particularly effective, including opening up trade and attracting foreign investment, rapid capital accumulation, and the shift of labor from agriculture to industry and services.
"But the formula that has brought Vietnam to its current position will not take Vietnam to high-income status," she said, adding that the drivers—a large workforce, rapid capital accumulation, and increasingly deep trade integration—are gradually reaching their limits.