The report comes as the Vietnamese government prepares its 10-year socio-economic development strategy for 2021-2030 and a 5-year socio-economic development plan for 2021-2025.

WB Country Director for Vietnam Ousmane Dione said: "The report suggested Vietnam's development strategy for the next decade must put productivity front and center. Building on the Vietnam's 2025 report, Vietnam's own development experience, and the lessons from all the countries, Vietnam will need to balance between accumulation and the efficient and productive allocation of four capitals: private, public, human, and nature. The balance will be largely driven by the country's capacity to innovate as well as to implement deeper administrative and market reform."

The WB report recommends that Vietnam offer conditions for businesses to compete, enter, and exit markets to ensure the flow of resources for innovative and productive firms. It needs to improve efficiency and sustainability of infrastructure services, including financing, and operations and maintenance. Regarding skilled workers and opportunities for all, the report noted that Vietnam will need to promote university and vocational-technical skills.

In terms of green economy, the report said sustainable development requires more effective management of non-renewable natural resources such as land, forest and water; stricter pollution control, and adaptation to the growing impacts of climate change.