The News: Vietnam’s Đổi Mới reform program, launched in 1986, transformed the country from a centrally planned economy into a more market-oriented, export-driven manufacturing center. Vietnam is now extending that strategy through greater emphasis on innovation, technology, research and higher-value industries. The article argues that the Philippines has significant talent and economic advantages but needs more consistent policies, stronger institutions and sustained investment to convert those assets into comparable long-term development.
Project Watch Take: Vietnam’s success did not come from one incentive program or investment announcement. It came from maintaining a clear national development direction across decades. The lesson for the Philippines—and other emerging markets—is that innovation ecosystems require coordinated education, infrastructure, research, investment and industrial policies. Economic transformation becomes possible when those elements operate as a system rather than as disconnected initiatives.
Source: BusinessWorld